0
FICA tax becomes a liability to the federal government at the time an employee's payroll is prepared?
Wiki User
∙ 10y ago
true
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
Is it true all long term liabilties become current liabilities?
Long term liability becomes the current liability in that year in which it is to be cleared so Yes, long term liability become current liability.
Is Bad debts an asset or liability?
Neither, a bad debt becomes an expense on the P&L. the provision created against this is liability
What are the disadvantages of labor turnover?
lose of contact as when the employees leave it becomes difficult to build another relationship. lose of trained employees with skills and experience. expenses are incurred while training a new person to fill the vacancy.
Is inventory an asset or liability?
Basically Inventory is valuated an asset. You keep inventory to service your customers and to smoothen production by purchasing semi-finished stuff. Inventory ties up your working capital hence the objective is to return your investment as soon as possible. A good measurement is the ratio of inventory turnover. Inventory becomes a liability when the life cycle ends either by becoming obsolete/discontinued or by means of expiry. Write offs are valuated as liabilities.
Is a short term note payable a liability?
All payable accounts are liabilities regardless of them being short term or long term. A liability is ANYTHING a company owes. The only exception to this rule is generally everyday expenses incurred by the company and/or business. Expenses such as Wages, Salaries, Utilities, Rent, ETC. These too can also become a "liability" if payment is delayed. For example, you owe John Q, $1500 in wages but will not be paying it until the next accounting period, you still have to put it in your books, therefore you will list it as Wages Payable - John Q (credit) $1500 & Wage Expense- John Q (debit) $1500. Because you have NOT paid this but still "owe" it, the Wage Payable becomes a Liability for the company until it is paid off. Once it is paid off you Debit the Wage Payable account (to bring the balance to $0) and Credit your Cash account for the amount paid.
Is it true all long term liabilties become current liabilities?
Long term liability becomes the current liability in that year in which it is to be cleared so Yes, long term liability become current liability.
Is Bad debts an asset or liability?
Neither, a bad debt becomes an expense on the P&L. the provision created against this is liability
Who establishes rules for electrical wiring?
In the United States the National Electrical Code, or NEC, is the standard for most electrical installations. It is a document prepared by the National Fire Protection Association which is not a government organization. The NEC becomes a set of government requirements when a government entity, often a city or county, adopts the NEC as its standard.
What is an energetic government?
That is when the government takes over and becomes a nanny state.
How does a government involved in a centrally planned?
The type of government determines how a government becomes centrally planned.
Why are nerve strikes not allowed in Mixed Martial Arts rules?
the chance for serious injury is too great and it becomes a liability issue
What does prepared dessert gelatin contain which becomes unable to separate from the food?
Pigs trotter is boiled and put into gelatin
What rights do people have when their government becomes destructive?
They have the right to alter or abolish the government by whatever organ best suited to the accomplishment of that task.
Why don't schools allow snowball fights?
Ice in the snow that could cut peopleRocks, etc. in the snowIt basically becomes a liability issue.
What happens when a boat is written off by an insurance company?
When a boat is written off, it becomes salvaged, usually it is destroyed to prevent further liability.
What is the name of a government assassin who becomes a dark superhero?
SPAWN
That whenever any form of government becomes destructive of these ends it is the right of the people to alter or to abolish it and to institute new government...?
The quote, "That whenever any form of government becomes destructive of these ends, it is the right of the people to alter or to abolish it, and to institute new government" is found in the Declaration of Independence.
