the contra -asset of accounts receivable is
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 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: 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'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: Accounts receivable can be classified as ____
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: True (t) or False (f) ______ Notes receivable are generally reported as noncurrent assets.
A: Generally, Notes receivable are expected to be matured within 12 months. Therefore, notes…
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: 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: Describe the accounting treatment of notes receivable
A: If the note receivable is due within a year, then it istreated as a current asset. They are commonly…
Q: What is the difference between a nominal account and a real account?
A: There are three types of accounts in financial statements, Real Account Personal Account Nominal…
Q: In what way do accounts receivables and accounts payables differ from each other
A: Solution: Accounts receivables represent amount owed by customer for merchandise sold by business.…
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: Accounts receivable are financial assets under the category Loans and Receivables that are measured…
A: Solution: As per IAS, Loans and receivables are financial assets that are measured at amortized…
Q: What is the expense account associated with the cost of uncollectible receivables called?
A:
Q: What are the account receivables?
A: Current assets: The assets which could be converted into cash within one year like accounts…
Q: Explain how to calculate accounts receivable turnover ratio.
A: Accounts receivable turnover: Accounts receivable turnover is a liquidity measure of accounts…
Q: What is pledging of accounts receivable?
A: Accounts receivable: Accounts receivable is defined as any amount of money payable by…
Q: What is an account receivable? O a. Sales O b. Asset O c. Income O d. Creditors
A: Following is the answer to the given question
Q: When does Accounts receivable are created?
A: Current assets: The assets which could be converted into cash within one year like accounts…
Q: What is the: Accounts Receivable = = Accounts…
A: Accounts Receivable Accounts receivable which is treated as one of the main source of liquidity…
Q: What does the accounts receivable turnover ratio measure, and how is it calculated?
A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…
Q: How does account receivable work?
A: The term "account receivable" denotes that payment for previously completed work has yet to be…
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: Explain the relationship between the matching principle andthe need to estimate uncollectible…
A: The matching principle usually states that for every income there should be a corresponding expense…
Q: What are the differences between Notes Payable and Accounts Payable?
A: Explain the difference between a note payable and an account payable as follows:Notes payable: A…
Q: What factors affect accounts payable turnover ratio?
A: Accounts Payable ratio is calculated by dividing total supplier purchases by the average accounts…
Q: Which of the following items is not classified as an asset? Accounts receivable Accounts payable…
A: Assets: a. Based on convertibility : current assets , Non current assets . b. Based on physical…
Q: Define the term Accounts Receivable Turnover?
A: Accounts receivable turnover: This is the ratio which analyzes the number of times accounts…
Q: What is the difference between Accounts Receivable andRevenue?
A: Accounts receivables: Accounts receivables refers to the debtors that arise in case of credit sales…
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: Define the term accounts receivable?
A:
Q: Describe the Initial Valuation of Accounts Receivable.
A: Accounts receivable are those amounts that are to be received from customers because of credit…
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: Define account payable
A: As the term suggests, accounts payables is the sum of money to be paid in the near future. It is 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: What are the basic problems that occur in the valuationof accounts receivable?
A:
Q: What is meant by the term notes payable?
A: Notes payable is an account that details the specifics of a borrowed amount in note form. Its a…
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: Explain compounding of interest in relation to interest bearing notes receivable
A: The interest-bearing notes receivable is a bond or note other than discounted bonds, on which the…
Q: _____ is the example of Liabilities. Sales Supplies in Hand Account Receivables…
A: The Question has covered the concept of Liabilities. Liability means which have an obligation to…
Q: What is the average amount of receivables?
A: P81,875 is the average amount of receivables.
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- Which of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPSHow are gain contigencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at allThe expense recognition principle (“matching”) controlsa. Where on the income statement expenses should bepresented.b. When revenues are recognized on the incomestatement.c. The ordering of current assets and current liabilities onthe balance sheet.d. When costs are recognized as expenses on the incomestatement.
- Which should be subtracted from the net income when using the indirectmethod? A. Loss on sale of investmentB. Amortization of patentC. Increase in accounts receivableD. Increase in accounts payableThe accrued balance in a revenue account represents an amount which is: A. earned and collectedB. earned and uncollectedC. unearned and collectedD. unearned and uncollectedWhat type of account is Unearned Revenue?a. Assetb. Liabilityc. Revenued. Expense
- "Accrued interest income" would normally appear in the financialstatement under A. Current assetsB. Noncurrent assetsC. RevenueD. EquityWhat kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd. Revenue accountIt is added to income received to determine the total income for the yearthat is recorded under the accrual basis of accounting A. deferred income - endB. prepaid expense - begC. accrued income - begD. deferred income - beg
- Account Titles Debit CreditCash $ 7Accounts Receivable 3Supplies 3Equipment 9Accumulated Depreciation $ 2Software 6Accumulated Amortization 2Accounts Payable 4Notes Payable (short-term) 0Salaries and Wages Payable 0Interest Payable 0Income Taxes Payable 0Deferred Revenue 0Common Stock 15Retained Earnings 5Service Revenue 0Depreciation Expense 0Amortization Expense 0Salaries and Wages Expense 0Supplies Expense 0Interest Expense 0Income Tax Expense 0Totals $ 28 $ 28Transactions during 2018 (summarized in thousands of dollars) follow:Borrowed $25 cash on July 1, 2018, signing a six-month note payable.Purchased equipment for $28 cash on July 2, 2018.Issued additional shares of common stock for $5 on July 3.Purchased software on July 4, $3 cash.Purchased supplies on July 5 on account for future use, $7.Recorded revenues on December 6 of $58, including $8 on credit and $50 received in…10. Accounting treatment of prepaid expenses will be: a. Deducted from assets b. Deducted from the expense in income statement c. Added in liabilities d. Added to that expenses in income statementMCQs Unearned revenue is: An asset. Income. A liability. An expense.