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if one faills to record a liabilt your whole income and balance sheet goes out of place
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∙ 14y ago
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What happens if you fail to record payment of an expense in accounting?
It would appear as if the payment is still due.
How do you record an increase in a liability account?
Any increase is an credit for a liability
How do you record a Construction in Process liability?
How do a liability of a CIP get recorded? Please Journalize.
What asset and liability accounts might the AAA use to record its transactions?
Assets = Cash, Accounts Receivable, Supplies, etc. Liability =
What is an accured liability?
A liability that arises because an expense happens in a time span former to the associated money payment.
What happens if you fail to record payment of an expense in accounting?
It would appear as if the payment is still due.
How do you record an increase in a liability account?
Any increase is an credit for a liability
How do you record a Construction in Process liability?
How do a liability of a CIP get recorded? Please Journalize.
Usually failure to record a liability means failure to record an?
Expense
When does a corporation record a dividend related liability?
on a declaration date
What happens when you die in sat?
You fail!
How much does collision liability cost?
It depends on your record and who your insurance company is.
Failure to record a liability will probably?
result in a overstated net income
What asset and liability accounts might the AAA use to record its transactions?
Assets = Cash, Accounts Receivable, Supplies, etc. Liability =
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.
What is an accured liability?
A liability that arises because an expense happens in a time span former to the associated money payment.
What is a liability account?
Liability Accounts record obligations of a business towards its creditors. Examples of liability accounts are Accounts Payable, Interest Payable, Wages Payable. These accounts appear on the balance sheet.
