Accounts receivable is a legally enforceable claim for payment from a business to its customer/clients for goods supplied and/or services rendered in execution of the customer’s order. These are generally in the form of invoices raised by a business and delivered to the customer for payment within an agreed time frame. Accounts receivable is shown in a balance sheet as an asset. It is one of a series of accounting transactions dealing with the billing of a customer for goods and services that the
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The Chart of Accounts The increases and decreases in accounting element as affected by a business transaction are recorded in a device called account name‚ account title or account. Each accounting element is composed of several accounts which describe the related economic transactions and events. To maintain uniform account name‚ the business must have a listing of all the accounts it uses to record economic transactions. This listing of all accounts is called “Chart of Accounts.” The Chart of
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NATURE OF ACCOUNTS A separate account is maintained for each item in the balance sheet. Transactions may be recorded by entering the amount by which each item is affected into the respective account. The process of recording transactions consists of • T-Accounts. The T-account‚ named for its shape‚ is a convenient way of representing an account on a piece of paper. The T‚ with the account name entered at the top‚ permits transaction information to be entered on either side of the vertical
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ACCOUNT BALANCES For many purposes‚ it is necessary to determine the balance in an account. This is accomplished by adding the debits‚ credits‚ and determining the difference between the two sums. An account is said to have a debit balance if the sum of the debit entries to that account exceeds the sum of the credit entries. Conversely‚ an account has a credit balance if the sum of the credit entries exceeds the sum of the debit entries. Asset accounts normally have debit balances inasmuch as
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Types of Receivables Accounts Receivable: amounts due from customers for sales on credit. Businesses sell to customers on credit in an attempt to increase their sales. Also called Trade Debtors. Bills Receivable: similar to accounts receivable but bills receivable are a legal instrument. Interest is charged on the bill receivable and it usually gives more time to pay than accounts receivable. interest receivable‚ rent receivable Accounts Receivable Recognition of accounts receivable Recorded
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year of high school. Before I led the group of underclassmen‚ I had a two day training in how to become a great leader and know how to express my skills. As a leader‚ I showed many skills such as communication‚ leadership‚ and patience. I served as a mentor to these fifteen freshman by giving them advice and encouraging them to get involved. I played activities with them which represented challenges which will be faced through high school as well as lessons which boosted their confidence to communicate
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fail’ learners who are not achieving professional values in practice. It will also include the analysis of how should the learner be managed and what is the responsibility of the mentor. Gopee (2011) defines the definition of a mentor which was provided by The Nursing and Midwifery Council (2008) in its standards: the mentor is a “registrant who…facilitates learning‚ and supervises and assesses students in practice settings”. To do this NMC has set clear guidelines for continuous training‚ education
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A PROJECT REPORT On Demat Account A project Report submitted In partial fulfillment of the requirements for the award of the degree of MASTER OF BUSINESS ADMINISTRATION (INDUSTRY INTEGRATED) TO [pic] MADURAI KAMARAJ UNIVERSITY‚MADURAI BY PRAVEEN KUMAR Reg No.A8750123 Under the guidance of MS.Srishti Sharma RAI BUSINESS SCHOOL 56/1‚NEAR DEPOT SQUARE‚BHADBHADA ROAD‚BHOPAL (M.P.) PREFACE The successful completion
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Sample Question Paper Code-254 ELEMENTS OF BOOK KEEPING & ACCOUNTANCY Class-IX Summative Assessment-II March 2011 Examination Design of Question paper Time Allowed : 3 Hrs 01. Weightage to form of Questions Type of questions 1. 2. 3. 4. MCQs Short Answer Questions Long Answer Questions(i) Long Answer Questions(ii) Total No. of Questions 16 8 4 4 32 Marks for each Question 1 3 4 6 Total Marks 16 24 16 24 80 Maximum Marks : 80 Duration of the examination will be 3 - 3 ½ hours. Evaluation will
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EXAM SAMPLE EXAM 1. The accounting process does not include: a. b. c. 2. d. e. labor unions all of the above statement of owner’s equity income statement balance sheet d. e. both b and c all of the above This account does not appear on the income statement: a. b. c. 6. lenders prospective owners customers Expenses can be found in the: a. b. c. 5. balance sheet balance sheet and journals balance sheet and income statement income statement
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