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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
What is the difference for account receivable and accounts payable?
When company make sales in credit it creates the accounts receivable while when company purchases on credit it creates the accounts payable so accounts receivable is current asset while accounts payable is current liability.
The last time i checked(which was 5 seconds ago) weather its in baseball or math class a strike is usually BAD :D, but they can also be good accounting the fact that some people can be badly treated in a workplace or any other place, and need a way to fight for good treatment and sometimes higher wages. It depends on the situation, but if it is abused it can impact a whole company, so the company can just hire more people (scabs) to take there place.
What is difference between current assets and long term assets?
Current asset: Cash and other resources that are expected to turn to cash or to be used up within one year of the balance sheet date. (If a company's operating cycle is longer than one year, an item is a current asset if it will turn to cash or be used up within the operating cycle.) Current assets are presented in the order of liquidity, i.e., cash, temporary investments, accounts receivable, inventory, supplies, prepaid insurance
Long term asset: Non-current assets. Assets that are not intended to be turned into cash or be consumed within one year of the balance sheet date.
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it was supposed to come out Christmas 2010 but it didn't so its probably going to come out early 2011
When do you need to credit accounts receivable?
Accounts receivable is an asset account and therefore debit in nature. If you were to credit it, you would reduce its balance. This would usually be done upon receipt of payment or when a receivable is written off.
What are accounting conversion and concept?
accounting concept are the basic knowledge of accounting on which basis monetry transation are made in accounting book.
Are accounts payableand notes payable listed under current-noncurrent classification?
Accounts payables are listed in current assets because normally creditors are paid within short term time period.
What is the accounting entry to reduce a reserve account?
Reserve account can be reduce as follows:
[Debit] Reserve account xxxx
[Credit] Share capital account xxxx
Is accounts recievable a current liability?
Accounts receivable is a current asset, never a current liability.
A voucher is a bond which is worth a certain monetary value and which may be spent only for specific reasons or on specific goods. Examples include (but are not limited to) housing, travel, and food...
What is difference between bill receivable and bill payable?
bill receivable is what is owed to a company; bill payable is what is paid
How do you prepare accounts receivable aging schedule?
The accounts receivable aging schedule is a listing of the customers making up your total accounts receivable balance.
The typical accounts receivable aging schedule consists of 6 columns:
- Column 1 lists the name of each customer with an accounts receivable balance.
- Column 2 lists the total amount due from the customers listed in Column 1.
- Column 3 is the "current column." Listed in this column are the amounts due from customers for sales made during the current month.
- Column 4 shows the unpaid amount due from customers for sales made in the previous month. These are the customers with accounts 1 to 30 days past due.
- Column 5 lists the amounts due from customers for sales made two months prior. These are customers with accounts 31 to 60 days past due.
- Column 6 lists the amount due from customers with accounts over 60 days past due.
What is an increase in Accounts Payable?
An increase in Accounts Payable means that the company has received more invoices that are due for payment.
Is notes recievable a liability?
Notes receivable is an asset. Receivables are an asset in the fact that it's something another person or company owes you. Depending on how long the "note" is for, will dictate whether or not the Note Receivable is a current asset or long term asset.
If the note is to be paid in full in one year (or less) or one accounting period it is considered a current asset, otherwise it's long term.
Is salary payable a current liability or long term liability?
It should be current liability because it is made monthly, not per year.
Which one of the accounts below would likely be included in an accrual adjusting entry?
Unearned rent would likely be included in an accrual adjusting entry.
Is bonds payable of 5000 issued at 99 dollars is it a current liability or noncurrent liability?
If this bond payable is payable within one fiscal year then it is current liability otherwise if it is not payable within one fiscal year then it is non current liability.
