Johnson Controls Deputy Manager Interview Questions, Process, and Tips

Bad debt provision is an accounting entry made to account for the possibility of non-payment by customers.

• It is an estimate of the amount of money that a company may not be able to collect from its customers.

• It is recorded as an expense on the company's income statement.

• It is a precautionary measure taken by companies to avoid losses due to non-payment.

• It is based on historical data, creditworthiness of customers, and ...read more

Billed refers to the amount that has been charged to the customer and is due for payment, while unbilled refers to the amount that has been incurred but not yet charged to the customer.

• Billed amount is already invoiced and due for payment, while unbilled amount is yet to be invoiced.

• Billed amount is included in the company's revenue, while unbilled amount is not.

• Unbilled amount can be a liability for the company until ...read more

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Journal entries for accumulated depreciation

• Accumulated depreciation is a contra asset account that is credited when depreciation is recorded

• To record depreciation, debit the depreciation expense account and credit the accumulated depreciation account

• Example: Depreciation expense of $1,000 is recorded by debiting depreciation expense account and crediting accumulated depreciation account