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What are the function of information systems in business?
Prepare customer quotesTake ordersCreate work or service ordersCapture and track laborManage field serviceKeep training recordsManage accounts payableManage accounts receivableManage budgetsOrder materials
Which sequence correctly summarizes the accounting process?
1. Journalize transactions, Post to the accounts, Prepare a trial Balance. 2. Post to the accounts, Journalize transactions, Prepare a trial Balance. 3. Prepare a trial Balance, Journalize transaction, Post to the accounts
Why do businesses prepare control accounts?
don't know and what control of accounts do you need in a business
What is the journal entry for collected on account 1200?
Debit cash / bank 1200Credit accounts receivable 1200If it is a collection from customer's account, thenDEBIT: Cash 1200CREDIT: Accounts Receivable 1200Collection from customer's account
What Accounts are affected when the company provides services to a credit customer?
When a company provides services to a credit customer, the accounts affected are Accounts Receivable and Service Revenue. Accounts Receivable increases, reflecting the amount owed by the customer, while Service Revenue increases, indicating the income earned from the services provided. This transaction does not immediately impact cash until the customer makes payment.
What do banks do with some of the profits they make by loaning out the money in their customer saving accounts?
They invest the money in high interest money markets and various other accounts. They don't loan out their customer's savings accounts, they loan out the money they make off these accounts.
Independent branch accounts?
It is a branch which had able to prepare its own accounts on its books then we say that is an independent branch. Accounts prepared by it is technically called as independent branch accounts.
Who are accounts prepare for?
Not sure, but all your base are belong to us.
What accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
What is a a credit issued to a customer in the accounts receivable account.?
A credit issued to a customer in the accounts receivable account reduces the amount the customer owes to the business. This can occur due to various reasons, such as returned merchandise, discounts, or billing adjustments. When a credit is applied, it effectively decreases the accounts receivable balance, reflecting the updated amount the customer is liable to pay. This process helps maintain accurate financial records and ensures proper management of customer accounts.
What is the amount collectible from a customer?
Accounts Receivable
How does the customer invoicing relate to the accounts receivable?
Customer invoices relate to the business as Recievables or income
