Describe Deposits and Advances from Customers.

Q: Explain the alternatives in accounting for prepaids.

A: Prepaid expenses: Prepaid expenses refer to the payments which are made in advance and the amount…

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

Q: Describe how debits and credits are used to analyse transactions.

A: Debits and credits are used to analyse transactions for changes in accounts made by one business…

Q: What do accounts do?

A: Accounts of a business are used to record for all the transactions of the business. All relevant…

Q: How do debits and credits work

A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…

Q: Describe about the Accounts payable.

A: Accounts payable: A liability which is payable within a short period is termed accounts payable and…

Q: Define prepaid accounts? Give example?

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

Q: Accounts receivable can be classified as ____

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Define Accounts payable.

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

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: Which one of the following will verify the documents and decide on their payability? Select one: A.…

A: Any agreement of consignment of goods through shipping or sale of goods through shipping has…

Q: Describe the responsibilities of an accounts payables specialist.

A: Accounts payable specialists ensures vendors get paid for services and products rendered. They play…

Q: Describe accounts receivable and how they occur and are recorded.

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

Q: Which of the following events would be LEAST likely to be modeled in an REA diagram?a. customer…

A: Definition: REA model: The graphical representation which shows the re-engineered accounting system…

Q: Illustratrate about the real and nominal accounts along with examples.

A: Real account:Real account involves the amount of asset, liability, or stockholder’s equity at a…

Q: Explain how suppliers and creditors evaluate the liquidity of a client based on the customer's…

A: Introduction: The capacity of a corporation to satisfy its immediate or short-term financial…

Q: Define financial assets, trade and other receivables and financial liabilities Thanks tutor

A: Financial assets and trade and other receivables are different types of assets that are part of…

Q: Record a transaction money charged on a account

A: A transaction is the amount of value for a product or service. Regardless of when money is received…

Q: Display graphically and explain the mechanism of settlements by payment orders

A: Settlement by payment order is a process in which the bank transfer funds immediately with no…

Q: Why creditors control account may have debit balance

A: The creditor's control account displays the amount a firm has to give to the suppliers.

Q: the rules of debit and credit

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Explain how to record note payable transaction.

A:

Q: What are the feature of Receipt and Payment Account?

A: Receipt and Payment Account is a summary of cash Receipts and payments in an accounting period. Not…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: Answer: External user.

Q: Explain the posting process of the cash payments journal.

A: Cash payment Journal: A journal which is used to record cash payments by check and cash for the…

Q: Determine the process to create an bank account?

A: The bank is the financial institution which accepts deposits from the customer and provides credit.…

Q: What is the primary means of conveying financial information to external users?

A: Financial reporting: Financial reporting is the procedure to communicate the financial information…

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: Why would the GST clearing account have a debit balance?.

A: GST means goods and service tax, which is charged by seller to customer and seller needs to pay it…

Q: Debit telephone bill, credit ACcounts payable is

A: Correct Answer :- C Business Received telephone bill and it will be paid later.

Q: Describe how accounts are used to record information about the effects oftransactions?

A: Firstly the transaction are recorded in the original books i.e. Journal, when the transactions are…

Q: How to identify the debit and credit amount for the general ledger

A: In order to balance the journal ledger both the debit and credit accounts to be balanced that is…

Q: How to know when the account is debited or credited

A: In order to know  when the account is debited or credited  the basic of type of accounts  should be…

Q: What additional issues are involved with miscellaneous, other, and clearing accounts?

A: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing,…

Q: Banking relates Banks provides The Banks heln

A: Explanation : The fact that banks are the backbone of every economy and provide high level of…

Q: Explain how suppliers and creditors use a customer’s payment practices to judge liquidity.

A: Introduction: Liquidity is the ability of the company to meet its immediate or short-term debt…

Q: Differentiate savings account from a current or checking account.

A: A bank is an institution that deals with money and credit. It accepts deposits from the public,…

Q: Identify and explain the duties of collecting banks.

A: Collecting bank: Collecting banks are defined as those banks which collects money in favor of its…

Q: Direction: Compute Deposits in Transit and Outstanding Checks.

A: Deposits in Transit and Outstanding Checks can be calculated by comparing Cash Payments and Cash…

Q: What is receipt and payment account

A: The answer is provided as follows:

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…

Q: how to bill customer using accrual-basis accounting

A: in Accruals accounting of income or revenue they are billed when goods or services are given but…

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.