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What are auca accounts in banking sector?
Advance under collection account
What is the difference between a clearing account and a suspense account?
Suspense account is to balance inbalanced trial balance and exists until the inbalancing of the trial balance is solved, While clearing account is used to provide an intermediary way between tow modules like interface, or to report on some event or transactions either not completed or vital for managenment to report on. Examples: Checks under collection Received but not billed goods.
What is the journal entry for check deposited to bank?
DR. Bank (specifying the bank account name) CR. Cheques Under Collection
What is the nature of the unearned revenue?
unearned revenue falls under the head of nominal account and it is definaltel a liability on the organization.
What things come under nominal account?
All the expenses and incomes are recorded in nominal accounts, whether capital or revnue nature
What is checks under collection?
"Checks under collection" refers to checks that have been deposited but have not yet cleared the bank. These checks are still in the process of being verified and processed by the issuing bank, meaning the funds are not yet available in the depositor's account. If the check bounces or is returned for any reason, the depositor may face fees or penalties. It's important for individuals and businesses to track these checks to manage their cash flow accurately.
What are auca accounts in banking sector?
Advance under collection account
Can you deposit someone else cheque into your account?
Under some circumstances, yes, but in general no. For instance, you can usually deposit checks written to your minor children into your account.
How do you find out who bought your debt?
The collection agency is required to inform the debtor that the account is now under their jurisdiction.
What is the difference between a clearing account and a suspense account?
Suspense account is to balance inbalanced trial balance and exists until the inbalancing of the trial balance is solved, While clearing account is used to provide an intermediary way between tow modules like interface, or to report on some event or transactions either not completed or vital for managenment to report on. Examples: Checks under collection Received but not billed goods.
Can my father's wages be taken for my mother's card debt collection?
I believe they can if the card/account is under both names...Otherwise no....
What is the journal entry for check deposited to bank?
DR. Bank (specifying the bank account name) CR. Cheques Under Collection
What is the nature of the unearned revenue?
unearned revenue falls under the head of nominal account and it is definaltel a liability on the organization.
If a company has a past due account under a certain amount will they still send it to a collection agency?
It all depends on the amount owed and the company owed to.
What things come under nominal account?
All the expenses and incomes are recorded in nominal accounts, whether capital or revnue nature
Can collection companies freeze bank accounts?
Yes, a collection agency can freeze your bank account, but only under certain circumstances. A freeze can only occur after the collector obtains a judgment. They would have to go to court to get the judgment against you.
Which type of account is prepaid expenses?
Prepaid expense is personal account in nature and default normal balance is debit balance and shown under current asset in asset side of balance sheet.
