Chapter II Review of Related Literature and Related Studies Related Literature Accounts receivable describes the amount of cash‚ goods‚ or services owed to a business by a client or customer. The manner‚ in which the collection of outstanding bills is handled‚ especially in a small business‚ can be a pivotal factor in determining a company’s profitability. Getting the sale is the first step of the cash flow process‚ but all the sales in the world are of little use if monetary compensation is
Premium Accounts receivable
500‚ Merchandise Inventory $1‚700‚ and J. Hafner‚ Capital $4‚200. The following transactions were completed during April. (a) General Journal J1 |Date | |Account Titles and Explanation | |Ref. | |Debit | |Credit | |Apr. 4 | |Merchandise Inventory | |120 | | 840 | | | | | |Accounts Payable
Premium Accounts receivable Accounts payable Accounting software
is account receivable? Credit sales‚ sales on account b. How do accounts receivable differ from notes receivable? Notes Receivable arises when the seller asks for a note to replace an Accounts Receivable when the customer requests additional time to pay a past-due account. A promissory note is a written promise to pay a specific amount of money‚ usually including interest‚ at a future date. c. What is a contra asset? An account which offsets another account. A contra-asset account has
Premium Accounts receivable Bookkeeping Balance sheet
▪ Indirect Manufacturing Cost Nature of Factory Overhead ❖ Characteristics of Factory Overhead ▪ Related to the product. Overhead is invisible part of the finished product. Yet overhead is as much a part of a product’s manufacturing cost as direct materials and direct labor. ▪ Related to the volume of production. Overhead can be fixed‚ variable and semi variable. As volume changes‚ the different overhead cost behavior patterns
Premium Cost accounting Cost Variable cost
because of our technology. Wherever you go computer still exist‚ especially in business it makes the procedure easy and secure by programming the manual system into a computerizing system. The rule of technology in our life today has a big impact. Technology is the marking‚ modification‚ usage‚ and knowledge of tools‚ machine techniques‚ crafts system method of organization in order to solve a problem‚ achieve a goal or perform a specific function. It can also refer to the collection of such tools
Premium Business Mathematics Error
Inventory Systems Summary According to the U.S. Small Business Administration‚ “Inventory refers to stocks of anything necessary to do business” (U.S. Small Business Administration‚ 2010‚ pp 1-2). The U.S. Small Business Administration publication describes what constitutes successful inventory management (balancing cost versus benefits of inventory)‚ including 1) Maintaining a wide assortment without spreading the rapidly moving items too thin‚ 2) Increasing inventory turnover without sacrificing
Premium Inventory
Accounting for Receivables Definition Receivables are amounts due from other persons or entities. Receivables are highly liquid‚ which means it is expected that they will be converted into cash quickly‚ and are classified as current assets. 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
Premium Accounts receivable
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
Premium Accounts receivable
Related Literature-Inventory System Inventory control systems maintain information about activities within firms that ensure the delivery of products to customers. The subsystems that perform these functions include sales‚ manufacturing‚ warehousing‚ ordering‚ and receiving. In different firms the activities associated with each of these areas may not be strictly contained within separate subsystems‚ but these functions must be performed in sequence in order to have a well-run inventory control
Premium Point of sale NCR Corporation Inventory control system
up with reliable‚ efficient and durable sports motorcycles. This gives birth to Phoenix Junior Sports bikes. The phoenix junior sports motorcycle is equipped with a power rating from 125cc to 200cc‚ single cylinder 4 stroke engine which made major sales in the Philippines. After two years of operation‚ the demand of VAMA’s customers evolve from junior sports bikes to full size branded sports bikes which let the company collaborate again with international manufacturers‚ including Japan‚ the number
Premium Motorcycle Accounts receivable Expense