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Calculating current liabilities
ABC Trial Balance 12/31/year 1A/P 20,000.00Bonds Payable due year 2 $ 10,000.00Dividends Payable on 02/01/year 2 $5,000.00Income Tax payable$ 15,000.00Notes Payable due 01/15/year3 $ 10,000.00in ABC's 12/31/year 1 Balance Sheet The Current Liabilities total S/B50,000.00 or 60,000.00 or 20,000.00 or 35,000.00 or $0.00
finance_quest
- Nov 25th, 2011
Contingent liability is one kind of provision that company keeps as the safety to meet its unforeseen events.In future any event can come to place such as changes in the value of the foreign currency...
haniabdulrasoul
- Mar 29th, 2008
ABC Trial Balance 12/31/year 1A/P 20,000.00Bonds Payable due year 2 $ 10,000.00Dividends Payable on 02/01/year 2 $5,000.00Income Tax payable$ 15,000.00Notes Payable due 01/15/year3 $ 10,000.00in ABC&#...
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What is the difference between EFT & Wire?
DHANANJAY KUMAR RAY
- Nov 3rd, 2011
EFT and WIRE are the most popular form of electronic payment method. EFT stands for electronic fund transfer and it is one of the fastest mode of electronic payment after WIRE. EFT is a batch oriented...
e46fanman
- Aug 29th, 2011
There are many reasons to transfer funds from entity to entity, but there are really only two methods of transferring these funds. These methods are by either electronic funds transfer, called "EFT" ...
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Why would the balances of trail balances be equal
furqan shah
- Oct 10th, 2011
Because according to rule of accounting if u are debit some account than you have to credit same amount.
naveen_bansal205
- Sep 16th, 2011
As an accountant wants to be sure that the ledger accounts he/she has prepared are correct in respect of amount, side, balance, etc. To check the accuracy of posting in the ledger a statement is prepared. This statement is called Trial Balance.
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What documents are required before verifying invoice? what is the process if the supplier passes an invoice for more amount?
for ex: if the value of the goods is say Rs.5000,and the supplier sends the invoice for Rs.6000.
shaherukh
- Aug 25th, 2011
Raise Debit note
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Faster and Cheaper Payment
Which mode of payment is faster and cheaper - ACH or Wire transfer?
e46fanman
- Aug 29th, 2011
wire is faster but has charge associated for both parties (sender and receiver). It does NOT go through a clearing house (third party) so it is faster. both parties must agree on amount being transf...
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Coding License Agreements, service contacts and maintenance contracts to a GL? Which is the best way to code these types of expenses?
Cody2727
- May 8th, 2011
Coding for service contracts depends on the contract. Most maintenance contracts use the app as 150 and the RA as 300.
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What do you mean by DOA?
Cody2727
- May 8th, 2011
DOA is the Department of Administration.? The main fiscal headquarters.? There are usually some bills paid by DOA, such as long distance and CPU within the organization.
satya
- Jun 15th, 2007
DOA means Deligation Of Authority.It is a document that shows responsibilities and powers attached at each position in hierarchy. e.g manager,GM,AVP , VP etc
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How is a PO (Purchase order created)?
Cody2727
- May 8th, 2011
A PO is created because there is an interest in a product.? We make an agreement with an organization to purchase a product or service.? We then enter the agreement in a program, such as HOD, outlin...
anilkumar1425
- May 6th, 2009
Purchase Order can be created in two ways:AutomaticallyManuallyA purchase order can be created automatically when a requistion is entered and approved, A purchase order can be generated automatically from that requistion. A purchase order can be entered manually directly in the PO Entry window.
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How does the payment mechanism work?
Cody2727
- May 8th, 2011
As you receive an invoice in the mail, date stamp it with the date received.? You can pay an invoice when and if you have a matching PO, and receiving ticket which has been signed by the employee rec...
Sarvottam Darshan
- Feb 22nd, 2006
The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to each other must equal zero.During cle...
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What do you mean by Mischarge Correction?
Cody2727
- May 8th, 2011
A mischarge correction is when the wrong account line was used or the wrong amount was entered.? The account that was wrongly charged needs to be credited and the correct account needs to be debited....
nkamuni_mca
- Mar 3rd, 2010
An expense which is charged to a wrong account is known as Mischarge and correcting this mischarge is known as mischarge correction. An rectification entry needs to be passed to correct the mischarge.
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What is debit and credit from the customer point of view ?
Cody2727
- May 8th, 2011
From the customer point of view, a debit is something he purchased or a service was rendered of which he owes money and a credit is something he received, such as a paycheck , credit, or a bonus,
kapil kabra
- Jul 1st, 2006
Here we can follow the basic rule of accounting Debit the receiver, Credit the Giver
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3 Way Matching
What is 3 Way Matching?
chandra2001
- Dec 20th, 2010
2, 3 & 4 way matching process followed in PeopleSoft.Two-way matching compares vouchers and purchase orders if the Receiving Required option for the purchase order is Do Not Receive or Optional. Thre...
chinnaguntupalli
- Sep 13th, 2009
Quantity/Price Ordered should match with Quantity/Price Recieved and Billed is known as Three way match. If the Quantity received and billed is lesser than Qty Ordered is fine to proceed for payment, it should not cross Qty Ordered in any circumstance.
Accounts Payable Interview Questions
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