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What is the most common error made in accounts payable department?
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Why a receipt of 300 cash on account was recorded as a 500 debit to accounts payable and a 500 credit to cash?
Do you mean that you paid $300 toward a bill you owed? If so, then Cash should have been credited the $300 and Accounts Payable debited by $300. If $500 was entered, then it looks like someone just made a clerical error and the transaction should be fixed.
Under what circumstances would bills receivable account and bills payable account prepared while preparing final accounts from incomplete record?
There really is not any reasons as to why there would be an incomplete record. The only way would be from a computer error or just someone providing the incorrect information.
If you owe department of treasury and they deduct money out of your paycheck bi-weekly will your taxes still be garnished?
The treasury department over paid me. Thay made the error and they taking it out of check each month.
What happen when wages payable is decreased?
Wages Payable is a liability account that records wages that a company owes but has not yet paid. A decrease in this account more than likely signifies payment of those wages.About the only other "decrease" which is generally a rarity, is if the account was increased accident by an amount that the company did not owe and there was an adjusting entry made to record that error.
What is double entry bookeeping system?
The double-entry bookkeeping system is a system utilized in which any recorded transaction will affect a minimum of two accounts. Some of those accounts will be increased or decreased by a "debit," while other accounts will increase or decrease by a "credit." In any transaction, the total amount debited has to equal the amount credited. This system makes it easier to detect potential errors (e.g., if debits do not equal credits, an error was made).
What is Account Payable Outsourcing?
Accounts Payable is the Business Process by which all companies manage their payable. Now the companies outsource the accounts payable service to efficiently manage their accounts problems. There are multiple benefit of Account Payable Outsourcing such as: 1. Improved Efficiency 2. Error Free System 3. Reduction of Processing Cost 4. Work by Experts and Team of Professional 5. Growth Specific System If you are looking for Account Payable Outsourcing, Mynd Solution is the leader in the market who provide the best professional who handle the process of your company. For more information visit at: Mynd Solution
Why a receipt of 300 cash on account was recorded as a 500 debit to accounts payable and a 500 credit to cash?
Do you mean that you paid $300 toward a bill you owed? If so, then Cash should have been credited the $300 and Accounts Payable debited by $300. If $500 was entered, then it looks like someone just made a clerical error and the transaction should be fixed.
What action should you take if you find errors after entering the accounts?
First of all you should find how is this error affects the accounts and then pass another or as much more entries required to rectify the errorneous affects of that error in books of accounts.
Under what circumstances would bills receivable account and bills payable account prepared while preparing final accounts from incomplete record?
There really is not any reasons as to why there would be an incomplete record. The only way would be from a computer error or just someone providing the incorrect information.
What is meant by error of principle?
Error of Principle occurs when one or both of the entries are posted to the wrong class or category of accounts.
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human error.........
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There are two common formula errors. One error is that the formula is read wrong. The other error is that the formula is written down incorrectly.
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