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  • Question
  • How to define Inter company Transaction in Account Receivable?


  • Correct Answer
  • Before answering the above question let us first understand the meaning of Intercompany transactions Intercompany transactions are those transactions that takes place between two or more entities of the same group of company So the receivable of one entity would the payable of another entity All intercompany transactions are eliminated befor preparing the final Balance sheet of the group company 


  • Accounting and Finance problems


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    • 1. Explain What are the issues related with Accounts receivable?
    • Discuss
    • 2. The accounting process involves all of the following except

    • Options
    • A. identifying economic transactions that are relevant to the business
    • B. analyzing and interpreting financial reports
    • C. communicating financial information to users by preparing financial reports
    • D. recording nonquantifiable economic events
    • Discuss
    • 3. What determines the value of an item?

    • Options
    • A. the capital required to build the factory
    • B. the unlimited wants of the consumers
    • C. the resources consumed in production
    • D. the amount of goods that are produced
    • Discuss
    • 4. Managerial Accounting is also called

    • Options
    • A. Control accounting
    • B. Management accounting
    • C. Cost accounting
    • D. Both B & C
    • Discuss
    • 5. Financial statements are prepared in the following order.

    • Options
    • A. Income statement - Balance sheet - Statement of retained earnings
    • B. Income statement - Statement of retained earnings - Balance sheet
    • C. Balance sheet - Statement of retained earnings - Income statement
    • D. Statement of retained earnings - Balance sheet - Income statement
    • Discuss
    • 6. How important does Accounts receivable for small business and why?
    • Discuss
    • 7. What is an accrued receivable?
    • Discuss
    • 8. How debtors play its role in Accounts receivable?
    • Discuss
    • 9. What are the goals of Accounts receivable?
    • Discuss
    • 10. How is a journal entry recorded?
    • Discuss


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