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  2. How Accounts Payable Are Recorded on a Balance Sheet - AOL

    www.aol.com/accounts-payable-recorded-balance...

    Accounts Payable vs. Accounts Receivable. At first glance, accounts payable and accounts receivable might seem similar. But it’s important not to confuse these two separate issues.

  3. Accounts payable - Wikipedia

    en.wikipedia.org/wiki/Accounts_payable

    A variety of checks against abuse are usually present to prevent embezzlement by accounts payable personnel. Separation of duties is a common control. In countries where cheques payment are common nearly all companies have a junior employee process and print a cheque and a senior employee review and sign the cheque.

  4. Accounts receivable - Wikipedia

    en.wikipedia.org/wiki/Accounts_receivable

    Accounts receivable represents money owed by entities to the firm on the sale of products or services on credit. In most business entities, accounts receivable is typically executed by generating an invoice and either mailing or electronically delivering it to the customer, who, in turn, must pay it within an established timeframe, called credit terms [citation needed] or payment terms.

  5. Bookkeeping - Wikipedia

    en.wikipedia.org/wiki/Bookkeeping

    Sales ledger, which deals mostly with the accounts receivable account. This ledger consists of the records of the financial transactions made by customers to the business. Purchase ledger is the record of the company's purchasing transactions; it goes hand in hand with the Accounts Payable account.

  6. What is a bank reconciliation statement? - AOL

    www.aol.com/finance/bank-reconciliation...

    It’s a tool for understanding your company’s cash flow and managing accounts payable and receivable. If you haven’t been using bank reconciliation statements, now is the best time to start.

  7. Controlling account - Wikipedia

    en.wikipedia.org/wiki/Controlling_account

    Thus, while the "accounts receivable balance" can report how much the company is owed, the accounts receivable subsidiary ledger can report how much is owed from each credit customer. Other examples of controlling accounts and their subsidiary ledgers include " accounts payable " (accounts payable subsidiary ledger) and " equipment " (equipment ...

  8. Chart of accounts - Wikipedia

    en.wikipedia.org/wiki/Chart_of_accounts

    Liability accounts are used to recognize liabilities. A liability is a present obligation of an entity to transfer an economic benefit (CF E37). Common examples of liability accounts include accounts payable, deferred revenue, bank loans, bonds payable and lease obligations. Equity accounts are used to recognize ownership equity. The terms ...

  9. Working capital - Wikipedia

    en.wikipedia.org/wiki/Working_capital

    accounts receivable (current asset) inventory (current asset), and; accounts payable (current liability) The current portion of debt (payable within 12 months) is critical because it represents a short-term claim to current assets and is often secured by long-term assets. Common types of short-term debt are bank loans and lines of credit.

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