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Treatments of bad debts in financial accounts:-
A. Revenues should be reported net of discounts and allowances with the discount amount parenthetically disclosed on the face of the statement or in the notes to the financial statements. Alternatively, revenues may be reported gross with the related discounts and allowances reported directly beneath the revenueamount.
B. Provision must be made for bad debt estimates each year. Tuition and fees should be reported net of allowances and discounts. As such, increases in allowances for bad debts are recorded as a reduction in revenues rather than anexpense.
C. With regard to the presentation of the provision for bad debt estimates taken as a reduction of tuition and fee revenue, this should be deducted from the gross tuition and fee line item and should not be separately displayed on the face of the statement. This treatment is different than scholarship allowances which are required to be disclosed either on the face or in the notes to the financial statements.
What else can I help you with?
What is matching concept?
while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
What does a Schedule of Accounts Receivable show?
the schedule of accounts receivable shows
What does a schedule accounts receivable show?
the schedule of accounts receivable shows
Do you debit cash and credit accounts receivable when you receive cash for services rendered?
Yes, when you receive cash for services rendered, you debit cash to increase your cash balance and credit accounts receivable to decrease the amount owed by the customer. This transaction reflects the collection of payment that was previously recorded as an accounts receivable. It effectively updates your financial records to show that the cash has been received and the receivable has been settled.
An open accounts payable report will show?
monthly reconciliation
What is matching concept?
while preparing final accounts, accounts should show accruals and prepayments.the net amount for the financial year should be shown in the final accounts
What are the different types of accounts in accounting and how do they differ from each other?
In accounting, there are three main types of accounts: assets, liabilities, and equity. Assets are resources owned by a company, such as cash, inventory, and equipment. Liabilities are debts or obligations owed by a company, like loans or accounts payable. Equity represents the company's ownership interest, including investments by owners and retained earnings. These accounts differ in terms of what they represent on a company's financial statements. Assets show what a company owns, liabilities show what it owes, and equity shows the net worth of the company.
What does a subsidiary ledger show?
A subsidiary ledger provides detailed information about specific accounts that belong to a general ledger account. It breaks down the transactions and balances for individual components, such as accounts receivable, accounts payable, or inventory, allowing for better tracking and management of financial data. This detailed information supports the accuracy and transparency of the overall financial statements.
Is bad debts account a balance sheet item or income statement?
It depends on how you have already treated the bad debt in the accounts, if you've already either written the debt off or fully provided for it then the recovery of the debt will be a P&L transaction (income statement)
What does a Schedule of Accounts Receivable show?
the schedule of accounts receivable shows
What does a schedule accounts receivable show?
the schedule of accounts receivable shows
What happens to a debt if a person has nothing in the estate?
The executor will show the plan to the court. It will include all debts and all assets. If the debts are more than the assets, the debts will be cancelled.
Who pays for the treatments of individuals on Dr Phil show?
The treatments for individuals on the Dr. Phil show are typically covered by the show's production company. Participants may not directly pay for their treatment, but they often sign agreements that outline the terms of their participation. Additionally, some guests may have insurance or other financial arrangements that help cover their treatment costs.
If you have two accounts and one in chexsystems will the other show in chexsystems also?
No. Only the accounts that have been reported show up in the system.
Can you have two active accounts on Answers.com?
You can have as many accounts as you want on Answers.com. There is no way currently to merge accounts or show they are for the same person.
What is the mad gab solution for debts heaven dish hoe?
That seventies show.
How can you perform a credit check on an individual?
To perform a credit check on an individual, you can request a credit report from one of the major credit bureaus such as Equifax, Experian, or TransUnion. This report will show the individual's credit history, including their payment history, outstanding debts, and credit accounts.
