Incurred cost in accrual accounting refers to the expense of the company when an asset is consumed, which the company becomes liable for and may include direct, indirect, production, and operating expenses incu
it generally does not include regular operating expenses such as rent or mortgage payments, depreciation, employee pay, and benefits, or utility payments. By listing small, irregular amounts under sundry expenses, a company's accounting department saves itself the effort of having to precisely alloca...
These include bills payable, accounts receivable, short-term loans, and sundry creditors and debtors. Any of the items that are still on the balance sheet after a year are then considered non-current assets. These can include things like investments, long-term loans, building, and machinery. ...
3.Budgeting:Triage plays a crucial role in financial decision-making. By evaluating expenses and investments based on their potential return on investment, businesses can allocate their resources in a way that maximizes growth and profitability. In conclusion, triage is a valuable concept in the worl...
Q2. What are the Types of Petty Cash Books? Answer:There are two types of petty cashbooks as follows: Imprest petty cash book: Imprest petty cash book maintains a fixed amount of money in the account. It follows adouble-entry accounting systemand can be in a single, double, or triple ...
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Liquid assets normally include cash, bank, sundry debtors, bills receivable, and short-term investments or marketable securities. In other words, they are current assets minus inventories and prepaid expenses. In the same manner, liquid liabilities are current liabilities minus bank overdraft and incom...