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Accounts payable ( AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. [1] An accounts payable department's main responsibility is to process and review transactions between the company and ...
Examples include accounts payable, salaries and wages payable, income taxes, bank overdrafts, accrued expenses, sales taxes, advance payments (unearned revenue), debt and accrued interest on debt, customer deposits, VAT output, etc.
In the national accounts, in accordance with the System of National Accounts, wages and salaries are the sum of remuneration paid to employees, including the values of any social contributions, income taxes, etc., payable to employees.
Staff accountants may also perform duties such as accounts payable and accounts receivable. [6] A corporate staff accountant typically reports to a controller or accounting manager.
Accounts Payable Specialist These specialists handle financial processing for businesses. Their responsibilities include bookkeeping, financial reporting and the preparation of tax records.
Compensation of employees ( CE) is a statistical term used in national accounts, balance of payments statistics and sometimes in corporate accounts as well. It refers basically to the total gross (pre-tax) wages paid by employers to employees for work done in an accounting period, such as a quarter or a year. However, in reality, the aggregate ...
Gross average monthly wages cover total wages and salaries in cash and in kind, before any tax deduction and before social security contributions. They include wages and salaries, remuneration for time not worked, bonuses and gratuities paid by the employer to the employee.
A chart of accounts ( COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by account type. In computerized accounting systems ...
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Cash in checking accounts allow to write checks and use electronic debit to access funds in the account. Money order is a financial instrument issued by government or financial institutions which is used by payee to receive cash on demand.
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