What are the two types of accounts?

Q: What is easy-access credit?

A: Introduction: The ability to borrow cash or obtain goods or services with expectation of repaying it…

Q: What are the accounts written off? Explain with example?

A: Accounts written off means those debtors or accounts receivables from which money can no longer be…

Q: What exactly is a genuine account?

A: Genuine account: Genuine account is generally referred to as a real account. Real accounts are…

Q: What is reconciling an account? Why it is needed? Give three examples?

A: Reconciliation:It is a process of accounting process that compares two sets of record to check…

Q: y different types of accounts are there.

A:

Q: Give an example of accounts receivable.

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: What is deposits in transit?

A: Definition: Bank reconciliation: Bank statement is prepared by the bank. The company maintains its…

Q: What are credit terms?

A: Credit terms or terms of credit It is the vender purchaser agreement that rundowns the planning and…

Q: What is a ledger?

A: Accounting: Accounting can be defined as the process of identifying the business transaction,…

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: Where are transactions initially recorded?

A: The primary point where the financial transaction, which is initiated or effected by entity during a…

Q: What is meant by reconciling an account?

A: 1. Usually, an account has a lot of transactions in a particular year. As accountant and auditors,…

Q: Explain the difference between the general ledger and a subsidiary ledger.

A: Ledger is a book where the journal entries recoded are posted. All the transactions in a ledger are…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.