true or false  Expense Accounts normally have a credit balance

Q: Define prepaid accounts? Give example?

A: Prepaid account: It is an account which records the prepayment transactions. From the buyer’s point…

Q: Distinguish between accounts receivable and account payable.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B.…

A: Credit memo - Indicates a decrease in the amount of customer owed to the seller. Components of the…

Q: Which accounts commonly requires both debit and credit entries?

A: Debit and credit sides are two sides of a general ledger account. Normally all assets and expenses…

Q: Credit sales are recorded by crediting an account receivable for specific customer. True or false?

A: Lets understand the meaning of credit sales. Credit sales refers to transferring ownership of goods…

Q: With credit tranching, the subordinated tranches may absorb credit losses as they occur.   Select…

A: Credit Tranching:- It is a system which is generally used by the international monetary funds. under…

Q: What is a credit memo? When is it used?

A: Credit memo also known as credit memorandum or credit note  Credit memo is issued by the seller of…

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.