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Costs which are ascertained after they have been incurred are known as?
Wiki User
∙ 13y ago
Costs which are ascertained after they have been incurred are know as "Historical Cost".
Wiki User
∙ 13y ago
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A liability that has been incurred but has not been recorded in the accounts is known as?
An accrued liability
What is the definition of sunk cost?
A cost that has already been incurred and thus cannot be recovered. because it has already happened. Sunk costs are independent of any event that may occur in the future.
Accruals are needed when an unrecorded expense has been incurred or an unrecorded revenue has been earned?
true
Adjustments for accruals are needed to record a revenue that has been earned or an expense that has been incurred but not recorded?
TRUE
Expenses that have been incurred but have not been recorded in the accounts are?
Incurred Expenses also sometimes known as Accrued Expenses are expenses that a company incurs but has not yet paid. Unless the company in question uses Cash Basis Accounting, the transaction should be recorded immediately as a debit to the appropriate expense account and a credit to the appropriate payable account.It is an "unrecognized" expense until it is recorded, not necessarily paid.
A liability that has been incurred but has not been recorded in the accounts is known as...?
An accrued liability
A liability that has been incurred but has not been recorded in the accounts is known as?
An accrued liability
Why does the sunkness or nosunkness of a cost depend on the decision being made?
The sunkness or nosunkness of a cost depends on the decision being made because sunk costs are costs that have already been incurred and cannot be recovered. Therefore, they should not be considered in the decision-making process as they are irrelevant to the future outcome. On the other hand, nonsunk costs are costs that will be incurred if a particular decision is made and should be carefully evaluated before making the decision.
Are sunk costs easy to spot and are they simply the fixed costs associated with a decision?
Sunk costs are costs that have been incurred that cannot be reversed. For example, if you owned a car and payed for repairs that were not refundable and were deciding whether or not to purchase a new car, you would not consider the repair costs in your decision because those costs have already been made and you cannot receive the money back. You would only consider the costs that you may incur in the future when making your decision whether or not to purchase another car. Sunk costs are not considered in your decision.
Is it true if vampires do exist?
It has not yet been ascertained but there has been cases of alleged attack by vampires on people
What is the definition of sunk cost?
A cost that has already been incurred and thus cannot be recovered. because it has already happened. Sunk costs are independent of any event that may occur in the future.
What is the definition of the term medical debt?
The definition of the term "medical debt" is debt that has been incurred due to health care and procedure costs. You can learn more about Medical debt at the Wikipedia.
What happens when accrued expenses are recorded?
accrued expenses are those costs which have been incurred in a period, but which have not yet been paid for e.g. rental for property for March which is paid in April, must be accounted for (i.e. entered in your books) in March as an accrual
Expenses that have been incurred but not recorded in the accounts?
Expenses incurred but not yet paid or recorded are called accrued expenses.
Explain discretionary fixed costs and committed fixed cost?
Discretionery Fixed Cost: It is cost which arise from annual decisions of management to spend in specific fixed costareas, such as marketing and research.Commited Fixed Cost:These types of costs relate to a company's investment in assets such as facilities and equipment. Once such costs have been incurred, the company is required to make future payments
Accruals are needed when an unrecorded expense has been incurred or an unrecorded revenue has been earned?
true
Are Accruals needed when an unrecorded expense has been incurred or an unrecorded revenue has been earned.?
true
