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What happens if an accrued liability for salaries is not recorded?
Wiki User
∙ 16y ago
If an accrued liability is not recorded, then it is not a liability on the balance sheet. Not sure if the employee's could sue - that's a legal question - but if it was paid at a later date then it would be an expense at the time the liability was paid. If you mean to ask - what happens if an accrued liability for salaries is not paid, or is not timely paid - then the IRS can deny the deduction.
Wiki User
∙ 16y ago
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What happens when accrued expenses are recorded?
accrued expenses are those costs which have been incurred in a period, but which have not yet been paid for e.g. rental for property for March which is paid in April, must be accounted for (i.e. entered in your books) in March as an accrual
What happens when a damp area dries out?
what happens ifa damp area dries out
What happens when three planes intersect?
Nothing HAPPENS! They can intersect in a point or a line.
What happens when dividing a number by 0?
Nothing happens if a number is divided by a zero.
Does any rectangle rotate onto itself in less than a half turn?
yes * * * * * No! A rectangle rotates into itself at kπ radians where k is an integer - ie half a turn and its multiples.
What happens when accrued expenses are recorded?
accrued expenses are those costs which have been incurred in a period, but which have not yet been paid for e.g. rental for property for March which is paid in April, must be accounted for (i.e. entered in your books) in March as an accrual
What is the difference of philosophy from outlook in life?
Outlook happens due to philosophical propositions.Human perception depends on the knowledge accrued.
What is an accured liability?
A liability that arises because an expense happens in a time span former to the associated money payment.
What happens if the other driver in an accident denies liability?
Never admit to liability in an accident. Exchange your details and let the insurance companies deal with it.
What happens if insurance companies cannot agree liability?
Typically they would arbitrate the matter.
waiver of liability?
If you decide to sign a waiver of liability, keep in mind that you will not hold the company responsible for any damages that might incur if anything happens on your property or the business.
What happens when there is an auto accident and neither driver is at fault?
each contributes 50% to liability or fault.
What happens if a business goes into chapter 11 but an individual has personally guaranteed some of the business debts?
Liability
What happens to you when ex wife files bankruptcy on 2nd mortgage both your names are on?
Her mortgage liability will be discharged.
What is mean pronology?
it means what happens in the past and that it wasnt recorded
What happens to the interest rate on your credit card if you've filed for Chapter 7 Bankruptcy?
If the credit card was included in the Chapter 7, nothing happens. The account will be closed by the creditor and the amount owed including any accrued interest is wiped out.
What happens if you hit an an uninsured motorists and you only have liability?
If the accident is your fault, your liability coverage will pay for the other person's damages. You will be out of luck as no coverage will be afforded for the damages to your vehicle or any injuries to you or your passengers.
