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Accounts Payable
Sometimes referred to as trade payables, accounts payable is an account sub-ledger that records all the amounts that a company or a person owes to suppliers but has not paid yet.
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What are the journal entries for post dated cheques issued?
When a post-dated cheque is issued, the company records it as a liability until the date on the cheque. The journal entry to record the issuance of a post-dated cheque involves crediting the bank account (decreasing cash) and debiting a liability account such as "Post-Dated Cheques Payable." On the date the cheque is cashed, the company will reverse the initial entry by debiting "Post-Dated Cheques Payable" and crediting the bank account. This ensures accurate tracking of outstanding liabilities and cash flow.
Sundry shop is similar to a grocery store. It is a place where you can get almost anything that most people need such as milk,eggs,snacks,cigarettes for example. It is usually a convenient place for people to get their stuff when they need it in an emergency.
What does 10 DAYS ADI ADF NET 15 mean?
In the context of business and finance, "10 DAYS ADI ADF NET 15" typically refers to payment terms for a transaction. "10 DAYS" indicates that the payment is due within 10 days of the invoice date. "ADI" stands for "After Date of Invoice," meaning the countdown for payment starts after the invoice date. "ADF" could stand for "After Discount Period," indicating that any applicable discounts must be taken into account. "NET 15" specifies that the full payment is due within 15 days of the invoice date if no discount is taken.
Oh, dude, DND stands for Dungeons and Dragons. It's like this super nerdy game where you pretend to be wizards and warriors and roll dice to see if you can slay dragons or whatever. So, DND terms are just the jargon and rules you gotta know to not look like a total noob at the gaming table.
What is sir timothy berners lee favorite color?
As an AI language model, I do not have access to personal information about individuals unless it has been shared with me in the course of our conversation. Sir Timothy Berners-Lee is a renowned computer scientist known for inventing the World Wide Web. His favorite color is not a widely known or documented fact related to his professional achievements.
How may 100 dollar bills make 7000?
To determine how many $100 bills make $7000, you simply divide $7000 by $100. This calculation gives you 70, which means that 70 $100 bills make $7000. Each $100 bill represents one hundred dollars, so when you have 70 of them, you have a total of $7000.
Which is the correct term is that accounting finance or Finance accounting?
Accounting is the process of recording, summarizing, and analyzing financial transactions of a business. It focuses on providing accurate and reliable financial information to stakeholders.
Example: An accountant prepares financial statements like income statements and balance sheets, ensuring they comply with accounting standards.
Finance is broader, encompassing all aspects of money management. It involves making strategic decisions about how to acquire, allocate, and utilize financial resources to achieve organizational goals.
Example: A financial manager analyzes investment opportunities, manages cash flow, and makes decisions about how to raise capital.
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"Ledger selling" does not have a standard definition in accounting, finance, or business terminology. However, it might be interpreted as a practice related to managing or utilizing financial records in a specific way. If you're referring to a niche concept or practice, it could involve:
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**Accounts Receivable Factoring:** Selling outstanding invoices (ledger entries) to a factoring company for immediate cash.
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**Data Sharing or Sale:** Selling access to financial data or ledgers for auditing, compliance, or analytics.
If this term is used in a particular context, please provide more details for a tailored explanation.
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What are the roles of an accountant?
The role of the accountant (private) is to record the financial activities of an enterprise and to cost the goods and services that a company provides. Public accountants audit the assertions that an enterprise makes on its financial statements and issues an opinion on the same.
What does C.O.D. mean on an invoice?
The acronym COD stands for Cash On Delivery, and it means that something is being delivered to you, and you will pay for it when you receive it. This is in comparison to paying for something in advance and then receiving it.
Accounting entry for purchase of generator?
A generator for your business will be listed in PP&E, property, plant, and equipment? For example if you purchase a generator for let's say $2,000 and you pay with cash, the entry will be:
PP&E - Generator (debit) $2,000
Cash (credit) $2,000
The only other difference would be if you purchased the item on account, changing the Cash account to an Account Payable.
What does ARO mean with regard to shipping?
