Provide an explanation for each of the follow asset accounts
Account Name Explanation
Accounts Receivable
Prepaid Expense
Notes Receivable
What will be an ideal response
Account Name Explanation
Accounts Receivable A customer's promise to pay in the future for services or goods sold. Often described as "On Account."
Prepaid Expense A payment of an expense in advance. It is considered an asset because the prepayment provides a benefit in the future.
Notes Receivable A written promise that a customer will pay a fixed amount of money and interest by a certain date in the future. Often more formal than an Accounts Receivable.
You might also like to view...
Practitioners of management accounting and financial management have a responsibility to communicate information fairly and objectively
Indicate whether the statement is true or false
Oracle offers two models or methods to determine invalidation of remote dependent objects at runtime: timestamp and ____________________________.
Fill in the blank(s) with the appropriate word(s).
What are some important guidelines for conducting a successful performance evaluation meeting?
What will be an ideal response?
The phenomenon of the self-fulfilling prophecy is known as the ________ effect.
A. Pygmalion B. Hawthorne C. goal-setting D. butterfly