0
Accounts Receivable
Accounts receivable represents the money owed by clients to an establishment for the sale of products and services, which must be paid within an agreed timeframe. It is commonly executed by generating an invoice and delivering it to the customer.
2,500 Questions
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...
Is sundry debtor is current liability?
Does a credit to a liability account increase or decrease amount owed?
It increases the amount owed, because creditors would be credited
What an example of a decrease in an asset and a decrease in a liability?
Paying A/P: Decrease in Cash (Asset), Decrease in A/P (Liability)
What is the difference between a firm's current assets and its current liabilities?
As a individual taxpayer any thing that you own is a current personal asset. An individual taxpayer can also have some business assets to be counted you would add the value of all of those items and Current liabilities are those debts which are due and payable within 1 year. Non-Current Liabilities are those which fall due in more than 1 Year. A long term loan payable over 5 years is both a..
What is the purpose of entering the amount from the invoice?
Verification that the amount invoiced matches the amount ordered and received
What is on the debit and credit side of the trial balance?
If you do a Trial Balance and your Credits Equal your Debits, then more than likely your books are correct. In double entry accounting the debits and credits must balance or be equal.Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased,...
When goods refund:
[Debit] Sales returns
[Credit] accounts receivable / cash
Adjusting entry:
[Debit] sales revenue
[Credit] Sales returns
Is a loan is current liability or long term liability in the balance sheet?
If loan is payable within twelve month of issuance of loan then it is current liability but if it is payable in more than one fiscal year then it is long term liability but even in long term loan, that portion of loan which is payable in current fiscal year is current liability and remaining portion is long term liability.
What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
What are various type of risks faced by an organization?
these are the risks that banks face: 1.Operational 2.Market 3.Financial There also additions risks which Regulators look at and expect banks to have addressed. The complete list is: 1. Strategic...well the types of risks is up to you and your brain, if you are fine with climbing a rock climbing wall then your brain doesn't think RISK RISK RISK but instead it says FUN FUN FUN so people with...
Where can one find information on accounts receivable financing?
Having a handle on your accounts receivable solutions is paramount to having the cash your company needs to function on a daily basis. That’s why many who struggle with such services will often look elsewhere and place their trust in a company that can provide accounts receivable financing solutions. This means that another company will handle your accounts receivable processes and take it upon themselves to track down late invoices and perform other duties. However, with accounts receivable financing, you’ll be able to get the cash your business needs ASAP without worrying about invoicing and late payments.
One of the best places to start your search for a reliable accounts receivable financing company is online. For example, the team from Camel Financial offers affordable solutions for nearly every type of business. Their accounts receivable financing solutions can help give your business the money it needs now to keep up with payroll and continue to grow.
For more information, contact Camel Financial online or call (949) 722-7717 today!
