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متابعة

Accounts Payable when you purchase good on credit (TRUE or FALSE)?

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تم إضافة السؤال من قبل Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed
تاريخ النشر: 2014/07/08
ahmed raza
من قبل ahmed raza , Auditor , Lalani & Co . Chartered Accountants

True,as a liability is created when transactions are undertaken on credit basis or accruals basis.

khaled Ibrahim Sayed Abd El Salam Ibrahim
من قبل khaled Ibrahim Sayed Abd El Salam Ibrahim , Chief Accountant , -ElMehy engineering company

First we MUST know the company apply which of accounting concept as below :

1) cash basis.

2) Accural basis.

 

Then we can decide according to the operation for the expnese paid, but for sure according to the GAAP when you buy anything on Credit by sequence its AP ( Accounts Payable ).

HANNA SABA
من قبل HANNA SABA , Team Leader (Administrative Support), including translation, editing, and writing , Deloitte

True. Accounts payable are aslo subdivided into categories. If the goods you buy are for trading purposes, trade accounts payable should be credited. If the goods you buy are raw materials, manufacturing accounts payable should be credited. However, if the goods are consumables or fixed assets, other accounts payable should be crdited. It depends on the complexity of the accounting system and the nature of the company.

Mohammad Al Hallaq
من قبل Mohammad Al Hallaq , Consultant - Microsoft Dynamics GP , Dynamics Innovations

True Partially.

مستخدم محذوف‎
من قبل مستخدم محذوف‎

True ... Yes.. Of course

Mohammed Asim Nehal
من قبل Mohammed Asim Nehal , M Asim Nehal & Co , Chartered Accountants

Correct. Outstanding/due for the value of goods and services received.

Nasrudeen burhan
من قبل Nasrudeen burhan , Accountant cum Office Admin , Power Star Building Cleaning service

yep

Nawaskhan Kamaludeen
من قبل Nawaskhan Kamaludeen , Accountant , Kelly Steel Engineering Fz LLC

True only 

Sara Naeem
من قبل Sara Naeem , Trainee Finance officer , Wah Brass Mill

yes it is true.

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