what is the definition of accounts payable?
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In accounting, accounts payable are debts resulting from purchasing assets or receiving services on credit or on an open account. You have accounts payable when you have not yet paid for the assets or services you have received.\n\nAlso Known As: A current liability on your balance sheet.\nExamples: Money that you owe to your suppliers and other creditors will be recorded as transactions in the account payable ledger.\n\n Banking Accounts Payable \n \n Accounts Payable \n A list of a firm?s current business debts or liabilities that must be paid in the future (usually within 1 year.)
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I believe payment, because until it's in someone else's pocket, it isn't paid. A lot of things can happen to stop the payment.
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A joint, or jointly owned account.
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its a payment that U set up for an amount to come out at a certian point.  I have a standing order set up for money to come out of my account each month and go into a joint account.  If you call you bank they will be able to explain in more detail.
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Debit Office Supplies and credit Accounts Payable to you.  Then when the Corporation issues you a check for payment debit Accounts Payable and credit Cash!
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The basic accounting equation is:\n\nassets = liabilities + owner's equtiy\n\nSo, mathematically speaking, they have to be equal.
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Bill of Exchange; a writing by a party (maker or drawer) ordering another (payor) to pay a certain amount to a third party (payee). It is the same as a draft. A bill of exchange drawn on a bank account is a "check."\n\nReceipt: an acknowledgment (usually tangible) that payment has been made
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if you mean arrears:\nAn unpaid, overdue debt or an unfulfilled obligation. \nThe state of being behind in fulfilling obligations: an account in arrears.
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it is based on your capacity to pay.
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Two accounts of what? Please be more specific.
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balance of payment is the document which has a complete record of the transactions that take place between the home country and rest of the world(ROW)\nit consists of the balance of trade which can be adverse , favourable or balanced , and thus by studying it we can correct deficits if any.\ni hope this helps!
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an invoice is a bill or statement of what you owe for a product or service
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Sourabh is correct on the consumer end.\n\nIf you are asking about the salary for the company paying you, this is how it works.\n\nThe company debits salary expense and credits salary payable.  The Payable is a liability that the company owes to it employees and it recognizes that it owes this money.  Once that money is paid, the salary payable account is debited (lowered) and cash is credited (lowered).\n\nI am not sure if that is answering your question or not.
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In bookkeeping, you set up accounts for different expenses and income. \n\nA account used to track withdrawals, such as withdrawals from a partnership or proprietorship by a partner or owner is called a drawing account
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short answer, get MYOB and pre-select the business type, it will give you a complete chart of accounts applicable to that type of business.\n\nThere are some basic line items that every business will use, but in essence, you can, subject ot accounting standards and generally accepted accounting principles, create what you want.
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Paid in capital in excess. \n\nThat's the account we used in Accounting.
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Broadly, accounting is defined as the systematic recording, reporting, and analysis of financial transactions of a business. \n\nThere are different types of accounting, namely: Financial Accounting, Tax Accounting, Cost Accounting and Managerial Accounting.\n\nFINANCIAL ACCOUNTING is defined as “measuring and recording business transactions and providing financial statements that are based on generally accepted accounting principles. It focuses on external reporting. \n\nFinancial statements (financial data) tell us (1) the financial position of an entity at a certain date and (2) the results of its operations (profit/loss) and the changes in its financial position and variations in stockholder's equity (investment) in a period of time. (Historical information/past events).\n\nFinancial accounting aims at satisfying the interest of the "general user" which may include: shareholders, government agencies, creditors, and the general public.\n\nMANAGERIAL ACCOUNTING. Measures and reports financial and non-financial information that helps MANAGERS make decisions to fulfill the goals of an organization. It focuses on internal reporting. \n\nCOST ACCOUNTING is an information system that classifies, accumulates, controls and assigns costs to determine costs of activities, processess or products, facilitating decision making and managerial planning and control.\n\nCost accounting plays a role in both managerial and financial accounting. Some authors describe Cost Accounting as a unifying point between Managerial and Financial Accounting.\n\nTAX ACCOUNTING is used to communicate information to the appropriate taxing authorities. Generally, the Internal Revenue Service and state tax or revenue boards. It includes the procedures for determining taxes payable and compliance with other provisions of tax laws.\n\nHope this helps...