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Is the fair value of an asset retirement obligation recorded as an increase to the related asset and as a liability?
Wiki User
∙ 14y ago
Is it true the fair value of an asset retirement obligation recorded as an increase to the related asset and as a liability?
Wiki User
∙ 14y ago
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How do you record a Construction in Process liability?
How do a liability of a CIP get recorded? Please Journalize.
A liability that has been incurred but has not been recorded in the accounts is known as?
An accrued liability
Is Notes receivable asset or liability?
It is recorded as an asset.
What type of account is unearned revenues on?
Answer:Unearned revenues is a liability of the company towards the customer. The customer has paid up front for products or services, while the company still has an obligation to perform their part of the deal. Liabililties are recorded on permanent T-accounts.
A check drawn by a company for 270 in payment of a liability was recorded in the journal as 720 What entry is required in the company?
Reduction in liability for 550 should be recorded in journal to reduce the excess payment.
Dividends in arrears on cumulative preferred stock should be recorded as a current liability?
No, no payment obligation exists until the board of directors declares a dividend.
What is the liability for product warranty claims is an example of a liability that?
Product warranty claims liability is an example of a liability that arises from a company's obligation to repair or replace products that are defective or do not meet the terms of the warranty. This liability represents the estimated cost of fulfilling these warranty claims and is recorded on the company's balance sheet as a potential expense that may need to be incurred in the future.
A liability that has been incurred but has not been recorded in the accounts is known as?
An accrued liability
How do you record a Construction in Process liability?
How do a liability of a CIP get recorded? Please Journalize.
A liability that has been incurred but has not been recorded in the accounts is known as...?
An accrued liability
Is Notes receivable asset or liability?
It is recorded as an asset.
What type of account is unearned revenues on?
Answer:Unearned revenues is a liability of the company towards the customer. The customer has paid up front for products or services, while the company still has an obligation to perform their part of the deal. Liabililties are recorded on permanent T-accounts.
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.
A check drawn by a company for 270 in payment of a liability was recorded in the journal as 720 What entry is required in the company?
Reduction in liability for 550 should be recorded in journal to reduce the excess payment.
Should customer deposits be shown on the balance sheets as a current liability or as unearned income?
Customer deposits should be shown on the balance sheets as a current liability. This is because the deposits represent an obligation or liability to the company to fulfill the customer's orders or requests. It does not meet the criteria to be recorded as unearned income, which typically refers to amounts received in advance of the company providing goods or services.
What is the purchase of equipment on credit recorded by?
A debit to equipment and a credit to liability
Expenses that have been incurred but not recorded in the accounts?
Expenses incurred but not yet paid or recorded are called accrued expenses.
