Accounts Payable

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The main one would be sales. But you can also have refunds given and late payment charges.

Bill or notes payable both are same things with different names and can be used interchangably to refer to one same thing.

Do not use short forms or initials for anything what is plain to one person is meaningless to another. Get out of the accounting and bookkeeping business if you cannot tell the difference between and expense and a liability.

Yes, Current Liabilities are liabilities that will be paid off in one year or less. Accounts payable is where you record such liabilities. If it's a payment that will be made in more than one year..yesYes its a current liablity

It means that you have 90 days to pay the invoice, and if it is paid within 10 days, you receive a 3.45% discount on the original invoice amount.

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yes

Inventory is an asset, and so it is a debit to increase, and a credit to decrease.

Is Current Ratio

Sundry debtors come in current assets because normally goods are sold on credit for short term agreement for one month or for three months as amount is receivable from debtors within one fiscal year that’s why debtors arrive in current assets.

While many fund sponsors hire outside consulting and investment firms to assist with investment of their pension reserves, most also have fund managers in-house, or within their organization.

If they are due to be redeemed within the year then yes, otherwise they would be non-current liabilities.

Those commission costs would show as debits on the profit and loss.

The only different is when the liability becomes due. So current liabilities are within a year and non current is after one year.

Current liabilities would be things like Corporation tax, VAT, payroll taxes, trade creditors (accounts payable).

Non current liabilities could be things like long term loans, long term debentures, hire purchase schemes.

With long term liabilities, there may be an aspect of it that's due within a year and the rest in later years, such as for instance, a 4 year Loan. In that case you would show 1 year in current liability and 3 years in non current liability. This allowes users to see actually what is due in one year.

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the loan

Over the period,

Expense debit

Payable credit

and when pay

Payable debit

Bank credit

• Expense should be charged on acturial asumption.

• and over the period, acturial gain or loss should be recorded.

Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.

Accounts receivables relates to credit customers (debtors). Although somebody in the accounts receivables department will probably deal with anything relating to sales through to debt collection.

Pursuant to the Chief Financial Officers Act of 1990, a deputy director for management was established within the OMB to coordinate financial management functions with the various federal agencies

At the end of the period, double-entry accounting requires that debits and credits recorded in the general ledger be equal.

described the double-entry system, which continues to be the fundamental structure for contemporary accounting systems in all types of entities.

Category B consists of (1) FASB Technical Bulletins and, if cleared by the FASB, (2) AICPA Statements of Position and (3) AICPA Industry Audit and Accounting Guides.