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Off Balance Sheet Business Accounting

Offer Details: Off-balance sheet (OBS) items is a term for assets or liabilities that do not appear on a company’s balance sheet. Although not recorded on the balance sheet, they are still assets and liabilities of the company. An operating lease is one of the most common off-balance items. Balance sheet accounts are the accounts that do not directly impact

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The Five Types of Accounts in Accounting Business Accounting

Offer Details: Deferred interest loans postpone interest payments for a period of time and can either be extremely costly if not paid off or a way to save money. Interest income is the amount of interest that has been earned during a specific time period. During this period the ownership of the bonds can be freely transferred between investors.

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Purchase of Business Business Accounting

Offer Details: However, most capital expenses cannot be claimed in the year of purchase, but instead must be capitalized as an asset and written off to expense incrementally over a number of years. Engineering would also inspect sample products to determine if the company or organisation can produce products they need. If the bidder passes both of these

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Disposal account Business Accounting

Offer Details: Disposal account. So, as you can see, you must take into account how much of the cost of the asset you have already written off to determine any subsequent gain or loss. The income statement is one of your company’s basic financial documents. Investors, lenders and customers, among others, may use the income statement — along with your

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Four categories of income are Business Accounting

Offer Details: This is the amount of money that the company can save for a rainy day, use to pay off debt, invest in new projects, or distribute to shareholders. Many people refer to this measurement as the bottom line because it generally appears at the bottom of theincome statement. In other words, the balance sheet shows the assets and liabilities that

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Paid vacation Business Accounting

Offer Details: Calculating PTO (Paid Time Off) can be a confusing task for some employers. The first step to track employee vacation time is to decide how many hours you want to allocate to full-time employees each year. Based on a 40-hour work week, you may want to give 40 hours (1 week of vacation time), 80 hours (2 weeks), or some other number in between.

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Validity and objectivity of tests Business Accounting

Offer Details: The cooling off period must be one year, and in order to comply, the firm must complete one annual audit after the individual was a member of the audit engagement team. Committee Members and Chapter Leaders. The set value of a final accounts presented to managements depends heavily on basic assumptions which are been presented by the accountant.

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Taxability of Employer-Provided Lodging Business Accounting

Offer Details: Fringe benefits are additions to employee compensation, such as paid time off or use of a company car. Some fringe benefits come in the form of reduced prices on goods and services. So, the more of the premium a potential employer will pay, the better.

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Do You Record Income Tax Expenses in Journal Entries

Offer Details: Any amounts not deemed to be recoverable should be written off through expense. The current income tax payable or receivable is recorded with the offset to the P&L (current tax expense). Deferred tax assets and liabilities are normally recorded with the offsetting entry to the P&L (deferred tax expense). Historically, in many places, a revenue

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What is the difference between income and assets

Offer Details: The quick ratiois the same formula as the current ratio, except it subtracts the value of total inventories beforehand. The quick ratio is a more conservative measure for liquidity since it only includes the current assets that can quickly be converted to cash to pay off current liabilities.

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Asset Definition and Example Business Accounting

Offer Details: The ratio, which is calculated by dividing current assets by current liabilities, shows how well a company manages its balance sheet to pay off its short-term debts and payables. The ratio of current assets to current liabilities is an important one in determining a company’s ongoing …

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To What Element of a Financial Statement Does "Gain on

Offer Details: Unlike a regular disposal of an asset, where the asset is abandoned and written off the accounting records, an asset disposal sale involves a receipt of cash or other proceeds. Compare the cash proceeds received from the sale with the asset’s book value to determine if …

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Mark down definition and meaning Business Accounting

Offer Details: An example of a temporary discount would be if recent high school granduates received a percentage off all their purchases with proof of diploma witihin 30 days of graduation. A temporary markdown example would be if you had a one day sale, offering markdowned prices for only a specific amount of time.

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Why should sunk costs be ignored in future decision making

Offer Details: In business, a sunk cost fallacy can cost a business greater financial losses. However, if CD’s are no longer selling, it would be more rational to write off these sunk costs, rather than wasting more money on developing a product which will never make a profit. Sunk costs are spent dollars that cannot be refunded or recovered. Sunk cost

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Level 3 Assets Definition Business Accounting

Offer Details: When the bill is paid, the accountant debits accounts payable to decrease the liability balance. The offsetting credit is made to the cash account, which also decreases the cash balance. Accounts payable (AP) is an account within the general ledger that represents a company’s obligation to pay off a short-term debt to its creditors or suppliers.

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Capitalized Lease Method Definition Business Accounting

Offer Details: The decision to lease is mainly based on certain factors like necessity, better financial terms, keep the assets off the balance sheet, or the lack of available funding. Even though a capital lease is a rental agreement, GAAP views it as a purchase of assets if certain criteria are met.

