Accrued receivables are recorded just before recording accounts receivables for credit sales. The term accrued receivables is often used interchangeably with accounts receivables. The major difference between the both lies in the timing for issuing an invoice. When a reporting entity cannot issue an invoice to its customers but is certain of revenue, it can […]
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Average operating assets refer to the average of beginning and ending operating assets of a business in an accounting period. It can be calculated by adding the beginning and ending figures of operating assets and then dividing it by two. Operating assets include cash, inventory, equipment, receivables, and any other assets utilized in the operating
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Non-interest bearing notes are usually short-term debt instruments that offer no interest to lenders. The return on investment for investors comes through a discount at the par value of these notes. The accounting treatment for these non-interest bearing notes is similar to zero-coupon bonds for issuers. It’s important to calculate the effective interest rate or
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A daybook is a source document to create bookkeeping records of an entity. It records all the bookkeeping transactions of a business chronologically. Manual daybooks are rarely used these days and are challenging to create but they offer several benefits to a reporting entity. Let us discuss what is a daybook, what are its uses
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Allowances are future expenses that a business anticipates against certain accounts. They can also refer to benefits received by employees as part of their remuneration packages. Businesses must ensure a uniform and transparent method to record these allowances and reconcile them as and when actual transactions occur in the future. Let’s discuss what is an
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An unadjusted trial balance is a summary of the general ledger accounts before making any adjustments while the finished product is the adjusted trial balance. Both these types of trial balances come from the same bookkeeping records. However, an adjusted trial balance requires corrections and adjustments for missing entries. Let us discuss what are unadjusted
Average total assets show the operating efficiency of a business and can be used to compare net income in terms of assets. It is a commonly used financial metric with a few simple steps to calculate the figure. However, it does come with some limitations as it uses historical data. Let’s dive into the details
Audit tick marks are supportive tools for auditors that help them define their auditing opinions about the financial statements they review. These tick marks can be symbols or abbreviated notations. They can be defined differently by auditing teams in different regions. Let’s go through the details and find out what are audit tick marks, how
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Sending and receiving payments through Cash App is a quick and easy process. However, you may face technical issues or get a rejected transaction for some reason. Let’s dive in to know what can cause your Cash App payment pending message, the top 5 reasons, and solutions for them. How Does Cash App Payment Work?
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Wells Fargo customers can enjoy the hassle-free and convenient service of mobile deposits for checks. The service enables customers to deposit mobile checks 24/7 and without any extra charges. Most account holders having a checking or savings account are eligible for this service. Let’s dive into the details of Wells Fargo Mobile Deposit Limit, Fees,
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