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intercompany payables account. Intercompany accounts may be defined at the legal entity level. That is, each transacting legal entity has different intercompany accounts defined for different trading partner legal entities, regardless of which specific balancing segment values of those legal entities are used in the journals. You can enter elimination accounts only for primary financial statements. Elimination entries are journal entries that eliminate duplicate revenue, expenses, receivables, and payables. These duplications occur as the result of intercompany work when the sending and receiving companies both recognize the same effort.
Designed for the advanced accounting course, Advanced Accounting 6th Edition by Debra Jeter and Paul Chaney delivers a balanced and detailed approach to the conceptual and technical aspects of financial accounting and reporting.
Responsible for revenue recognition (incl store & service) for Automobile Manufacturing Industry. Responsible for intercompany reconciliations of leasing subsidiary, APAC, and EMEA (incl. elimination, revenue recognition, billings). Actively participated in the preparation of schedules for 10K & 10Q external financial reporting. Tradeline vault reviews.
Example Question. ABC is engaged in manufacturing of shoes for various sizes and design. It is using a PU machine to manufacture the sole of the shoes. Due to the advancement in the shoe industry, a new machine has been introduced that render the old PU machine lost its value. The carrying amount of the PU machine on 31st December, 2015 is ...