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Accounts receivable and Accounts Payable are usually the two departments associated with this. The tax department probably oversees accounting in all aspects.
What else can I help you with?
What is difference between nominal and real account?
Nominal Accounts are income statement accounts and include revenue, gain, expense & loss accounts. The balances of these accounts are closed as a rule to a summary account at the end of each fiscal year to determine the net income for the period and are included in retained earnings. The numbers in the nominal accounts will portray the performance or results of operations of a company for a particular period. Real Accounts are balance sheet accounts, which include assets and liabilities. The numbers in these accounts disclose the company's financial position: everything the company owns and owes.
What can one do with an accounts payable clerk?
An accounts payable clerk is a position where one works in a specific division of an accounting department. An accounts payable clerk is the one that is responsible for making payments on behalf of the company one works for in order for payments to be made on time.
is money owed to a company considered an asset or a liability?
Money owed to a company is considered an asset, specifically classified as accounts receivable. This represents funds the company expects to collect from customers or clients for goods or services provided. In contrast, liabilities are obligations the company must pay to others, such as loans or accounts payable. Thus, receivables enhance the company's financial position as they indicate future cash inflows.
On a company's trail balance what are the accounts payable?
Accounts payable on a company's trial balance represent the amount the company owes to its suppliers and creditors for goods and services received but not yet paid for. This liability account reflects short-term obligations that will typically be settled within a year. It is crucial for managing cash flow and maintaining good relationships with vendors. In the trial balance, accounts payable is listed as a liability, contributing to the overall financial position of the company.
What is asset offset of an accounts recievable?
Asset offset of accounts receivable refers to the practice of reducing the reported amount of accounts receivable by recognizing related liabilities or allowances. This can occur when a company anticipates uncollectible accounts and establishes an allowance for doubtful accounts, thereby offsetting the gross accounts receivable balance. The net amount reported on the balance sheet provides a more accurate reflection of the expected collectible amount. This approach enhances financial transparency and ensures that financial statements present a clearer picture of a company's financial position.
Can you give the example of recruitment and selection plan for the position of accounts clerk?
An accounts clerk is not a major position in a company. The recruitment can take place on online job boards and then interviews can be chosen from the candidates. You can then choose your candidate and hire them.
What is the difference between accounts only and accounts with inventory in tally?
account only particular ledger ,account with inventory deals with item and groups of item In account only we cannot deals with stock entry ,But in accounts with inventory we can deal with stock entry . Account only deals with firm.But Accounts with inventory deals with manufacturing and trading.
What is difference between nominal and real account?
Nominal Accounts are income statement accounts and include revenue, gain, expense & loss accounts. The balances of these accounts are closed as a rule to a summary account at the end of each fiscal year to determine the net income for the period and are included in retained earnings. The numbers in the nominal accounts will portray the performance or results of operations of a company for a particular period. Real Accounts are balance sheet accounts, which include assets and liabilities. The numbers in these accounts disclose the company's financial position: everything the company owns and owes.
What is the description for an accounts payable position?
An accounts payable position is called a Purchase Ledger Clerk
You want to rename my depertment name which deals in bills?
You don't say what the current name is for your department but I can call most any company I owe and ask for "Accounts Receivables" and be connected correctly to the where the bills are handled. "Accounts payable" department is where I find the people that pay out Company owed monies for bills sent to them.
What can one do with an accounts payable clerk?
An accounts payable clerk is a position where one works in a specific division of an accounting department. An accounts payable clerk is the one that is responsible for making payments on behalf of the company one works for in order for payments to be made on time.
Is Anz Banking located all over the world?
"ANZ Banking is a company that deals mostly with Australia (A) and New Zealand (NZ), hence the name of the company being ""AnZ"" banking. They handle accounts from customers in both countries."
is money owed to a company considered an asset or a liability?
Money owed to a company is considered an asset, specifically classified as accounts receivable. This represents funds the company expects to collect from customers or clients for goods or services provided. In contrast, liabilities are obligations the company must pay to others, such as loans or accounts payable. Thus, receivables enhance the company's financial position as they indicate future cash inflows.
On a company's trail balance what are the accounts payable?
Accounts payable on a company's trial balance represent the amount the company owes to its suppliers and creditors for goods and services received but not yet paid for. This liability account reflects short-term obligations that will typically be settled within a year. It is crucial for managing cash flow and maintaining good relationships with vendors. In the trial balance, accounts payable is listed as a liability, contributing to the overall financial position of the company.
Is accounts payable a debit or credit?
Accounts Payable is the amount which is payable by company for the merchandise purchased by company but payment is due in future, as it is the liability of company so like all liability accounts it has credit balance as normal balance.
What is asset offset of an accounts recievable?
Asset offset of accounts receivable refers to the practice of reducing the reported amount of accounts receivable by recognizing related liabilities or allowances. This can occur when a company anticipates uncollectible accounts and establishes an allowance for doubtful accounts, thereby offsetting the gross accounts receivable balance. The net amount reported on the balance sheet provides a more accurate reflection of the expected collectible amount. This approach enhances financial transparency and ensures that financial statements present a clearer picture of a company's financial position.
Is the allowance for uncollectible accounts and asset?
The allowance for uncollectible accounts is not classified as an asset; rather, it is a contra asset account. It is used to estimate and reflect the portion of accounts receivable that may not be collectible, thereby reducing the total accounts receivable on the balance sheet. This allowance helps present a more accurate picture of a company's financial position.
