different results. This differences occurs when an asset or liability is not recognized in the account even though benefits or obligations may result from the transaction or oppositely. (www.ventureline.com) SEPARATE DETERMINATION Separate determination concept holds that each component of any category of assets or liabilities should be valued separately when arriving at a total to be shown in the accounts for that category. For example‚ the value of each stock item should be calculated individually
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Interest Expense 600 Interest Payable 600 ______ 2. Interest Payable 600 Cash 600 ______ 3. Interest Receivable 1‚400 Interest Earned 1‚400 ______ 4. Cash 1‚400 Interest Receivable 1‚400 ______ 5. Depreciation Expense 1‚600 Accumulated Depreciation 1‚600 ______ 6. Supplies
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------------------------------------------------- PROFESSIONAL EXPERIENCE VANGUARD‚ New York‚ NY 7/2008-12/2008 Bookkeeper Temporary-Assignment Process all Accounts Payable and Accounts Receivable. Daily and monthly statements. Maintained Inventory. Oversee daily office operations. Maintaining general ledger‚ preparing monthly cash flow statement‚ check register‚ balance sheet‚ including
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HOW TO MANAGE SMALL SCALE BUSINESS IN NIGERIA EFFECTIVELY THE VALUE OF EFFECTIVE CREDIT MANAGEMENT TO SMALL SCALE BUSINESS IN NIGERIA INTRODUCTION Management of small business is as complex as the big one. Account receivables are important assets and valuable part of the working capital. Effective management of this component is very crucial to any type of business for its survival and for ensuring its growth. Effective credit administration will not only ensure continuity but can make
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or by a donor agency or when otherwise necessitated by circumstances subject to prior approval of the Commission. Wednesday‚ March 6‚ 13 Chart of Accounts and Account Codes • A new chart of accounts and code structure with a three-digit account numbering system shall be adopted. Wednesday‚ March 6‚ 13 Books of Accounts • All national agencies shall maintain two sets of books‚ namely: • Regular Agency (RA) Books. • National Government (NG) Books. Wednesday‚ March 6
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all on account. Debit | CreditAccount Receivable $1‚300 |Service Revenue | $1‚300 | (d) | Received $800 from customers in payment of their accounts. Debit | CreditCash $800 |Account Receivable
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Robert Buckman 7/28/10 Using a Cash Budget for Planning Purposes Introduction Let me begin by explaining what a cash budget is. A cash budget is a tool that helps individuals and companies forecast a short term financing needs. Investopedia defines a cash budget as‚ “an estimation of the cash inflows and outflows for a business or individual for a specific period of time.” (Cash Budget) A cash budget is used to determine the borrower’s ability to generate cash and repay debt. A cash budget also
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that the entity will remain in operation for the foreseeable future. 2. All of the following are characteristics of useful accounting information‚ EXCEPT: a. informative b. reliable c. consistent d. relevant 3. A company paid off $45‚000 of its account payable in cash. What would be the effects of this transaction on the accounting equation? a. Assets‚ $45‚000 increase; Liabilities‚ no effect; Equity‚ $45‚000 increase. b. Assets‚ $45‚000 decrease; Liabilities‚ $45‚000 decrease; Equity‚ no effect
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in payment of an amount owed. The effect of the transaction on the accounting equation was to a. increase an asset‚ increase owner’s equity b. increase an asset‚ increase a liability c. decrease an asset‚ decrease a liability (Debit ’Accounts Payable’ $7‚000 (decreases a liability) Credit ’Cash’ $7‚000 (decreases an asset) d. increase one asset‚ decrease another asset CHAPTER 2 5. Revenue should be recognized when a. the customer charges an order b. the customer places
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balance of accounts receivable. 5. Compare the date on a sample of shipping documents throughout the year with related duplicate sales invoices and the accounts receivable master file. 6. Examine a sample of customer orders and see if each has a credit authorisation. 7. Compare the date on a sample of shipping documents a few days before and after the balance sheet date with related sales journal transactions. 8. Compute the ratio of allowance for uncollectible accounts receivable and compare
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