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What else can I help you with?
Is provision for taxation a current liabilities?
Basically it is a reserve however it should be carried as a liability on the books until paid then espense it however if the Co is for Sale You may show it as a reserve asset due to the fact that the full liability may never be incurred
Is tax paid on purchases an asset or liability?
Tax paid on purchases are considered a liability. Anything paid to another is considered a liability for businesses because they are spending money.
Are salaries considered a liability?
If an accrual is made for salaries before they are paid, that accrual would be a balance sheet (the other side of the transaction would be your salary expense). When the salaries have been paid, the liability is reduced.
Is Accrued tax a liability?
YES! Accrued taxes are usually due to payroll.Example: employees that get paid by period may have that period partially split at the end of the year. Lets say an employee paid biweekly with one week of the pay period falling in this year and the other in the next. At year end there will be an accrued tax liability for those FICA taxes due for the portion that has not yet been paid, but that has accrued as a liability. Remember this is a principle in accrual accounting!!!
What happens if an accrued liability for salaries is not recorded?
If an accrued liability is not recorded, then it is not a liability on the balance sheet. Not sure if the employee's could sue - that's a legal question - but if it was paid at a later date then it would be an expense at the time the liability was paid. If you mean to ask - what happens if an accrued liability for salaries is not paid, or is not timely paid - then the IRS can deny the deduction.
Are Advance paid a current asset or current liability?
advance paid is current asset and advance received is current liability.
Does interest payable go on a balance sheet?
Interest payable is the interest which is not yet paid and required payment to be made so it is the liability of the company and that's why it will show as a current liability under liability side of the balance sheet.
Why is owner's equity a special liability?
As owners equity is likely to be paid back only at the closure of business entity, this is considered as special liability, the special being " liability to be paid at the end".
What is the meaning of outstanding liability?
The amount of liability which is yet to be paid as on the balance sheet date is known as outstanding liability
Is paying rent considered a liability?
If rent is payable then it is liability for business but if rent is already paid then it is not liability but it is expense.
What is the difference between an accrued and a provision?
i must say accrued and provision is two different things,accrued is something paid to you but you can spend it,concerning provision is not the same.
An unfunded pension liability is reported on the balance sheet as?
current liability or long-term liability, depending upon when the pension liability is to be paid
