A related concept under accrual accounting is prepaid expenses. Accrued expenses represent the expenditures incurred before cash is paid, but there are also cases where cash is paid before the expenditures are incurred. Such expenditures are known as prepaid expenses. Prepaid expenses are an asset o...
Q1. Is accrued expense an asset or liability? Answer:An accrued expense is an expense that has been incurred but not yet paid. In accounting, it is typically treated as a liability. This is because the company has incurred a debt it will eventually have to pay. For example, if a compan...
财经翻译中应计费用(accrued expense)和计提(provisions)的区别 中英文定义：应计费用：指本期已发生(耗用) 但尚未支付款项的各种费用，如应付租金、应付利息及应付工资等。An accrued expense, also known as accrued liabilities, is an accounting term that refers to an expense that is recognized on the ...
a) Increase assets, increase liabilities b) Decrease assets, decrease liabilities c) Increase assets, decrease liabilities d) Increase liabilitie Classify the Fees Earned account as a revenue, an expense, an asset, a liability, or an equ...
Answer to: Classify the Salary Expense account as a revenue, an expense, an asset, a liability, or an equity account. Is its normal balance a debit...
On abalance sheet, anexpenseorassetthat is recognized before it ispaid. Accruals are recorded as liabilities or assets (depending on the type) and are recognized because of the extremely high likelihood of payment. Accruals are generally periodic payments; examples includesalariesandaccounts receivable...
made in advance for goods and services that are expected to be provided or used in the future. While accrued expenses represent liabilities, prepaid expenses are recognized as assets on the balance sheet. This is because the company is expected to receive future economic benefit from the ...
5.Carrying amount is the amount that is attributed to an asset or a liability for tax purposes..Answer: 相关知识点: 试题来源: 解析 错误错误 1. **Tax payable method的正确理解**: 应付税款法(Tax payable method)认为所得税费用仅等于当期应纳税额,无需考虑递延所得税。而题目中描述的“所得...
Asset accounts. Resources owned by the business that provide future economic benefits, like inventory or accounts receivable. Liability accounts. Obligations the business owes to outsiders which represent claims against its assets, such as loans or accounts payable. Equity accounts. The owner’s or sh...
The good news is that as a business owner, you can take advantage of these expenses to decrease your tax liabilities. When you’re well aware of what business expenses to deduct, you can potentially save your small business thousands of dollars in taxes. ...