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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
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Human resources is an asset or liability?
The second word of "Human Resources" should give you a clue that is considered an asset. Companies that consider their employees to be an asset invest in those employees through training, education, benefits and other compensation and expect to get a return on that investment (ie production). Human Resources is the source of the human asset, the place where managers go when they need a qualified individual to do a job, or a training program developed. Conversely, if an employee is considered a liability to the company, they probably (and shouldn't) remain employed for very long.
Where does notes receivable go in accounting statements?
Considered to be promissory notes in which the applicant/borrower is entitled to payments.
Break Even Sales - Formula in Cost Accounting?
Breakeven point = Fixed Cost / Contribution margin
Contribution margin = (Sales - Variable cost) / Sales
What are the accounting journal entries to record income?
If receiving cash from a good or service, the journal entry will be something like the following.
Cash (debit)
Revenue or Income (credit)
If you supply a good or service and the customers is going to pay at a later date, less than a year the journal entry will be similar to the following.
Account Receivable (debit)
Revenue or Income (credit)
Is Management accounting starts where financial accounting ends?
Management accounting starts where financial accounting ends
Explain cost center in the context of Cost Management Accounting?
Explain cost center in the context of cost accounting
I've got the same question. It's from a Connect homework problem.
What are the causes of stock deterioration?
poor management in the store, poor records taken when receiving goods
As a new employee what should be your primary goal in the workplace?
to prove that you are depenbable,reliable, and responsible
decrease the current ratio and decrease the acid-test ratio
Is provision for taxation a current liabilities?
Basically it is a reserve however it should be carried as a liability on the books until paid then espense it however if the Co is for Sale You may show it as a reserve asset due to the fact that the full liability may never be incurred
What is demand and time liability of a banking company?
Accounts like Savings,Current Deposits etc are Demand liabilities for the bank through which user can take money at any time .
In short User can demand money from bank and bank has to give it .
Time liability are account like Fixed deposits etc which bank has to give only after certain period of time .
Are notes receivable liability?
NO, notes receivable is an asset and are listed as such. A receivable is something the company expects to collect over time, account receivable is the account used for accounts that will be paid for in a year or less, while a note receivable is used for ones that are expected to take over a year to pay. Both Accounts receivable and Notes receivable are assets and are listed on the Balance Sheet as such. (GAAP)
If I write paid in full on a cashier's check and they cash it can they still charge me more money?
Most likely yes they can still charge you. A conditional endorsement on a check, ie writing "paid in full" or "payable only in the event the job is completed to my satisfaction" is considered irrelevant. As long as the company can prove you still owe them money, they have the right to collect.
Suta tax payable increases on the debit side of the account True or false?
False, any "payable" regardless of the type will increase the liabilities which has a Credit Balance. Payables are what the company owes but has not yet paid and are considered a liability until they are paid thus increasing liabilities with an increase to the credit side of the balance sheet.
There for Suta Tax Payable would be a liability which increase with credit and decrease with debit.
What is the current portion of long-term debt classified with?
Current portion of long term loan is classified as current liability and shown under current liability section of balance sheet.
When is an asset classified as a current asset?
An asset is something that is considered to be a future economic benefit of the business
a current asset is the same but that future economic benefit is expected to occur within 12 months.
Is sales revenue closed with debit or credit?
In Bookkeeping always remember this Cash is always a Debit to the bank so the sale has to be a credit
no
