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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 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.
Is ordinary shares a current or non current assets its a debit on the trial balance?
it would be a non current asset as you plan to have shares generally for longer then a year. it would be on the debit side=] but i think ordinary shares are equity =O mind f**** i dunno im studdying it too lol
What accounts will only be found in the chart of accounts of a merchandising company?
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How can i make a ledger accounts balance off all the accounts and bring forward the balances?
Make sure all transactions are completed - including allocating any deposits. The common cause of failure to balance is having unallocated cash.
What is the justification for debiting rent expence?
We debiting the rent expense because when expenses are incurred so the rule of double entry is to debit the expense account and increased liability....it is rules of GAAP.
Is FUTA taxes payable a current liability?
Yes, FUTA taxes payable is a current liability. Current liabilities are those that are due within one year.
Which of these is not a required deduction from gross wages?
If I remember right, gross pay is what you make before any thing such a taxes is taken from your pay and net is what you bring home on your check
Gross wage is how much you made before anything is taken out of your pay check.Say you make $10/hr, you work 40 hours a week, your weekly gross wage will be $400.Net wage is what you actually get...
Do quotations get entered in to accounts and why?
No. Because it is not a transaction or a source document
Is installment receivables a current asset?
No. A/R are current assets because the company expects to receive payment/or use the assets within a year. Installment receivables can be extended past the year. Some furniture and car installment loans of course can go past 5 years. The
Does a credit to a liability account increase or decrease amount owed?
It increases the amount owed, because creditors would be credited
What is meant by coding in accounts payable?
Coding in accounts payable nothing but an invoice number which will be generated automatically towards customer transation or a payment.
cash debit with 6000 and unearned revenue is 5000 credit and and account payable credit
no, it is not necessary
