IF YOU ARE GIVEN OPPORTUNITY TO CHOOSE TO OPEN AN ACCOUNT, WHICH WILL YOU PREFER AND WHY?

Q: Does Quickbooks offer online payment processing? What would be the advantages and disadvantages of…

A: Quick  Books Online provides business owners with a convenient remote access option. You, your…

Q: Your first checking account should be opened between:

A: A checking account also known as transaction account or demand accounts, is a checking account,…

Q: Which of the following are unique identifiers associated with checking accounts? account number O…

A: Account number: An account number is a unique identifier for your personal bank account. It tells…

Q: Explain open accounts and notes.

A: Open account: It is a sale transaction in which the goods are shipped and delivered before payment…

Q: What exactly is a real account?

A: There are basically three account types in accounting, that are real account, nominal account and…

Q: What do accounts do?

A: Accounts of a business are used to record for all the transactions of the business. All relevant…

Q: QBO allows you to make changes to account names and details and create new accounts as you require…

A: The QuickBooks Online software is used majorly by medium and small enterprises to manage the daily…

Q: How do debits and credits work

A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…

Q: Describe Deposits and Advances from Customers.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: What are the accounts written off? Explain with example?

A: Accounts written off means those debtors or accounts receivables from which money can no longer be…

Q: What is a credit memo? Why it is used? Give an example?

A: Credit Memorandum: This is a document by the seller for the reduction in the amount owed by the…

Q: Is granting credit to customers good? And as a future business owner how would you handle or manage…

A: Explanation to Credit When products are sold to customers on credit and customers agree to pay the…

Q: Define prepaid accounts? Give example?

A: Prepaid account: It is an account which records the prepayment transactions. From the buyer’s point…

Q: Can someone explain to me how to make a T account?

A: In financial accounting, all the transactions or the events should be first recorded in the general…

Q: What is reconciling an account? Why it is needed? Give three examples?

A: Reconciliation:It is a process of accounting process that compares two sets of record to check…

Q: Identify the following users as either an internal (I) or an external (E) user. Creditor

A:

Q: Which one of the following will verify the documents and decide on their payability? Select one: A.…

A: Any agreement of consignment of goods through shipping or sale of goods through shipping has…

Q: credit

A: Credit card can be defined as a payment card where line of credit is provided to the customers. With…

Q: Accounts navable

A: Before preparing the Income Statement let us prepare proper Trial Balance to…

Q: When selecting a financial institution, you should consider: (select all that apply) fees for…

A: Financial institutions are the entities providing financial services in the nature of accepting…

Q: whats a pros and cons of using an email transfer money?

A: An email transfer money allows customers to transfer funds between personal accounts, using online…

Q: journal

A: Purchase journal is a systematic book where Purchase related transactions are recorded. It is also…

Q: If you offer gift cards to clients, when should you record your revenue

A: According to the revenue recognition policy, the timing of recording income in the books must be…

Q: need help with T account balance. How do you total T accounts?

A: T- account is defined as the set of the financial records which uses the double entry bookkeeping…

Q: What types of conveniences should you look for in a savings account?

A: Saving Account: A savings account is a basic type of bank account that permits you to deposit cash,…

Q: Please help me answering this in DIRECT METHOD with T-ACCOUNTS. I already have an answer in Indirect…

A: Cash flow statement is the financial statement including only the inflow and outflow of cash from…

Q: where in quickbooks will i enter it

A: In the Quickbooks, entry as per solution has to be done but the process of recording is as below:

Q: Identify and explain credit scores and credit reports including accessing them

A: Credit is defined as the trust, which helps in allowing one party for providing the funds or…

Q: Determine the process to create an bank account?

A: The bank is the financial institution which accepts deposits from the customer and provides credit.…

Q: Notify the applicant of the decision and provide the name and phone numl

A: A credit check refers to the score shown for evaluating the value of the credit a person takes. It…

Q: When recording the entry to recognize the revenue that is earned from a client who will pay when…

A: In double entry accounting system, journal entry is required to record the financial transaction…

Q: please solve this question with all steps and workings of notes to account as well following IND AS

A: 1. Profit and Loss - Profit and loss accounts show the profit earned and loss incurred by the…

Q: What does a T-account represent? What is the left side of the T-account called? What is the right…

A: Meaning of Ledger Ledger is also called as Book of secondary entry as all the transactions that are…

Q: What additional issues are involved with miscellaneous, other, and clearing accounts?

A: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing,…

Q: Define "BOOKKEEPING". what are your initial ideas or thoughts when you hear the word bookkeeping?

A: Book keeping is a part of accounting process. The accounting procedure begins with book keeping and…

Q: Explain how a credit card billing cycle works. What is a grace period, and when is the best time to…

A: A credit card gives a customer a line for a short time period, based on given term and condition of…

Q: What does the QuickBooks Online Check Register do?

A: Quick Books: Intuit created and markets QuickBooks, an accounting software program. QuickBooks…

Q: 1. When would you choose to give a refund after creating a Credit Memo?

A: Answer: As per Q/A guideline, first question has been answered. Please repost remaining question.…

Q: I need an example of filling out a journal for Payment of interest

A: Solution: Example: Interest paid on outstanding Loan of $100,000 at 5% interest rate. Interest is…

Q: What is a credit memo? When is it used?

A: Credit memo also known as credit memorandum or credit note  Credit memo is issued by the seller of…

Q: how do debits and credits work?

A: Debit and Credits: Debit and Credits are used as a basis of bookkeeping to book balance in the books…

Q: For each account, identify if the change would be recorded as a debit (DR) or credit (CR).

A: 1. For Assets: An increase in assets will be recorded as a debit (DR) A decrease in assets will be…