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Q:

How important does Accounts receivable for small business and why? 

Answer:
Q:

How important does accounts receivable useful for small business and why?

Answer

 Accounts receivables help small businesses by providing quick-time period liquidity. Additionally continued sales on credit provide the  much-needed continuity for small companies.

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Q:

Explain How is a journal entry recorded?

Answer

Journal Entries are recorded on a double entry system ie debit and credit concept. In order to record a journal entry the following steps need to be followed.


  - Enter the Journal entry number


  - Enter the Date of transaction


  - Enter the Debit item (as per the golden principles of accountancy)


  - Enter the corresponding GL folio number


  - Enter the Debit amount


  - Enter the credit item(as per the golden principles of accountancy)


  - Enter the amount in the credit column


  - Provide a brief description of the transaction


  - leave a single line before next transaction

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Q:

What is Evaluated Receipt Settlement?

Answer

ERS is a business process between trading partners that conduct commerce without invoices. In an ERS transaction the supplier ships goods based upon an Advance Shipping Notice (ASN) and the purchaser upon receipt confirms the existence of a corresponding purchase order or contract verifies the identity and quantity of the goods and then pays the supplier.

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Q:

Which type of assets should be capitalized and when expense out?

Answer

Assets are things which is provide service for long duration it may 3 years 4 years or for long period of time.These items capitalize in our account books and charge depreciation in every year according to these rate it may 20 10 100


 

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Q:

Who is responsible for maintaining the Accounts receivable in an organization?

Answer

Accountants... in big organization there will be a department to maintain AR department.

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