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Which kind of problems are the easiest to solve?
asset and liability management
Failure to record a liability will probably?
result in a overstated net income
I'm seeing a negative sign in front of a number under the AUM column. What does this mean?
It means that something that you consider to be an asset, with some positive value, is regarded as a liability by the market.
What the mean of impairment of the assetsplease example?
impairment loss f an asset is the reduction in the income generating ability of that asset. it is calculated as: carrying value less recoverable amount. -carryibg value is the cost less accumulated depreciation -recoverable amount is the higher amount between the net selling price of an asset and its value in use.
What are accrued expenses reported on the balance sheet as?
As you accrue expenses, they show up as a CREDIT on the balance sheet, and a DEBIT on the income statement. Then as you actually incur the expense and pay out, you would CREDIT your cash account, and DEBIT the accrued liability account on the balance sheet. For example, if you expect to spend $12,000/year on business travelling expenses, you would accrue $1000 monthly as a CREDIT to your accrued liability account (on the balance sheet), then a DEBIT to the expense account (on the income statement). When you actually do incur the expense and pay out, you CREDIT your cash account, and DEBIT the accrued liability account. Thus, the accrued liability account is cleared out and eventually washed out to zero.
Is rent income a asset liability or owners equity?
asset liability
Accrued income is asset or liability?
no
Is interest income an expense asset or liability?
Interest income is part of revenue.
Would extra payments made on a credit card be an asset liability income or expense?
liability
What is net liability?
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset
Is income tax a current liability or an expense?
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Is unearned revenue considered an asset?
No it is a current liability and is not included in the Income Statement, as other revenues would be.
Unearned rental income is disclosed under which section of the Balance Sheet?
unearned rental income is disclosed under which part? asset or liability?
Is asset or liability?
asset
Is sales an asset quity or liabitity?
Sales is not an asset, liability or equity account rather it is a revenue account and part of income statement rather balance sheet.
Is accumulated depreciation a revenue on a single step income statement?
accumulated depreciation shows the total amount of depreciation charged so it is a contra entry for fixed asset and shown in liability side or in asset side but as a deduction from fixed asset and not in income statement.
