Accounts Payable

The output devices used include computer displays, impact and nonimpact printers, and electronic communication devices for EDI and e-commerce.

The foundation is responsible for selecting the seven members of GASB and its Advisory Council, funding their activities, and exercising general oversight.

Yes. In the long run. A Current Liability is one which is due to be settled in the Current Period (Usually within 12 Months) therefore as the Long Term Liabilities become due they become current liabilities.

That is correct. Sales and returns allowances is what is called a "Contra" account because it exists to reduce the net balance of an account. Sales is a credit account, so you debit sales returns and allowances in order to reduce your net sales.

Circular movement of cost refers to the flow of expenses within an organization that supports the production and delivery of goods or services. It involves the continuous cycle of incurring costs, generating revenue, and reinvesting profits back into the business. This movement highlights the interconnectedness of various cost elements, such as raw materials, labor, and overhead, and emphasizes the need for efficient resource management to optimize profitability. Ultimately, it illustrates how effective cost management can lead to sustainable business growth.

Prepayments are amounts paid for by a business in advance of the goods or services being received later on. Any payment made in advance can be considered a prepayment. A prepayment is not dissimilar to a deposit, but generally falls under a more set time period for fulfillment of the goods or service purchased.

All financial records for companies should be kept for at least 7 years.

When company purchases materials from different vendors on credit, those combined creditors are called sundry creditors.

You would debit either sales returned or directly to sales deppendibg on the company procedure. You would then credit either the customer account in accounts receivable or bank if it was a cash transaction.

Deppendibg on whether you are going to record the stock movement as well you should debit stock and credit cost of goods sold (this should be at the lower of cost or selling price).

Entry of bill recievable is:

Bill Recievable A/c dr.

To debtor

A credit balance shows up on a vendor statement when you have returned defective goods, for example. You can call the vendor and request a check for that amount or apply it to any outstanding balance that you owe that vendor. Do you mean "debit memo" instead of debit balance? A debit memo is sent to a vendor to let it know that you are making a deduction from what you owe to cover defective goods, a short shipment, a price reduction, or some other matter. When the vendor receives the debit memo and agrees with your reduction, it will send you a credit memo. And then, you may have a credit balance on your account- depending on whether or not you owe them any money.

Current liabilites

seeing as my monthly income is 15000,

i carry around about 1000 you never know what your gonna wanna buy

Unedeadknight: take at least half of that just in case some one mugs you or jumps you. it's better because you wan't lose that much. im 12 you don't have to listen to me. recomend!

Prepaid Rent is debited.

no

Usually the draft number can be found in the bottom of a demand draft. Check out for a white strip of paper on the bottom part of the draft and you can see different codes printed in magnetic recognition patterns. One of them will be the DD number.

The first thing to do about invoice discrepancy is analyze to find out if there was a mathematical error. When that fails, a meeting should be held between the parties in question to discuss the differences and fix them.

Because we can use its to make opportunity for business. For decision financing is very importance cause we can analyzing about company's situation and will need this information to make strategy in the future.

current liability

An operating lease is not shown on the balance sheet. They are charged directly to the profit and loss.

Financial leases are the types of leases where the company will own the asset when they've paid off all the lease payments. This type of lease is shown in liabilities, it will be split showing what's due in one year (current) and the rest due after one year (long term).

general journal

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 such as a car loan, then it is considered Notes Payable is is a Long Term Liability.

accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger

To receive the grant we can use simply receipt voucher with ledger grant receipt under grant group under bank parent group.

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