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As in business company purchases materials or goods from different vendors on advance same like sales to different clients on advance, so if all clients balance is transferred to one Accounts Payable account then it will be impossible to keep track of saperate payments to different vendors that;s why separate accounts are maintained.
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A company would not likely use subsidiary ledgers for?
A company would not likely use subsidiary ledgers for accounts that do not require detailed tracking, such as general expense accounts or non-specific revenue accounts. Subsidiary ledgers are designed for accounts that involve numerous transactions or require detailed breakdowns, like accounts receivable or accounts payable. Therefore, for accounts with minimal transactions or where summary-level information suffices, maintaining a subsidiary ledger would be unnecessary and inefficient.
Why does and AP ledger require a subsidiary ledger?
An Accounts Payable (AP) ledger requires a subsidiary ledger to provide granular details about individual vendor transactions and balances, which enhances accuracy and organization. The subsidiary ledger allows for tracking specific amounts owed to each vendor, making it easier to manage payments and resolve discrepancies. This separation also aids in maintaining an accurate general ledger while ensuring that aggregated data reflects detailed activity for auditing and financial reporting purposes.
What are two of the four accounts in the general ledger which need to be updated with adjusting enteries?
Two of the four accounts in the general ledger that typically need to be updated with adjusting entries are the Accounts Receivable and Accounts Payable accounts. Adjusting entries ensure that revenues earned and expenses incurred are accurately reflected in the financial statements for the period, regardless of when the cash transactions occur. Additionally, Accounts Payable may require adjustments for accrued expenses, while Accounts Receivable may need adjustments for unearned revenue.
Do business bank accounts require a minimum amount of money to be kept in an account monthly?
Most banks do not require a minimum balance to be kept in a business account. If you are looking at obtaining one, you will want to check with your local bank if they require a minimum balance.
Is accounts payables a part of an asset or a liability?
When company purchases supplies from vendors they are require to pay them at the same time but instead of paying them out immediately they got the time to pay in future so it is the liability of the company to pay them that;s why accounts payable is liability and not the asset.
A company would not likely use subsidiary ledgers for?
A company would not likely use subsidiary ledgers for accounts that do not require detailed tracking, such as general expense accounts or non-specific revenue accounts. Subsidiary ledgers are designed for accounts that involve numerous transactions or require detailed breakdowns, like accounts receivable or accounts payable. Therefore, for accounts with minimal transactions or where summary-level information suffices, maintaining a subsidiary ledger would be unnecessary and inefficient.
Why does ap ledger require subsidiary ledger?
AP Ledger requires a subsidiary ledger to help keep the clutter down in the general ledger. The standard ledger can often fill up with a large amount of activity, making it difficult to handle.
Which stakeholder require financial report and why?
All stakeholders require a financial report. These reports are required for the financial information to get an understanding of accounts payable and accounts receivable to obtain a better understanding of the performance of the organization.
Why does and AP ledger require a subsidiary ledger?
An Accounts Payable (AP) ledger requires a subsidiary ledger to provide granular details about individual vendor transactions and balances, which enhances accuracy and organization. The subsidiary ledger allows for tracking specific amounts owed to each vendor, making it easier to manage payments and resolve discrepancies. This separation also aids in maintaining an accurate general ledger while ensuring that aggregated data reflects detailed activity for auditing and financial reporting purposes.
Is ea accounts free?
Yeah boy
Can I obtain a merchant account with bad credit?
Merchant accounts typicaly require a credit check. Google Checkout is available without a merchant account.
Is there a minimum amount om money to keep in a bank account?
Yes, many banks require a minimum balance in accounts to avoid fees and maintain the account's active status. The specific amount can vary by bank and account type. Some accounts, like basic checking or savings accounts, may have low or no minimum balance requirements, while others, like premium accounts, may require higher minimums. It's important to check with your bank for their specific policies.
Do business bank accounts require a minimum amount of money to be kept in an account monthly?
Most banks do not require a minimum balance to be kept in a business account. If you are looking at obtaining one, you will want to check with your local bank if they require a minimum balance.
Do most high interest saving accounts require a minimum balance?
Yes, most high interest savings accounts require a minimum balance. Since it is high interest, it is usually a high minimum account balance as well.
Is accounts payables a part of an asset or a liability?
When company purchases supplies from vendors they are require to pay them at the same time but instead of paying them out immediately they got the time to pay in future so it is the liability of the company to pay them that;s why accounts payable is liability and not the asset.
Does a person absolutely need to have a Facebook account in order to sign up for and provide answers on the answers.com website?
Yes. New accounts require the user to have a Facebook account.
What is a type of checking account that also earns interest these accounts generally have a minimum balance?
a type of checking account that also earns intrest
