Yes it is a current liability
No, billings in excess of costs are a current liability.
Unbilled receivables represent costs in excess of billings on incomplete contracts and, where applicable, accrued profit related to government long-term contracts on which revenue has been recognized, but for which the customer has not yet been billed.
included in the cost of a plant assets
Uncontrollable cost is that cost which is not in descretion of management to be controlled. A good example of an uncontrollable cost is insurance. A manager who runs a department on the factory floor does not have control over the liability insurance that the company buys.
segnificence of holding current
No, billings in excess of costs are a current liability.
I am not an accountant; but I work with Billings in excess of costs. Billings in excess of cost is a product of estimating allocated cost and direct cost of a construction contract. This is used in Percentage of Completion basis of financial statement preperation. Billings in excess is liability; Cost in excess of Billings is an asset. An example: Total Contract: $1,000,000. Estimated Cost is $900,000; Estimated Profit is $100,000. You start working the job, at year end you have the following Contract $1,000,000; Total Estimated cost: $900,000; Actual Cost to Date: $450,000; Billings to Date are $600,000; so: 450/900=50% X $1,000,000= $500,000 Earned to date; $500,000 Earned to date - $600,000 Billings to date = $100,000 Billings in Excess of Cost. If you only had $400,000 in Billings to date it would be: $500,000 - $400,000= $100,000 Cost is excess of Billling . Actual Cost to Date / Estimated Cost X Contract Amount = Earned to Date - Billed to Date = (if negative number = Billings in Excess of Costs) (if positive number = Cost in Excess of Billings) Billings in Excess of Costs is a balance sheet liability Cost in Excess of Billings is a balance sheet asset
Cost in Excess of Billing is an Asset Account that means the contract is under-billed. Actual billings are less than Revenue Earned.
Unbilled receivables represent costs in excess of billings on incomplete contracts and, where applicable, accrued profit related to government long-term contracts on which revenue has been recognized, but for which the customer has not yet been billed.
I just got a quote in Nebraska for 250 yr for general plus 500 yr for commercial excess liability.
Most insurance companies will write 1,000,000 per occurrence with a 2,000,000 aggregate. If you wanted a total of 5,000,000 you would need a 4,000,000 umbrella/excess liability policy. But to answer your question it depends on the type of risk.
It's not really a "concern" It may not be obvious, but "cost segregation" is a term of art. It's a method used to reduce tax liability for buildings built or purchased. You could, of course argue that such liability reduction should be abolished.
The cost of general liability depends on said person's life, lifestyle, and home. General liability covers many public costs and product liability risks.
Cost of goods sold is lies in balance sheet in the form of finished goods until units sold so it is current assets to generate future business benefit.
what is average amount of liability insurance for cars in new york
Personal trainer does not have any liability - so the question has no positive answer
included in the cost of a plant assets