Explain the components of balance of Payments Accounts and describe the  impact of deficit and surplus balance of payment accounts

Q: Define the CECL model for accounts receivable. On what does it base the estimate of the allowance…

A: CECL Model for Accounts Receivable is a method of estimating uncollectible accounts receivable. CECL…

Q: What is the difference between account receivable and account payable ?

A: Diffecrence between the accounts receivable an accounts payable are as follows:

Q: What is the impacts on the accounting equation when an accounts receivable is collected

A: Accounting equations are based on a double-entry accounting system which states that each and every…

Q: What is the difference between Accounts Payable and Accounts Receivable? Explain each in generic…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: What is the difference between accounts payable andaccounts receivable?

A: Purchases means amount or value of goods that is purchased by the business. Cash for the purchases…

Q: Which one of the following is not an accounting problem (issue) associated with accounts receivable?…

A: Account receivable is the account of current assets of the firm. These represent the account of all…

Q: Explain any possible differences between accounting for an account receivable factored with recourse…

A: Definition:   Accounts receivable: Accounts receivable refer to sum of money that is received within…

Q: describe the difeference between an account receivable and an account payable

A: Account Receivable: Account Receivable is the account in which a organization records the amount…

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: What is the difference between ‘accounts payable (AP)’ and ‘accounts receivable (AR)’?

A: Credit Transaction: Under a credit transaction, the exchange of goods or services takes place where…

Q: the contra -asset of accounts receivable is

A: The contra assets of accounts are represented as the deductions from a gross account. The contra…

Q: Define Accounts payable.

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

Q: What is the impact on the accounting equation when an accounts receivable is collected

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: Preparing a balance sheet, allowance for uncollectible accounts goes under what heading?

A: Allowance for Uncollectible Accounts indicates the amount of receivables that are expected to remain…

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: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Non-trading entities keep a revenue and expenditure account to determine the surplus…

Q: What are Account for notes payable and interest expense.

A: Notes Payable- It is a type of document or instrument which is issued to creditors for a specific…

Q: On a balance sheet what does a line of credit do to the balance sheet does it offset notes payable?

A: A line of credit is an important aspect of accounting in  which the lender and the borrower come…

Q: Explain additional accounting issues related to accounts and notes receivable.

A: Accounts receivable refers to the amount that is owed to the company as a result of providing goods…

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

A: If you use the accrual accounting system, you will have to deal with accounts receivable and…

Q: What is the difference between accrued liabilities an unearned Revenue accounts?

A: Accrued Liabilities :— An expenses of a Business or an Organization incurred  during a specific…

Q: What account is the contra account of Account Receivable?

A: Contra asset account is shown as deduction from the assets in the balance sheet. Increase in Contra…

Q: When using the allowance method, how are accounts receivable shown on the balance sheet?

A:

Q: How is the account Unearned Fees classified and what kind of balance should it have? Group of answer…

A: A current liability is an obligation for the company that has to be paid off within a year. It would…

Q: How is the account Accounts Payable classified and what kind of balance should it have? Group of…

A: Accounts payable is the term for current liabilities in regard to purchases made on credit. Such…

Q: Indicate whether each statement best describes the allowance (A) method or the direct write-off…

A: Under the direct write off method the bad debts is treated as charged to expenses when it is clear…

Q: Explain accounting issues related to disposition of accounts and notes receivable.

A: Accounts receivable refers to the amount that is owed to the company as a result of providing goods…

Q: Explain the difference between the current account and the capital and financial account in the…

A: The balance of payment shall be the record of payment or receipt between a nation and a national of…

Q: Explain accounting issues related to valuation of accounts receivable.

A: Accounts receivable refers to the amount that is owed to the company as a result of providing goods…

Q: Accounting Elements that affect receivables - discount, returns and valuations

A: Accounting elements that affect Receivables, discount,returns and valuations are credit…

Q: Describe the difference between an account receivable and an account payable.

A: Accounts receivable: Accounts receivable are money owed to business from debtors. These are payments…

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 do modifying entries relate to the difference between cash accrual accounting and the difference…

A: Introduction : All cash transactions must be converted into accrual accounting for adjustment…

Q: Distinguish between Receipts and Payments Account and Income andExpenditure Account.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: amount should the account payable be adjusted

A: Purchases at net amount = Purchases - Purchase discount - Purchase returns.

Q: A credit balance on accruals account indicates?

A:

Q: Describe how to estimate the allowance for uncollectible accounts and introduce the CECL model.

A: The allowance for uncollectible accounts that are subtracted from the total receivables presented on…

Q: When a receivable is written off under the allowance method, how does it affect the net realizable…

A: Allowance method: It is a method for accounting bad debt expense, where uncollectible accounts…

Q: Why are revenue and expense accounts called temporary or nominal accounts?

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

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.