0
What else can I help you with?
What does ALAE mean on a Professional Liability Insurance Loss Run?
Allocated Loss Adjustment Expense
Is the Depreciation a loss or an Expense?
An expense.
Is a realized loss on investment negative income or expense?
A realised loss on an investment is an expense
Is operating expense on Profit and Loss?
Operating expense is a loss, but is used in calculating overall profit.
Define depreciation and state whether it is a loss or expense?
Type your answer here..it depends upon the nature of transaction, it may be a loss or an expense, (expense is bwcause we are paying for it) (it is a loss coz value of machine is decreasing). ny ways entry is the same.
What is stock journal voucher?
In this voucher a user calculate only adjustment entry transaction are made like- outstanding expense,prepaid expense, interest on capital,etc .
Is Loss on sale of asset is an expense account?
yes
What statement have selling expense?
Profit and Loss Statement
What is the maximum allowable educator expense adjustment for an eligible teacher?
you may be able to deduct up to $250
What are the Important adjustment entries in a profit and loss account?
Important entries in profit and loss account are..... 1. Depreciation 2. Bad Debts 3. Interest on capital & drawings 4. Prepaid expenses 5. outstanding expenses ......etc
What effect does an accrued expense adjustment have on the financial statements?
An accrued expense adjustment increases expenses on the income statement, which reduces net income for the period. On the balance sheet, it also increases liabilities, reflecting the obligation to pay these expenses in the future. This adjustment ensures that expenses are recognized in the period they are incurred, adhering to the accrual accounting principle. Overall, it provides a more accurate picture of the company's financial position and performance.
Is a reduction in prepaid expenses a debit?
No, a reduction in prepaid expenses is not a debit; it is a credit. Prepaid expenses are initially recorded as assets, and when they are utilized or expire, they are reduced through a credit entry, which reflects the expense incurred. This adjustment decreases the prepaid expense account and increases the corresponding expense account.
