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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.
3,095 Questions
What comes in debit side of balance sheet?
on the debit side of the balance sheet, we have the assets of a company. There are current assets and fixed assets and they should be equal to the Liabilities + the equity of a company.
How to pass the entry against credit note in our accounts?
In order to credit a customer in the account, a credit note must be issued. After that is done, a journal entry can be made to indicate the credit.
Who is famous in Thomas More College?
Nepomanson isnt famous, he's a gayboy who humps 5 year old kids at night!
What is the effect of a decrease in accounts receivable in the cash flows?
basically, decreasing means you activate the trans-flow protocol which allows the accountant to debit all assets while subtracting your working capital. this gives you your final accounts net profit for the term(and whatever the period concerns) then you credit this in your accounts recievable ledger account and list it as a way of income in your trial balance
You will take 500 dollards and put 7 on
yes
The Financial Accounting Standards Board (FASB)
Is sundry debtors have debit or credit balance?
Sundry Debtors always have Debit balance, if it is showing credit balance ie, Advance paid by Sundry debtors or your customers, if you are given discount after making the invoice, or excess payment done by your customers then the Sundry Debtors balance will be Credit.
Regards,
Ajish
What are the accounts affected for rent paid in advanced?
Payer: debit prepaid rent and credit cash.
Remember the accrual basis of accounting. After using rent for one month. Then the payer debits rent expense and credits prepaid rent.
Why do amount for vehicle appear under non current asset and current asset?
Because it's a fixed asset
When a credit is posted to the accounts payable ledger what happens?
Accounts payable balance will increase
Which account shows the amount of accounts receivable that a company does not expect to collect?
Allowance for Uncollectible Accounts
True, The Spending Chain Process consists of the Acquistion Process and the Accounts Payable process.
Is purchases a credit or debit?
Purchases are personal account nature and as a basic accounting rule debit what comes in and credit what goes out so purchases has debit balance as normal balance.
How do you understand debit and credit in accountancy?
a credit is pay out, debit is pay in
Debit and credit are part of the double-entry accounting system for adjusting different transactions in accounts.
When creating a T account debit just means "left side" and credit means "right side."
Debit comes from the Latin word debere, and credit comes from the Latin word credere.
What is current assets to total assets ratio?
Current asset to total asset ratio shows how much is the proportion of current asset with comparison to total assets of business.
What is current asset to total asset ratio?
This ratio represents the structure of assets and the amount in form of current assets per each pound invested in assets. Current assets are important to businesses because they are the assets that are used to fund day-to-day operations and pay on-going expenses and include cash, accounts receivable, inventory, marketable securities, prepaid expenses and other liquid assets that can be readily converted to cash.
What is the difference between credit sales and accounts payable?
Credit sales referes to sales and accounts payable referes to bank
What is the mission of the Human Resources Functional Area?
The missionis to see all departmnts are functioning according to the GAAP rules
