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How do a liability of a CIP get recorded? Please Journalize.
Wiki User
∙ 13y ago
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How do you record an increase in a liability account?
Any increase is an credit for a liability
Is unearned revenue a current liability when advance payment received for construction work?
no
What asset and liability accounts might the AAA use to record its transactions?
Assets = Cash, Accounts Receivable, Supplies, etc. Liability =
What happens if you fail to record a liability?
if one faills to record a liabilt your whole income and balance sheet goes out of place
What is the detailed record of the changes in a particular asset or liability or owners equity called?
account
What is billings on construction in process?
It's a contra-asset account to construction in process. It's used to record periodic billings on a construction project.
Do I have to have liability insurance if I open a small construction business?
Yes, you are required to have liability insurance if you wish to open, and have licensed, a small construction business.
How do you record an increase in a liability account?
Any increase is an credit for a liability
Usually failure to record a liability means failure to record an?
Expense
How can I find quick construction liability insurance for comparison rates?
The best way to compare your interest rates with a competitor company is to go online to a construction liability website and put down your information vs your competitors.
Which insurance companies offer construction liability insurance?
Some insurance companies that offer construction liability insurance include Goodman Insurance and Progressive. You can learn more about these companies and their insurance plans at their official websites.
Conversion of Basement construction to Pillar construction?
how are in construction process going?
Is unearned revenue a current liability when advance payment received for construction work?
no
What is general liability classification code 91581?
Contractors-SubContracted work-construction
Definition of record drawing?
From the American Institute of Architects, Record Drawings are construction drawings revised to show significant changes made during the construction process, usually based on marked-up prints, drawings, and other data furnished by the contractor or architect. This term is preferable to "as-built drawings."
When does a corporation record a dividend related liability?
on a declaration date
Why does it matter to California Commercial liability insurance if you build or remodel condos or apartments?
Condos and apartments in California are high risk construction projects and the construction defect statute of limitations of work like this done in California is 10 years. We frequently see on site liability claims and construction defect claims for this type of work in California. New condos or apartments require a WRAP insurance policy in order to be covered, remodel work can be covered by a normal construction liability policy. Make sure you get certs and signed subcontracts from all your subcontractors so their liability flow to them not you.