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Types of Liabilities Business Accounting

Offer Details: Key Takeaways. Short-term debt, also called current liabilities, is a firm’s financial obligations that are expected to be paid off within a year. Common types of short-term debt include short-term bank loans, accounts payable, wages, lease payments, and income taxes payable.

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Committed cost Business Accounting

Offer Details: Prior to the split-off point, all costs incurred are sunk costs, and as such have no bearing on any future decisions – such as the price of a product. To use this method, simply divide the total production cost by the appropriate measure of output volume to yield the cost per unit of output. Joint costs may include direct material, direct

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What is the implication of a reduction in accounts payable

Offer Details: A company’s total accounts payable (AP) balance at a specific point in time will appear on its balance sheetunder the current liabilities section. Accounts payable are debts that must be paid off within a given period to avoid default. At the corporate level, AP refers to short-term debt payments due to suppliers.

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Types of Trade Promotions Business Accounting

Offer Details: They are written off against profits over their anticipated life by charging depreciation expenses (with exception of land assets). Accumulated depreciation is shown in the face of the balance sheet or in the notes. Companies use sales promotions to get customers to take action (make purchases) quickly.

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What is the Meaning of Understated and Overstated in

Offer Details: And if the manipulations are discovered, it’s easy for management to claim that they weren’t aware that an account should be written off or they weren’t aware that it was so far overdue. In the same play, Juliet can also be heard addressing to a dagger, i.e. ”O, happy dagger!

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How Is a Mortgaged Building an Asset on the Balance Sheet

Offer Details: On the balance sheet, the mortgage balance shown on the balance sheet shrinks by the amount of the principal payment. Accounts payable (AP) is an account within the general ledger that represents a company’s obligation to pay off a short-term debt to its creditors or suppliers.

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Timing Differences Business Accounting

Offer Details: Another common source of deferred tax liability is an installment sale, which is the revenue recognized when a company sells its products on credit to be paid off in equal amounts in the future. Under accounting rules, the company is allowed to recognize full income from the installment sale of general merchandise, while tax laws require

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Cash Flow From Financing Activities – CFF Definition

Offer Details: The cash flow from the financing activities section shows cash flows from issuing and paying off outside financing, such as stock and debt, and from paying dividends. As a mature company, Apple decided that shareholder value was maximized if cash on hand was returned to shareholders rather than used to retire debt or fund growth initiatives.

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Assets definition and types • Examples of fixed assets

Offer Details: They are written off against profits over their anticipated life by charging depreciation expenses (with exception of land assets). Accumulated depreciation is shown in the face of the balance sheet or in the notes. The quick ratio is a more stringent solvency ratio that looks at a company’s ability to cover its current liabilities with just

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Prepaid rent accounting Business Accounting

Offer Details: The penalty typically only applies to paying off the entire balance, such as through refinancing. A borrower can usually make intermittent extra principal payments without penalty. For a bond with an embedded call option, the higher a bond’s interest rate relative to current interest rates, the higher the prepayment risk.

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Recording a Cost of Goods Sold Journal Entry Business

Offer Details: DefinitionThe average payment period (APP) is defined as the number of days a company takes to pay off credit purchases. It is calculated as accounts payable / (total annual purchases / 360). As the average payment period increases, cash should increase as well, but working capital remains the same.

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Is a house an asset or liability

Offer Details: They are written off against profits over their anticipated life by charging depreciation expenses (with exception of land assets). Accumulated depreciation is shown in the face of the balance sheet or in the notes. It is not uncommon for capital-intensive industries to have a large portion of their asset base composed of noncurrent assets.

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A Sole Proprietorship or a Limited Partnership

Offer Details: A sole proprietor is a one-person business without a legal entity like a corporation, LLC or partnership. You are the only owner of the business and are fully responsible for all financials, including any potential debt. Obtaining capital is one of the necessary duties of a sole proprietor.

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What is a general ledger account: Definition and Example

Offer Details: If two or three sheets are opened for a particular account based on the results of the previous year, then the left edge of the second and third sheets is cut off along the “total debt” line so that they represent inserts. The only source for recording turnover in General Ledger …

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Unemployment Disqualifications Business Accounting

Offer Details: Expanded unemployment benefits are currently available for laid-off employees and self-employed workers due to the coronavirus pandemic. Author Anfisa Dmitrieva Posted on Posted on: 23.09.2020 Modified on: 07.12.2020 Categories Bookkeeping 101

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4 reasons why companies can ask exempt employees to work

Offer Details: “Compensatory time” off in lieu of cash for FLSA overtime wages due is not permitted in private sector employment. How an employer chooses to compensate employees for hours worked up through 40 in a work week when no FLSA overtime is worked is not really an …

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Net Financial Position Business Accounting

Offer Details: Accounts payable are debts that must be paid off within a given period to avoid default. At the corporate level, AP refers to short-term debt payments due to suppliers. The payable is essentially a short-term IOU from one business to another business or entity.

