KOI Financial Policies and Procedures: Difference between revisions
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'''Accounts Payable''' - A GL account that holds all of the expenses owed by the organization, yet not paid. Accounts payable is also a collection of processes to track expenses and disburse funds for expenses. | '''Accounts Payable''' - A GL account that holds all of the expenses owed by the organization, yet not paid. Accounts payable is also a collection of processes to track expenses and disburse funds for expenses. | ||
'''Going Concern''' - A going concern means the organization can meet all of its liabilities, and is no danger of losing liquidity. Despite its | '''Going Concern''' - A going concern means the organization can meet all of its liabilities, and is no danger of losing liquidity. Despite its name, it is a good thing to have a going concern. | ||
'''Liabilities''' - Liabilities are legal obligations for future disbursements, or services. The most common of these are loans, accounts payable, and unearned revenue. | '''Liabilities''' - Liabilities are legal obligations for future disbursements, or services. The most common of these are loans, accounts payable, and unearned revenue. | ||