what is differance between creditors & expenses for
creditors?
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Answer / sweety
creditor is a liability for the firm which firm has to pay
in future at a particular point of time. and expenses for
creditors is the expenses which we are occuring before we
pay the liability. for eg. if we have heir a car for 2 yrs.
So now for 2 yrs we are using this car and expense we are
occuring in maintaining it is expenses for creditors.
| Is This Answer Correct ? | 29 Yes | 11 No |
Answer / eswar
creditor is a person who lent money or sell goods on credit
to the firm in other words, credit for means, who gave
benefit to the firm and yet to receive the equivalent from
the firm
| Is This Answer Correct ? | 18 Yes | 11 No |
Answer / silo levels
You may have a category of sundry, or miscellaneous, creditors on the books for occasional or small vendor relationships, rather than setting up a separate vendor account for these infrequent relationships.
With today's computerized accounting, such an account is seldom used, since it is very quick and easy to add a new vendor or make inactive an unused one.
| Is This Answer Correct ? | 3 Yes | 3 No |
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