ARO stands for "After Receipt of Order" in shipping terminology. It refers to the time frame starting from when an order is received to when the shipment is prepared and dispatched. ARO is an important metric in logistics management as it helps determine the efficiency of order processing and fulfillment.
What is the journal entery for the bad dabt account?
The journal entry for a bad debt account typically involves debiting the Bad Debt Expense and crediting the Accounts Receivable to remove the uncollectible amount. This entry reflects the adjustment for the amount deemed uncollectible from a customer.
How does management accounting differ from cost accounting?
Management accounting includes both financial and cost accounting, tax planning and tax accounting. Cost accounting, on the other hand, does not include financial accounting, tax planning and tax accounting.
What does the payment terms net 30 MF mean?
Well, isn't that just a happy little question! When you see "payment terms net 30," it means that the invoice amount is due within 30 days of the invoice date. It's like a gentle reminder to take care of your payment within that timeframe to keep everything running smoothly. Just a little bit of organization and everything will be as peaceful as a quiet forest stream.
What causes retained earnings in a company to decrease?
Well, hello there, friend! Sometimes retained earnings in a company decrease when there are losses from operations, dividends are paid out to shareholders, or when there are adjustments for accounting errors. It's all just a part of the beautiful ebb and flow of financial life. Remember, mistakes are just happy little accidents, and we can always paint a new picture tomorrow.
If trial balance does not tally what does it means?
If the Trial Balance, doesn't "balance" or "tally" then there is a posting error in your records or there is an entry missing.
In the Trial Balance both sides (debit and credit) must balance, or be equal, if they do not, then there is some error, you will need to double check all entries for the time period from when the last Trial Balance tallied up until the new one didn't to find any errors or missing entries that may have occurred.
Please Note: My answers are based on the GAAP (Generally Accepted Accounting Principles U.S.A.) and Double Entry Accounting Practices. Other rules and regulations may apply or differ depending on the Country of Origin.
Here are your first two ways to find the error: 1) divide the difference between the debits and credits by 2. If you have an account with that exact balance, it may be posted on the wrong side of the trial balance. For example, if a $50 debit is shown on the credit side of the trial balance, your balance will be off by $100; and, (2) If the difference between the debits and credits is evenly divisible by 9, you may have a transposition, for example, you have a balance of 128 and it should be 182.
What are the advantages of internal capital reduction?
Reduction in share capital can enable one or more of the following: (i) write off accumulated losses on profit and loss account, so that dividends can be paid much earlier. (ii) its balance sheet can reflect more accurately the capital employed in the business, where capital has been lost, and (iii) repay to shareholders part of its paid-up capital in case the capital is not needed in the future.
Its a very wide figure. The cost of software depends on exactly what that software is and does and if requires technical support, continued training to use, additions bespoke applications used within its programming to make it suitable for the environment its in.
What is the number of protons in a atom of an element?
The number of protons in an element is equal to the atomic number. (dont mix this up with atomic mass. It is simply the large number that appears usually in the top left hand corner on the periodic table. For example, Lithium has 3 protons. Sulfur has 16 protons and so forth)
What are polyhydroxy aldehydes?
Hydroxyl groups are -OH molecules that form the 'alcohols' in organic chemistry.
'Poly' equates to 'many.'
An important polyhydroxyl group is 1, 2-ethanediol (ethylene glycol) C2H4(OH)2
which is in anitfreeze for cars I think.
Where do esthetician earn highest income?
Estheticians tend to earn higher incomes in major metropolitan areas such as New York City, Los Angeles, Miami, and San Francisco where there is higher demand and cost of living. Additionally, estheticians who work in luxury spas, salons, or for high-end clients may earn a higher income compared to those working in more casual settings.
What are the methods of preparing syrup?
The common methods for preparing syrup include the hot method, where sugar is dissolved in boiling water, and the cold method, where sugar is dissolved in cold water and left to infuse. Flavorings like herbs or spices can be added during the cooking process to infuse the syrup with additional flavors. Storage in airtight containers in the refrigerator can help prolong the shelf life of syrup.
