WHAT ARE THE MAIN DOCUMENTS USED FOR PAYDAYLOAN ?

Q: What are the basic entries to recognize an account receivable?

A: Solution- Accounts receivable (AR) is money that your customers owe you for buying goods and…

Q: Account for accountspayable and analyzeaccounts payableturnover

A: Accounts payable:   It refers to the money owed by the organization to their suppliers which is…

Q: What's the difference between accounts payable and receivable?

A: Accounts Payable is the current liability for the business and Accounts Receivable is a current…

Q: What is the accounts receivable turnover, and what typeof information does it provide?

A: Ratio analysis, horizontal analysis and vertical analysis are the analytical tools used by the…

Q: Define Accounts payable.

A: Accounts payable refer to money owed by a entity to its creditors or suppliers from whom the entity…

Q: how do you do paycheck calculations

A: Paycheck means the payment of the salary or wage to employee. A paycheck is a traditional document…

Q: Define the ECL model for accounts receivable. How does it differ from the CECL model?

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: What is a schedule for accounts receiveable?

A: AR stands for Accounts Receivable which is defined as the balance of amount due to the company for…

Q: What are receivables credits? Please explain.

A: Receivable refers to the assets of the company created due to sale of goods and service on credit to…

Q: What is Form of payments

A: Payments are the consideration paid for buying goods or for receiving services. Goods include…

Q: State the meaning of Receipt and Payment Account.

A: Receipt and Payment Account: Receipt and payment Account is a summary of Cash book. Only…

Q: Explain payment date

A: Whenever firms have the excess cash, either they can distribute it as dividend or can retain that…

Q: Which function should distribute paychecks?a. personnelb. timekeepingc. paymasterd. payroll

A:

Q: The chart that gives data about payments and payment schedule is called what?

A: Introduction: Payments and payment schedules: payment schedule includes all the periods of payment…

Q: What are note payables? How they are recorded?

A: Solution:- Notes payable meaning as follows under:-

Q: What is the basic information to recognize an account receivable?

A: Account receivable is a customer who has purchased the goods or has availed the services of a…

Q: What are the basic inputs to recognize an account receivable?

A: Accounts receivable can be defined as the money that is owed to the firm on the sale of goods or…

Q: How would accounts payable be reflected in an REA diagram? Why?

A: Liabilities are obligations that an organization owes to its creditors, suppliers, or other parties.…

Q: In financial accounts, how are interfund transactions accounted for

A: An accounting firm's financial statements serve as concise summaries of its activities, conveyed…

Q: how do debits and credits work?

A: Debit and Credits: Debit and Credits are used as a basis of bookkeeping to book balance in the books…

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time. 

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally. 

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.