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Which accounts is not closed during the closing procedure?
During the closing procedure, temporary accounts are closed to prepare them for the next accounting period. However, permanent accounts, such as assets, liabilities, and equity accounts, are not closed. These accounts carry their balances forward to the next period, reflecting the ongoing financial position of the business.
What are aims and objectives of opening various types of bank accounts?
a report on procedure are opening vrious types of bank accounts aims and objectives
Which accounts payable procedure can be used to locate unrecorded liabilities?
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...accounts payable is a liability.Accounts Payable is a liabilitynone Chart of accounts is used for compiling General Ledger and financial accounts by accountants. AR and AP use aged trial balance.
What is the internal control procedure for the credit sales?
Usually, the internal control procedure for credit sales is a credit check by the seller. Other methods used for control include an aging of accounts receivable. Returning customers are judged on their ability to pay by how fast they paid in previous transactions.
What type of accounts are accounts receivable and accounts payable?
real accounts
What are all activities in finalisation of accounts done?
In finalisation of accounts, activities typically include preparing financial statements, adjusting trial balance for closing entries, reconciling accounts, reviewing transactions for accuracy, and ensuring compliance with accounting standards. Additionally, preparing supporting schedules and documents, calculating financial ratios, and obtaining approval from management are also part of the process.
Which accounts is not closed during the closing procedure?
During the closing procedure, temporary accounts are closed to prepare them for the next accounting period. However, permanent accounts, such as assets, liabilities, and equity accounts, are not closed. These accounts carry their balances forward to the next period, reflecting the ongoing financial position of the business.
Describe procedure of maintaining accounts receivable ledger?
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Which one of the approaches for the allowance procedure emphasizes the net realizable value of accounts receivable on the balance sheet?
Which one of the approaches for the allowance procedure emphasizes the net realizable value of accounts receivable on the balance sheet?
What are aims and objectives of opening various types of bank accounts?
a report on procedure are opening vrious types of bank accounts aims and objectives
The accounting procedure that accounts for most of the deferred income tax liability for most companies is?
depreciation expense
Which accounts payable procedure can be used to locate unrecorded liabilities?
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...accounts payable is a liability.Accounts Payable is a liabilitynone Chart of accounts is used for compiling General Ledger and financial accounts by accountants. AR and AP use aged trial balance.
Are revenue and expense accounts temporary?
The balances in all temporary accounts are transferred to the capital or the retained earnings account, leaving the temporary accounts with zero balances. This procedure is necessary to determine a periodic net income (or loss) and prepare books for the next period.
How long are medical accounts ordinarily carried before being referred to a collection agency?
That all depends on the original creditor and what their procedure is. Some hospitals hold on to them if you are making an acceptable monthly payment but they aren't required to. Most accounts come to our office after 3-6 months.
What is the internal control procedure for the credit sales?
Usually, the internal control procedure for credit sales is a credit check by the seller. Other methods used for control include an aging of accounts receivable. Returning customers are judged on their ability to pay by how fast they paid in previous transactions.
What one procedure represents the majority of the codes in the Corpus Uteri subheading?
The procedure that represents the majority of the codes in the Corpus Uteri subheading is the hysterectomy, specifically total abdominal hysterectomy (TAH). This procedure involves the surgical removal of the uterus and is commonly performed for a variety of reasons, including fibroids, endometriosis, or cancer. As a result, it accounts for a significant portion of the coding in this category.
What is the procedure of opening various types of bank accounts?
The procedures vary from bank to bank and from a type of account to another. It is usually just dependant on your financial history and if the bank is willing to do business with you.
