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Domestic accounts

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FM Exams › Domestic accounts

  • This topic has 4 replies, 3 voices, and was last updated 11 years ago by John Moffat.
Viewing 5 posts - 1 through 5 (of 5 total)
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  • November 26, 2013 at 3:28 pm #147925
    jemma242
    Member
    • Topics: 81
    • Replies: 96
    • ☆☆

    what does ‘domestic accounts’ actually mean?

    many thanks

    November 27, 2013 at 9:30 pm #148122
    neilsolaris
    Member
    • Topics: 59
    • Replies: 415
    • ☆☆☆

    I take it to mean the accounts in the country where the business belongs (i.e. the opposite of foreign accounts). But I could well be wrong.

    November 27, 2013 at 10:37 pm #148134
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    ‘Domestic accounts’ is not a standard expression.

    Domestic means belonging to the home country. As to domestic accounts, it depends on the context of the question.

    November 27, 2013 at 11:13 pm #148139
    jemma242
    Member
    • Topics: 81
    • Replies: 96
    • ☆☆

    A question I did basically said that candidates although asked to explain managing receivables by domestic accounts some explained factoring and invoice discounting…. so I was just wandering whether it was a term used for standard in house management ie. For managing receivables -Producing statements, credit checking customers, issuing final demands etc ….. so it is not a standard term?

    November 28, 2013 at 8:12 am #148188
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    It simply means managing receivables in their own country (as opposed to how to manage receivables for sales to foreign countries)

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