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Is an accrual expense a liability?
yes
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 it true or false Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
Is it true or false tht Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
Why should the federal government adopt the accrual basis of accounting?
The federal government should adopt accrual since there is a 1956 law that requires all government agencies to prepare accrual-basis financial reports. Also, accrual basis will show more information since it shows money that the government is owed and liabilities of the federal government.
Is an accrual expense a liability?
yes
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.
What is financial liability?
If you have financial liability, they you have to pay money if something goes wrong. Liability means you can be held responsible and financial means money.
Is it true or false Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
Expenses incurred but unpaid that are recorded during the adjusting process with a debit to an expense and a credit to a liability are?
An accrual.
Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to a liability are?
An accrual.
What financial statement does not report amounts primarily on accrual basis?
statement of cash flows
Is it true or false tht Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
What is a accrual date?
An accrual date is the date on which a financial position is recognised. E.g. if an invoice from a supplier is not yet recieved but the position needs to be reflected in the result of the company an accrual can be accounted for that amount to a specific period, mostly at the end of a month of a year.
Is this accrual system used by investor and bank for financial statements?
yes
Under GAAP the accrual system of accounting is used by investors and banks for financial statements.?
yes
Updating accrual accounting records prior to preparing financial statements is called?
closing process
