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It is a matrix indicating the out of balance transaction figures between two entities who are subsidiaries of one another or subsidiaries of some other entity. The matrix is periodicaly reveiwed to diagnose and clear the out of balance figures. The out of balance figures can also be due to foreign exchange transactions between two entities whereby gain/loss arise on revaluation of balances periodically.
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What is idempotent matrix?
An idempotent matrix is a matrix which gives the same matrix if we multiply with the same. in simple words,square of the matrix is equal to the same matrix. if M is our matrix,then MM=M. then M is a idempotent matrix.
What is a reduced matrix?
Reduced matrix is a matrix where the elements of the matrix is reduced by eliminating the elements in the row which its aim is to make an identity matrix.
How are the inverse matrix and identity matrix related?
If an identity matrix is the answer to a problem under matrix multiplication, then each of the two matrices is an inverse matrix of the other.
Each number in a matrix is called a?
Each number in the matrix is called an element of the matrix
What is a skew symmetric matrix?
A skew symmetric matrix is a square matrix which satisfy, Aij=-Aji or A=-At
How do you set up intercompany Account?
To set up an intercompany account, first identify the entities involved in the transactions and determine the nature of the intercompany relationship. Create a dedicated general ledger account for intercompany transactions in each entity's accounting system to track these activities. Ensure that consistent accounting policies are applied across all entities for accurate reporting, and establish a process for reconciling intercompany balances to eliminate discrepancies. Finally, document the intercompany agreements and the terms of transactions for compliance and audit purposes.
What is the definition of intercompany?
The definition of intercompany is a number of individuals assembled or associated together. It can also mean an assemblage of people for social purposes.
If two separate companies have the same owner can there be an intercompany account between the two?
Yes you will have intercompany entries as they are separate legal entities
When do you use intercompany accounts?
To record transactions between related companies
What is intercompany market?
The intercompany involves direct lending between companies. The supply of funds in the intercompany market comes from companies that have cash flows surplus to their current requirements. The demand for funds comes from companies who do not have cash flows sufficient to meet their current obligations. Given the nature of trading within the market, it is regarded as an example of a money market.
What account type is an intercompany account on the chart of accounts?
Other Debtors account
Why do we emphasis the philosophy of Intercompany vs intracompany?
Emphasizing the philosophy of intercompany vs intracompany relationships is important because it helps organizations understand the dynamics between different entities within a group or conglomerate. Intercompany focuses on relationships between separate legal entities, highlighting issues such as transfer pricing and intercompany transactions, while intracompany emphasizes relationships within the same legal entity, focusing on organization-wide collaboration and communication. Understanding and managing these relationships is crucial for effective decision-making, financial reporting, and overall business performance.
What type of account is intercompany?
An intercompany account is a type of account used in accounting to record transactions between two or more entities that are part of the same corporate group or parent company. These accounts help manage and track financial exchanges such as loans, sales, or services rendered between subsidiaries. Intercompany accounts are essential for consolidating financial statements and ensuring that transactions are accurately reflected in the overall financial position of the corporate group.
What is interco payment?
Intercompany payment refers to financial transactions that occur between different entities within the same corporate group or organization. These payments can involve the transfer of funds for various purposes, such as settling intercompany sales, services rendered, or loans. Proper accounting and documentation are essential to ensure compliance with regulations and accurate financial reporting. Managing intercompany payments efficiently is crucial for maintaining liquidity and financial health across the organization.
Accounting adjustments for inter company trading?
When intercompany trading occurs, accounting adjustments need to be made to ensure accurate reporting. This typically involves eliminating intercompany sales and purchases, as well as any related profits or losses. Adjustments are made to the respective entities' financial statements to show the appropriate internal transfer of assets, liabilities, revenues, and expenses. This is done to avoid double-counting or misrepresentation of the financial position and results of the entities involved in the intercompany transactions.
What is a intercompany journals?
inter company journals are the journals passed in particular to describe the transactions between two entities.
What is the order of The Matrix?
The Matrix The Matrix Reloaded The Matrix Revolutions
