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Current liabilities.
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∙ 12y ago
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How do accruals and deferrals relate to the matching concept?
balance sheet
Is accurals include in balance sheet?
Yes accrual are part of balance sheet as accruals deals with future activities and all future actives are dealt by balance sheet.
Is an accrual an asset?
Accruals are accounts on a balance sheet that represent liabilities and non-cash-based assets. These accounts include Accounts Payable, accounts receivable, goodwill and future tax liability.
Where do you put the accrued income taxes on the balance sheet?
Under the liabilities section of the balance sheet?
Do accruals go in the income statement?
It depends on transactions all receivables and payable are part of balance sheet while actual revenue or expense in part of income statement.
Do you put GST or HST on the balance sheet?
HST paid goes on the credit side or expenses on the balance sheet
Where do you put retained earnings on a balance sheet?
liability
Where on the balance sheet do you put a deficit?
Retained Earnings
Where do put drawings in a balance sheet?
asset side
Do you put cash value of life insurance on the balance sheet?
No.
Is Loan on balance sheet or off balance sheet?
Loan is on balance sheet
Difference between on balance sheet financing and off balance sheet financing?
In off-balance sheet financing assets are not shown in balance sheet while in balance sheet financing fixed assets shown in balance sheet.
