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Identify and state two generally accepted accounting principles that relate to adjusting the accounts?
The matching principle and the revenue recogntion principle.
Is fixtures real or nominal or personal account?
Fixtures are considered real accounts. They represent tangible assets that are fixed to a property, such as lighting, plumbing, and other installations that enhance the value of a building. Real accounts are used to track physical items and their value, distinguishing them from nominal accounts, which pertain to income and expenses, and personal accounts, which relate to individual entities or organizations.
State two generally accepted accounting principles that relate to adjusting the accounts?
I believe the answer is Revenue recognition Principle and Matching Principle. Can anyone confirm.
What is the different between trade and non trade account?
Trade accounts are directly linked to core business activity whereas non trade accounts are not. If you are a supermarket, a trade transaction would occur with a supplier, a non-trade transaction could relate to employee benefits.
What are the common audit procedures for accounts receivable?
* Perform a positive trade receivables circularisation of a representative sample of client's year-end balances, for any non-replies, with client's permission, send a reminder letter to follow up. * Review the after date cash receipts and follow through to pre-year-end receivable balances. * Calculate average receivable days and compare this to prior year, investigate any significant differences. * Review the reconciliation of sales ledger control account to the sales ledger list of balances. * Select a sample of goods despatched notes (GDN) before and just after the year end and follow through to the sales invoice to ensure they are recorded in the correct accounting period. * Inspect the aged receivables report to identify any slow moving balances, discuss these with the credit control manager to assess whether an allowance or write down is necessary. * For any slow moving/aged balances review customer correspondence to assess whether there are any invoices in dispute. * Review board minutes of client to assess whether there are any material disputed receivables. * Review a sample of post year-end credit notes to identify any that relate to pre-year-end transactions to verify that they have not been included in receivables. * Review the sales ledger for any credit balances and discuss with management whether these should be reclassified as payables. * Select a sample of year-end receivable balances and agree back to valid supporting documentation of GDN and sales order to ensure existence. * Trace a sample of shipping documents to the sales journal to determine that shipped goods were recorded as sales and to the accounts receivable subsidiary ledger to determine that shipments were recorded as receivables. * Account for the numerical sequence of shipping documents and sales invoices to determine that all sales were recorded.
Does accounts receivable go income statement?
Accounts receivables are on the balance sheet. They are an asset of the firm, that is they represent a future economic benefit. The income statement holds the revenues and expenses of the business.
How customer relate pricing to quality?
well, when the customer relate pricing to quality to get the price less than other competetors.
What does aged cts mean?
Aged CTS typically refers to "aged credit transfer service," which is a financial term related to the transfer of credit or funds that have been in the system for a certain period. In some contexts, it may also relate to aged accounts receivable or other financial instruments that have been outstanding for a specific duration. The aging of these accounts can affect interest, fees, and repayment terms. It’s important to clarify the context to fully understand its implications.
What are the good qualities OF SALESMEN?
Salesmen know how to identify and relate to the customer. It is all about trying to make the customer comfortable. A good quality of a salesman is that they know how to best appeal to what the customer wants or needs through understanding their body language.
What is the difference between customer service and sales?
the difference between customer service and sales is: in customer service you should be listening to your customer and be able to relate to anything they say or do, you should be able to help and understand the customer and know their needs. In sales your job is to be able to pitch anything to anyone whether they like or need it.
Identify and state two generally accepted accounting principles that relate to adjusting the accounts?
The matching principle and the revenue recogntion principle.
How do you relate your key competencies in associate in customer center?
customer centre deal the various customers and need to know how to make them happy. So first of all politeness, greetings and ask how can we help them.
What is the difference between sales and service?
the difference between customer service and sales is: in customer service you should be listening to your customer and be able to relate to anything they say or do, you should be able to help and understand the customer and know their needs. In sales your job is to be able to pitch anything to anyone whether they like or need it.
What is presentation step in sales?
In the presentation step, the sales representative should relate customer benefits for each product feature presented
Is fixtures real or nominal or personal account?
Fixtures are considered real accounts. They represent tangible assets that are fixed to a property, such as lighting, plumbing, and other installations that enhance the value of a building. Real accounts are used to track physical items and their value, distinguishing them from nominal accounts, which pertain to income and expenses, and personal accounts, which relate to individual entities or organizations.
State two generally accepted accounting principles that relate to adjusting the accounts?
I believe the answer is Revenue recognition Principle and Matching Principle. Can anyone confirm.
Do Hera and Demeter like each other?
Hera and Demeter are sisters, there are no accounts in myth that relate that they disliked each other, or liked each other.
