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Q:

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

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:

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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Q:

What is the table that is used for aging bucket report, what is the main purpose of this report?

Answer

Time periods you define to age your debit items. Aging buckets are used in the Aging reports to see both current and outstanding debit items. For example you can define an aging bucket that includes all debit items that are 1 to 30 days past due.


Normal table used for this Report is < 30 days 30-60 days 60-90 days 90-180 days and >180 days

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