Withdrawal is a temporary account?

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: How does the “Enter Bills & Pay Bills” feature differ from the “write check” feature

A:

Q: What is the use of payment request forms?

A: Payment request form a requisition form used for the request for payment. This request is a non…

Q: How does account receivable work?

A: The term "account receivable" denotes that payment for previously completed work has yet to be…

Q: Why is it important to classify temporary and permanent accounts in the closing process?

A: The two major accounts in accounting are the Nominal Accounts (Temporary) and Real…

Q: Give an example of two accounts that do not require a closing entry and why.

A: Closing entry is a journal entry which is prepared at the end of year to close all the temporary…

Q: What is a T-account? What is it's purpose?

A: An account is Record of transactions whether cash or credit under a particular head of account like…

Q: Why are the income statement accounts closed but thebalance sheet accounts are not?

A: Income Statement accounts are closed but the Balance Sheet are not closed.

Q: TRUE OR FALSE? Allowance for doubtful accounts will never have a debit balance.

A: Allowance for doubtful accounts is maintained for making provision for those where the debtors are…

Q: DO NOT COPY When does Accounts receivable are created?

A: Sales in the business means delivery of goods and services to some other person or customer. For the…

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: why account is not easy

A: Accounting refers to the process of recording, classyfing, and summarizing all the business…

Q: How does double entry bookkeeping work in JV?

A: Double entry book keeping, in accounting is a system of book keeping where every entry to…

Q: Which form of payment is not considered as advance payment? A) Payment by wire transfer B)…

A: Documentry payment is not considered as advance payment because Documentary payment is a method of…

Q: equest a

A: Manufacturing overhead rates refer to the regulated factory expenses designated for each unit of…

Q: Explain what is meant by the term real accounts(also known as permanent accounts).

A: Accounting involves recording business transactions in books of accounts.  The first steps of…

Q: If an account payable is left off the end of the period balance, what are the possible other…

A:

Q: Why is a service expense a good account for recording a fictitious expense?

A: Fictitious Expense:  Fictitious expense has no tangible existence or any value, but it is created in…

Q: What accounts are affected by closing entries? What accounts are not affected?

A: Closing entries are done at the end of accounting period to close all the temporary accounts and…

Q: A T-account (ledger account) does not have the word asset, liability or equity. How can you tell…

A: The accounts are maintained by the business in order to keep proper record of the transactions that…

Q: e estimated amount of uncollectible accounts al Accounts to the proper amount?

A: Estimated amount of uncollectible = Accounts receivable * Percentage of uncollectible

Q: What is the difference between a permanent and a temporary account? Give examples of each.

A: answer Difference between temporary and permanent account let us briefly discuss both the accounts…

Q: What types of accounts are referred to as temporary accounts?

A: Accounting follows the double-entry bookkeeping system. The basic rules of double-entry bookkeeping…

Q: What are temporary accounts? Are temporary accounts closed in the closing process?

A: Temporary Accounts: A temporary account is an account that is closed at the end of every accounting…

Q: Explain why temporary accounts are closed each period.

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

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: d not be recorded using the Expense or Check onscreen form?

A: Office Supplies purchased

Q: Define Temporary accounts.

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

Q: What is the difference between inactive and dormant accounts?

A: Account: It is the basic record that reports all changes in the value of particular assets,…

Q: t important to keep a schedule of accounts payable

A: Option A is wrong because the schedule of accounts payable is not used to track number of vendors.…

Q: What does a T-account represent? What is the left side of the T-account called? What is the right…

A: Meaning of Ledger Ledger is also called as Book of secondary entry as all the transactions that are…

Q: Why can't Accounts Receivable ever have a credit balance? Why can't Accounts Payable ever have a…

A: Whenever goods are sold on account that is cash to be received in future from debtor we get an…

Q: Adjusting entries never involve which ?account Cash Expenses O

A: Lets understand the meaning of adjusting entry. Adjusting entry is passed to record the correct…

Q: When an account becomes uncollectible and must be written off as a?

A: Uncollectible accounts considered as those loans, receivables or any other form of debts that have…

Q: What are the permanent accounts? Are permanent accounts closed in the closing process?

A: Permanent accounts:The accounts which carry over the time like assets, liability, and equity…

Q: Define Permanent accounts

A: Permanent Accounts are also known as Real Accounts. Those accounts which do not close at the end of…

Q: Define the followings? a. Real Account. b. Temporary Account.

A: a.Real Account:Real accounts are a general ledger account that does not close during the accounting…

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,…

Q: Explain the term “aging of accounts”? Explain with one example.

A: Accounts receivable is the amount of money that the customers are due to the organization for the…

Q: When it comes to accounts, what is the difference between inactive and dormant?

A: An account is declared dormant after 12 months of no transactions. It is considered dormant if there…

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.