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creditors' circulization
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∙ 9y ago
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What is bank circularization?
What is Bank Circular is action
What is concept of circularization in auditing?
circularization of debtorsAccountingauditors' approach to debtors to identify assetsthe sending of letters by a company's auditors to debtors in order to verify the existence and extent of the company's assets
What is debtors circularization?
Debtors' circularization represents an external source of evidence provided in support of the assertion of existence and to lesser extent, valuation and completeness with respect to debtors. It's a verification procedure where by trade debtors are contacted directly by the auditors to confirm their balances. It has become so extensive that auditors have now developed a standard format for the purpose. The fundamental reason for the usage of theses circularization is that its reliable audit evidence coming from an independent source and it's in documentary form.
Examples of creditors ledger and a creditors journal?
creditors journal
Can creditors account have debit balance?
creditors have debit balances as advances receive from creditors..........
What does a creditors clerk do?
duties of a creditors clerk
Why a business need creditors?
Why a business have creditors
How can we calculate creditors payment period?
Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2) Average Creditors / Credit purchases = '?' x 360 = '?' ex. Average Creditors / Credit purchases = 50 000 / 120 000 x 360 = 0.4166 x 360 = 41.7 (average creditors = Creditors at the biginning of the year + creditors at the end of the year divided by 2)
How do you get your creditors list?
You can get a list of your creditors by checking your credit report. Most of all creditors will report to the agencies and will have a record.
How can pass sundry creditors journal entry?
Purchases A/c -Dr 5000 To Sundry Creditors 5000
What meant by sundry creditors?
When amount from more than one small creditors are join and shown together it is called sundry creditors.
Who is called sundry creditors?
When company purchases materials from different vendors on credit, those combined creditors are called sundry creditors.
