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Yes, payables can be written off after one year if they are deemed uncollectible or if the company has determined that the obligation is no longer valid. However, the specific policies for writing off payables may vary based on accounting standards and regulations. It's essential to ensure that proper documentation and justification are in place to support the write-off. Additionally, consult with an accounting professional to comply with applicable laws and financial reporting requirements.
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What are inter-company payables?
Inter-company payables refer to amounts owed by one subsidiary or division of a corporation to another subsidiary or division within the same parent company. These transactions often arise from the sale of goods, services, or financing between entities in the same corporate group. Managing inter-company payables is crucial for accurate financial reporting and ensuring that the financial health of each entity is accurately reflected. Proper accounting for these payables helps prevent discrepancies and supports compliance with regulations.
Is bills payables a real account?
No, bills payables is not a real account but it is a personal account .My answer:Bills receivable is a real account. Bills receivable for one person is bills payble for another person. The same instrument cannot be Real for one person and personal for another. Hence, in my opinion Bills payable is also a real account.
What are the two examples of inter-company accounts?
Two examples of inter-company accounts are inter-company receivables and inter-company payables. Inter-company receivables represent amounts owed by one subsidiary to another within the same corporate group, while inter-company payables reflect amounts that one subsidiary owes to another. These accounts are crucial for accurately consolidating financial statements and ensuring that transactions between subsidiaries are properly accounted for.
A transaction that is likely to cause an increase in a current liability is?
The purchase of anything on CREDIT, as long as that account is to be paid off within 1 year (or one accounting period) A current liability is anything a company owes that is reasonably expected to be paid off within one year or one accounting period.
Is bonds payable a current liability?
Yes, Salaries Payable would be considered a Current Liability as the company will pay the amount off in less than one year (or one accounting period). Current Liability as any liability that will be... Yes, Current Liabilities are liabilities that will be paid off in one year or less. Accounts payable is where you record such liabilities. If it's a payment that will be made in more than one year.
What are inter-company payables?
Inter-company payables refer to amounts owed by one subsidiary or division of a corporation to another subsidiary or division within the same parent company. These transactions often arise from the sale of goods, services, or financing between entities in the same corporate group. Managing inter-company payables is crucial for accurate financial reporting and ensuring that the financial health of each entity is accurately reflected. Proper accounting for these payables helps prevent discrepancies and supports compliance with regulations.
Is bills payables a real account?
No, bills payables is not a real account but it is a personal account .My answer:Bills receivable is a real account. Bills receivable for one person is bills payble for another person. The same instrument cannot be Real for one person and personal for another. Hence, in my opinion Bills payable is also a real account.
My car was reposessed and bank sent me a letter saying that the loan was written off and now one year later why are they taking me to court?
Until you pay it off, they can come after you. Writing it off just declares it on their taxes as a bad debt, but you still owe it.
What has the author Michael Krahulik written?
Michael Krahulik has written: 'Year one'
In what year did they make the nuclear bomb?
1946 off by one year, 1945
If a car loan has been written off but no one has picked up the car and you are a year behind can you make a payment to keep the car?
It has been 4 years on a can loan . Can the co-signer have to pay the bank? I was told that this was wriiten off.
What year was The One in the Middle is a Green Kangaroo written?
"The One in the Middle is a Green Kangaroo", by Judy Blume, was written in 1982.
If school meets for 10 months out of the year then what fraction of the year are students off?
ONE-SIXTH
Who wrote the book 'Discovery of India'?
This book was written by Jawaharlal Nehru in 1946, one year before independence.
What has the author A E Walker written?
A. E. Walker has written: 'A comparison of a cut-off street lighting installation with one approximating to the semi-cut-off type'
Is take off one word?
No, but it is sometimes hyphenated. Take off is a phrasal verb and is always written as two words.
What has the author Murray M Andrew written?
Murray M. Andrew has written: 'One hundred year history'
