Ads
related to: deposit payable in balance sheet definition for dummiesxero.com has been visited by 100K+ users in the past month
Search results
Results From The WOW.Com Content Network
As you work through a balance sheet, you’ll need to determine whether accounts payable are an asset or not. Generally, accounts payable aren’t an asset. Instead, they are a short-term liability.
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
A variety of checks against abuse are usually present to prevent embezzlement by accounts payable personnel. Separation of duties is a common control. In countries where cheques payment are common nearly all companies have a junior employee process and print a cheque and a senior employee review and sign the cheque.
Deposit accounts can be savings accounts, current accounts or any of several other types of accounts explained below. Transactions on deposit accounts are recorded in a bank's books, and the resulting balance is recorded as a liability of the bank and represents an amount owed by the bank to the customer. In other words, the banker-customer ...
A more specific definition in common use is an account with a balance that is the opposite of the normal balance (Dr/Cr) for that section of the general ledger. [34] An example is an office coffee fund: Expense "Coffee" (Dr) may be immediately followed by "Coffee – employee contributions" (Cr). [35]
A certificate of deposit — or CD — is a type of deposit or savings account that allows you to grow your savings at higher rates of return than a traditional savings account.