Liabilities are what all u owe from the bank on notes payable or in other words it is:Liability=Asset-Owners equitywhat company owes that is liability. liability = Asset-capital
What is PO invoice ?
For material/Goods Purchases, the Po is required. In the Po, QTY, Product Name, Where is delivery price, Terms and Conditions. In the po there is no matter of final amount. It is just the approximate amount.
What is a Parked Report ?
You can use document parking to enter and store (park) incomplete documents in the SAP System without carrying out extensive entry checks.
what is the difference between the terms 'credit' and 'debit' from the customer point of view?
From the customer point of view, credit is the amount which is deposited into her or his account. And debit refers to that amount which is taken from the account of the customer.
what type of account appear on a post closing trial balance?
The types of accounts that appear on the post-closing trial balance are the permanent accounts, Assets, Liability and Owner's capital. Permanent accounts is also called real accounts.
What entry is recorded when $75.00 worth of supplies are purchased on account?
Purchasing good two kinds of entry
Either Cash or Credit
Purchase A/c ------ Dr xx To Cash A/c
(Being good purchase on cash)
Purchase A/c ---- Dr To Supplier A/c
(Being goods purchase on Credit)
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