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What if your program is liable for payment on goods and services received under a contract. What if your payment based on a submitted invoice for all or part of this obligation is a(n) .?
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Why is unearned revenue a liability instead of a revenue account?
Unearned revenue accounts represent the amount of cash received before services are provided. Since services have not been provided yet, it is not revenue. (It represents the obligation for future services in order for the revenue to be earned.)
Is unearned rental income assets?
Actually it is the opposite. If you have received compensation for services, but you have not earned that compensation yet, you incur a liability. That liability represents an obligation to perform those services. As the money is earned, the liability to reduced and you earn revenue.
Sales Contract?
Get StartedThis Contract can be constructed to cover the sale of goods or the exchange of services between to companies. If one business is providing goods or products to the other �A Contract for sale of goods� should be created. If one business is providing services to another �A Contract for services� should be created. If you require more detailed information before making your decision the following help topics can help: Sales Contract for Services
What is accrued liabilities?
Under accrual method of accounting, goods or services are received today and payment is made in the future. The transaction is recorded in the books when the goods and services are received (i.e. today) while the future payment obligation is treated as a liability (account payable) Example: accrued wages payable, accrued sales tax payable, and accrued rent payable, etc.Hope this helps!
What is journal entry for received cash for services?
[Debit] Cash / bank [Credit] Services revenue
What is the obligation of contract?
The meaning of obligation of contract is the legal duty of the parties to the contract to live up to the promise they make in contract. Thus mainly emphasis a moral duty on the contractors.
Is goods and services tax submitted to the government by your employer?
No
Why is unearned revenue a liability instead of a revenue account?
Unearned revenue accounts represent the amount of cash received before services are provided. Since services have not been provided yet, it is not revenue. (It represents the obligation for future services in order for the revenue to be earned.)
Can services be a contract?
Services can certainly be a part of a contract. I specialize in service contracts in the IT environment.
Is unearned rental income assets?
Actually it is the opposite. If you have received compensation for services, but you have not earned that compensation yet, you incur a liability. That liability represents an obligation to perform those services. As the money is earned, the liability to reduced and you earn revenue.
What claim form is submitted for radiology services?
CMS 1500
What claim form will be submitted for the physician's services?
CMS-1500
Which document can be used to record the award of a contract and the obligation of funds in GFEBS?
A Purchase Requisition (PR) document can be used to initiate a request for goods or services and record a commitment of funds in GFEBS.
How do you cancel a home improvement contract in Florida before 3 days?
Canceling a contract for home improvement services would simply require you to contact the company and cancel. Keep in mind however, that cancellations made so close to the actual start date could result in out of pocket expenses. Review your contract to see your obligation for fees.Ê
If a promise clearly makes a moral obligation than does the law make it a legal obligation?
Not necessarily. Morals are, by definition, more subjective than the law. You may have a moral obligation to do something for which there is no legal punishment available at all. Maybe you have a moral obligation to give your children presents as your money may permit, but there is no legal obligation to give them more than the necessaries, even if you are filthy rich. In other cases you may have a moral obligation that merely creates a separate and distinct legal obligation. For example, you may have a moral obligation to perform services on a contract, but you cannot be physically forced to actually perform. The only "legal obligation" would be to pay for damages caused by your failure to perform, if any. Therefore, even if there is a legal obligation stemming from such a moral obligation ("you gave your word"), they are not the same obligation.
Which companies provide contract van hire services?
Many companies provide contract van hire services. A few of the companies that provide contract van hire services include SmartHire, ApplegateVanHire, and AllianceVanHire.
What is service contract?
It is exactly what the name implies. A services contract is a contract where one of the parties is providing a service. For example, you probably have a contract with you cell phone provider for phone service and another services contract with the company that provides internet service to your home.
