Refund receivable account is recorded a current asset.

Customer Deposit is recorded a current liability.

Other payable is recorded a current asset.

What type of account is "Accounts Payable"?

An accrued expense is an expense that has been incurred but not yet billed or paid by the end of an accounting period.

What is the difference between Accrued Expenses and Accounts Payable?

At the end of accounting period the company must do reconciliation of items in balance sheet.

A company makes adjustments at the end of the accounting period, before preparing financial statements, based on transactions incurred but not yet recorded.

The schedules are used in preparing closing accounts:

Permanent accounts are reset to zero at the end of the period

After closing entries, the balance of Revenue and Expense accounts should be:

Which of the following is a temporary account?

What does outstanding transaction mean? Answer: Outstanding transaction means the transaction has not been cleared.

In other schedule we should keep outstanding transactions.

To prepare Refund receivable account we should choose a "Special schedule template".

To prepare a Refund payable account we should choose an "Other schedule template".

Which of the item below is special schedule?

Account receivable is a control schedule.

Account payable is a control schedule.