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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FM Exams › Domestic accounts
what does ‘domestic accounts’ actually mean?
many thanks
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.
‘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.
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?
It simply means managing receivables in their own country (as opposed to how to manage receivables for sales to foreign countries)
