PptxGenJS Presentation

AUDITING. Prof.charanjit kaur banga.

Verification of liabilities Topic: outstanding expense and bills payable.

Bills Payable. Bills payable is a liability document that reflects the indebtedness of an individual, organization, bank, etc. It represents the money owed by a company to its creditors for goods or services received but not yet paid for..

ill';. Key Takeaways. 1. Short-Term Borrowing. Bills payable often represent short-term loans taken by banks from other banks for emergency liquidity or to meet minimum reserve requirements..

Types of Bills Payable. Wages. Wages represent payments made to employees and contractors for their services. These payments are typically made on a regular basis, such as monthly or bi-weekly..

Examples of Bills Payable. Utility Bills. Bills for electricity, gas, water, and other utilities are common examples of bills payable..

dreomrt.me.com ID 267474811 S Liubomyr vorona. Auditor's Duty in Verification.

SAMPLE BALANCE SHEET ASSETS Current Assets Checking Account Savings Account Petty Cash Accounts Receivable Inventory Prepaid Insurance Total Current Assets: Noncurrent Assets LIABILITIES & EQUITY 5,000 1,000 500 22,000 15,000 6,000 49,500 Accumulated Depreciation -4,500 Computer Building Land 7 ,ooo 65,000 60,000 Total Noncurrent Assets: 127,000 Liabilities Current Liabilities Accounts Payable Line of Credit Payroll Liabilities Total Current Liabilities Noncurrent Liabilities Long-term Debt (loan) Total Liabilities Equity Owner's Capital Retained Earnings Total Equity: Total Liabilities & Equity: 12,000 20,000 7,000 39,000 48,000 87,000 35,000 55,000 90,000 177,000 Total Assets: LLC. 177,000 PATRIOT.

Examples of Outstanding Expenses. Past Due Rent. Rent that is due from a previous period but has not yet been paid..

Thankyou for your attention. Group members Amreen Sayed [roll no 29] Snehal pawar [roll no 21] Archana jaiswar [roll no 10] Riya sankpal [roll no 27].