Accounts Receivable

The Center for Economic and Social Studies (CESS) was established as an autonomous research Center in 1980.

"Accounting Equation is true under all circumstances." Justify this statement with the help of examples.

EOM stands for "end of month".

Net 10 EOM means that the net amount of the account is due 10 days after the end of the month which the sale was made.

Eg. Customer buys $25,134 worth of merchandise from your store on 14th July.

N10 EOM credit terms means that this account must be paid by the 10th June.

Hope that helps

Edit: I believe in the example that the original poster meant 10th August as the pay date as 10th June would be roughly 11 months after purchase.

Receivables are not part of income statement rather these goes to balance sheet as these are future activities.

I can't actually do on here for you, however I can explain what a Post Closing Trial Balance is and how to get one. A Post Closing Trial Balance is a Trial Balance that is prepared only after all.

1)It helps to check for arithmetical errors (Whether if Dr & Cr matches) 2)It helps to summarize all the main information needed for quicker reference. 3)It aid in final accounts.The purpose of the trial balance is (historically) to verify if any errors were made with posting the journal entries to the ledger. Every journal entry makes debits and credits to (at least) two.

When a purchase on account is made, the invoice becomes...

it is a note about when you receive your goods

League of Michigan Bicyclists

..The spelling

Not really the difference is that the salary is what u get paid and income could be anything that brings money to your home

sales

rent received

commission received

Yes, you typically record revenue when you issue an invoice, as this is when the revenue is earned according to the accrual accounting method. This means you recognize the revenue even if the payment has not yet been received. However, if you are using cash accounting, you record revenue only when the payment is actually received. Always ensure to follow the relevant accounting standards applicable to your business.

For information, accounting field could be divided into a few branches which is as follows:- i) Management Accounting ii)Financial Accounting iii) Taxation iv) Auditing Management Accounting is consider a future prediction on the business cost which will be useful for the management (internal users) to make their decision, projection, planning and control their business activity. The example of the M.A reporting consist of Sales Budget Report, Projection P & L for the year, Monthly Performance Review Report, etc. The format is not standardised from one business to another and it will be more depnding to the need and requirement of the company. Sought for better input from the rest...

The different parties include:

1 - Shareholders

2 - Management

3 - Employees

4 - Investors

5 - Creditors

6 - Government

7 - General Public

8 - Competitors

A Bookkeeperâ??s job duties involve handling an organizationâ??s overall recordkeeping. The records may include financial transactions, which could involve managing accounts payable and receivable, reconciling bank statements, and closing the fiscal year. A Bookkeeperâ??s job can involve more, depending on the organization, mostly revolving around financial, budget, and records for the organization.

Asset- Debit balance

petty cash voucher is released by the handler of the funds to support every payments made. petty cash book contains a summary of all petty cash disbursements, its total and the balance.

Duties and responsibilities of an Accountant

Working with spreadsheets, sales, and purchase ledgers and journals.

Preparing statutory accounts.

Calculating and checking to make sure payments, amounts, and records are correct.

Sorting out the incoming and outgoing daily posts and answering any queries.

tee Time merchandise is apractice set for Accounting. Its a way to keep track of a business using the accounting skills that your learning in class

The expenditure cycle is a sequence of processes that occur for a business to go from saying "I need this in order to make whatever it is our company makes" to paying for what they needed.

This process can and does differ among entities depending on the size and complexity of the organization.

For a large organization with great internal control the process usually starts with a purchase requisition. Accounting department matches the documents that they have. These are the purchase order (what we ordered), the receiving report (what we got), and the invoice from the supplier (what we are now being billed for). If these amounts match then the accounting department records a payable and also increases inventory.

Once all of the documents in the preceding paragraph are matched and made sense of the accounting department approves the invoice for payment. They would send a packet including all those documents (called a voucher packet) to the treasury department to write the check.

The treasury department will then write the check and sign it. They then cancel all the supporting documentation by stamping it paid. These voucher packets are sent back to the accounting department for posting of the payment. Which would be a debit to the account payable and a credit to cash.

You would want to have a clear copy of the invoice for both yourself and the customer. The better quality carbon paper will give you a clear copy. Otherwise, if what you write on the invoice (including the signature giving permission to do the work) is not clear, it really becomes meaningless.

Yes, anything of value the company owns is an Asset. Office Equipment is generally classified as a Long-Term Asset or more commonly PP&E (Property, Plant, & Equipment).

There is no full form for TOR.

TORSTEEL is originally a brand name of TORISTEG STEEL CORPORATION of Luxembourg, Germany.

It is also known and written as TOR steel.

Basically, incomes and expenditures that take place regularly, as opposed to capital income and expenditure.

Salaries, Rent, Printing and Stationary are examples of Revenue Expenses.

Discount allowed, Rent received etc, are examples nof Revenue Incomes

No. Cost would include the cost of materials. Overhead would not.