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Q. What is Accounts receivable?
Accounts receivable as well called trade accounts receivable are amounts owed to a business by customers. An account receivable occurs when a company performs a service or sells merchandise on credit. Customers usually provide no written evidence of indebtedness on sales invoices or delivery tickets except their signatures. Notice that the term net in the balance sheet of The Home Depot Exhibit 26. This term specify the possibility that the company may not collect some of its accounts receivable. In the balance sheet the accounts receivable amount is the total of the individual accounts receivable from customers shown in a subsidiary ledger or file.
Distinctions between management and financial accounting We can observe that management accounting is less constrained than financial accounting. It may draw from a range of s
Q. Explain about Depreciation expense? Depreciation expense is the sum of asset cost assigned as an expense to a particular period. The method of recording depreciation expense
The beginning capital of the business totals $4,000. If the net income for the period totals $14,000 and the withdrawals by the owner total $3,000, what will be the new capital b
Accounting Errors-Transaction Errors How would the following errors affect the account balances and the basic accounting equation, Assets = Liabilities + Owners' Equity? How do the
Q. How does asset cash increase? An asset cash increases (debited) as well as a liability unearned service revenue increases (credited) by USD 4500. The credit is to Unearned S
Fixed asset are assets which provides the business future benefit Fixed assets are those which are tangible in nature and is not meant for sale in the near future and from whi
Governmental agencies at the state, federal, and local levels employ governmental accountants. Habitually the duties of these accountants relate to tax revenues and expenditures. F
On June 1st, Green Pea, Inc. purchased $1,200 worth of supplies on account. How does this transaction affect Green Pea's accounts? a. Increase supplies and accounts payable by $
How do you round up to one decimal point using percentages? Example 0.207 Thanks
Q. Describe about accounting. Why is it called language of business? Accounting is known as -an art of recording, classifying and summarizing transactions and events in a si
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