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Business Accounting and Bookkeeping

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Eliseo Weimann

Lvl 9
βˆ™ 2021-10-05 18:34:19
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Cards in this guide (20)
What is the Ethiopian currency

"Birr" is the equivalent (although not exactly equivalent) to US dollars, with 1 dollar equalling eight point something Birr. Denominations include"Andd Birr" (1 birr), "Amist Birr" (5 birr), "Assir Birr" (10 birr), "Haamsa Birr" (50 birr) and "Meto Birr" (100 birr).For cents, we either use "frank" or "santim", ranging between 1 frak to 50 (1, 5, 10, 25 & 50).

Accounts used to post purchased merchandise with terms are 210 n30

2/10 n30 means that there is a 2% discount if paid in 10 days, otherwise the full net amount is due in 30 days.

What does the payment terms 210 n60 mean

2/10 net 60 means there is a 2% discount available if the invoice is paid within 10 days (that's the 2/10). If the invoice is not paid within the discount period, the entire invoice is due in 60 days from the invoice date.

How do you calculate net purchases

Purchase Return and Allowance-

Discount From purchase =

Net Purchase

How do you recognize account payable

Account payable is an account that is a Liability (current). When a person or company owes another company money on account, that is an account payable.

Decrease an asset account and decrease a liability account

if you have a asset and you sale it and then money which you get pay as a liability so decreas in asset and decreas in liability occurs.

Definition of accounting according to AAA

The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information. It suggests accounting information is economic information.

What is net liability

Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset

The transaction would increase an asset account and increase a liability account

The transaction would increase an asset account and increase a liability account?

What entries can properly close a temporary account debit income summary credit

Standard closing entries:

Close Revenue accounts to Income Summary by debiting Revenue and crediting Income Summary.

Close Expense accounts to Income Summary by debiting Income Summary and crediting Expense accounts.

Close Income Summary to Capital account by debiting Income Summary and crediting Capital account.

Close Withdrawals account to Capital account by debiting Capital account and crediting Withdrawals account.

Is employee an external user of accounting information

External ueser

When an accounts payable account is paid in cash the owner's equity in the business decreases True or False

False.

Payment of an accounts payable reduces cash and reduces accounts payable. Equity is not affected.

Why are unadjusted trial balances run

Preparing an unadjusted trial balance tests the equality of debits and credits as recorded in the general ledger.

What is trial balace

A trial balance is a list of all the nominal ledger (general ledger) accounts contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit value balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance.

..cj pulgar

What account has a balance equal to the net income before the account is closed

income summary

Is accounts receivable a permanent account

Yes it is a real account. Accounts receivable is considered an asset and asset accounts are real or permanent accounts.

Accounts Payable is a temporary or permanent account

permanent

What does 2 10 n 30 terms mean

Looks like a business account where you get 2% discount if paid within 10 days and it due in full within 30 days.

What is 750-15

765

Where can I rent commercial outdoor lighting

The delivery of these equipment are depending on the company. You can call the company you plan to purchase from and find out their policy.

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