The remaining $82,000 is considered a long-term liability and will be paid over its remaining life. Accounts payable accounts for financial obligations owed to suppliers after purchasing products or services…

According to the FASB ASC Topic 830, income transactions must be translated at the exchange rate when the transaction occurred. Instead of using the current exchange rate, companies may want…

However, discrepancies occasionally occur, leading to differences between the recorded amount and the count of cash or inventory in hand. The cash over and short account is an excellent tool…