A sundry account is a business account where miscellaneous income is reported. This income is not generated by the sale of the company's products or services, but must be accounted for because it increases the company's overall profits and thus its net worth.Know More
If a company lends its name or intellectual creations to other, for-profit companies, it can receive royalties from those transactions. These can include record companies, large multi-national product manufacturing corporations and service companies that sell individually owned franchises around the world. These royalties would be included in sundry accounts because the business did not directly produce or service the people or accounts that produced the income.
If a company sells part of its real estate holdings, the money earned from those transactions would also generally be included in sundry account earnings. Land, stocks, bonds and other types of investment sales would also be counted as sundry account revenue.
The word sundry is synonymous with the word miscellaneous. Therefore, sundry accounts generally list all revenue streams that do not fit into other revenue categories. Although the term suggests that each individual revenue stream is minor, in actuality, a business can earn substantial amounts that must be accounted for in sundry funds.Learn more about Financial Planning
A Thrift Savings Plan cannot be used like a traditional savings account because withdrawals from the plan come with strict guidelines and penalties, such as inability to repay the withdrawn amount, according to the Thrift Savings Plan website. The plan is designed to be used as a retirement account.Full Answer >
Reasons that a bank account may be frozen include compliance with a court order, the account holder being declared bankrupt and insufficient funds in the account. A bank account may also be frozen if the bank is notified about a dispute concerning the ownership of funds or account operation, or to protect the account holder, the bank or a third party who has a reasonable interest in the account.Full Answer >
A 401(k) is a retirement savings plan in which employees elect to have a portion of their income set aside in an employer-sponsored account, according to the Internal Revenue Service. Employers sometimes contribute additional funds to a worker's 401(k). Specific amounts or allocations vary by company.Full Answer >
The TSP account can be accessed by entering the User ID or TSP account number and the Web password on the official website, states Thrift Savings Plan. This enables the account holder to view the information in the account and carry out transactions.Full Answer >