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Global Risk and Regulation: The Role of the PCAOB

Offer Details: But the lead audit partners must rotate off the account after five years. The PCAOB periodically issues Inspection Reports of registered public accounting firms. Those portions are made public (called “Part II”), however, if the Board determines that a firm’s efforts to address the criticisms or potential defects were not satisfactory, or

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Pension cost financial definition of pension cost

Offer Details: If you’re able to pay off your outstanding debt, receive Social Security benefits, and get a pension, you may be able to fulfill a comfortable lifestyle in your golden years. This affected the balance sheet tally of many companies due to the nature of such healthcare cost benefits. Through studies conducted earlier, SFAS 106 has reduced the

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Replacement value Business Accounting

Offer Details: When an asset is written off due to asset impairment, the loss directly reduces a company’s profits. Independent of asset depreciation from physical wear and tear over long periods use, impairment may occur to certain assets, including intangibles such as goodwill.

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The Importance Of Analyzing Accounts Receivable Business

Offer Details: The Importance Of Analyzing Accounts Receivable. The receivables turnover ratio could be calculated on an annual, quarterly, or monthly basis. Sometimes referred to as A/R, “accounts receivable” is the accounting term used to refer to the money that the business should receive from its customers for the goods or services it provided.

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When am I eligible to receive a dividend

Offer Details: The record date, or date of record, is the cut-off date established by a company in order to determine which shareholders are eligible to receive a dividend or distribution. The determination of a record date is required to ascertain who exactly a company’s shareholders are as of that date, since shareholders of an actively traded stock are

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Difference Between Fair Value & Net Realizable Value

Offer Details: So it is better for a business to write off those assets once for all rather than carrying those assets which can increase the losses in the future. To illustrate the difference, consider a company showing a gross profit of $1 million. At first glance, the profit figure may appear impressive, but if the gross margin for the company is only 1%

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Employee rights: what to expect if your company calls in

Offer Details: An IVA is a formal agreement that you come to with your creditors to pay your unsecured debts off at a lower rate over a certain period of time. As long as everything goes to plan with the arrangement, at the end of the IVA any remaining debts included in it are written off.

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Do Salary Expenses Go on a Balance Sheet

Offer Details: Non-operating expense, like its name implies, is an accounting term used to describe expenses that occur outside of a company’s day-to-day activities. These types of expenses include monthly charges like interest payments on debt but can also include one-off or unusual costs.

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interest revenues definition and meaning Business Accounting

Offer Details: Until the interest is paid, or written off as uncollectible, the $10 is included in the interest receivable account. The amount of accrued interest for the party who is receiving payment is a credit to the interest revenue account and a debit to the interest receivable account. The receivable is consequently rolled onto the balance sheet and

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How do I identify outliers in Likert-scale data before

Offer Details: Three standard deviations from the mean is a common cut-off in practice for identifying outliers in a Gaussian or Gaussian-like distribution. For smaller samples of data, perhaps a value of 2 standard deviations (95%) can be used, and for larger samples, perhaps …

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How to Calculate Direct Labor and Indirect Labor for a

Offer Details: A company with high indirect labor costs could potentially have high gross income, but a low or even negative net income. If a company has negative net income it means it lost money over the period in question. Reducing indirect labor costs by laying off support workers is a way that companies can attempt to increase net income.

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Using Debit and Credit: Golden Rules of Accounting

Offer Details: The good news is, all negative information will eventually cycle off your credit report. Until it does, focus on the things you can positively influence, including paying all your bills on time. According to FICO, a payment that is 30 days late can cost someone with a credit score of 780 or …

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What are the meanings between 'incur' and 'occur' in

Offer Details: Incurred debt is negative, however, when the amount you owe exceeds the amount you can repay, or when the lack of proper budgeting and payment planning prevents you from paying the debt off. Accrual accounting is built on a timing and matching principle. At that time, you owe a …

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Redemption dictionary definition Business Accounting

Offer Details: Callable or redeemable bonds arebondsthat can be redeemed or paid off by the issuer prior to the bonds’ maturity date. When an issuer calls its bonds, it pays investors the call price (usually the face value of the bonds) together with accrued interest to date and, at that point, stops making interest payments.

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How to Lower Your Car Payment Business Accounting

Offer Details: Paying off your highest interest loans first can help you save money and speed up the process. Some banks will charge you a fee if you make an extra payment on the loan each month. For example, your card issuer might require that you pay at least $25 or 1% of your outstanding balance each month, whichever is greater.

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