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With respect to prepaid income from services is the treatment of prepaid income the same for tax and financial accounting?
Wiki User
∙ 14y ago
No - for financial accounting it is treated as deffered income (included in income when earned) and for tax perposes it is income in the year received.
Wiki User
∙ 14y ago
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What is the difference between prepaid expense and advance payment?
Prepaid expense is a payment which relevant to services which expected to delivered in the next accounting period, while advance expense is an expense paid in advance for services expected to delivered in the current accounting period.
What financial statement are prepaid expenses found?
What financial statemnt are prepaid to know
What are the accounting journal entries to record a prepaid inventory?
Debit prepaid inventoryCredit cash / bank
Are prepaid expenses a nominal account?
Prepaid expenses are the part of nominal account expenses which are not used during the current accounting period. They cannot be charged to profit and loss account as per matching concept. They find place in balance sheet and written off in the next accounting period.
What sort of services does Account Now offer?
Account Now is a company that offers prepaid cards that can help to manage your money safer, easier, and cheaper. Everything from a prepaid debit card, prepaid visa or prepaid master card.
What is the difference between prepaid expense and advance payment?
Prepaid expense is a payment which relevant to services which expected to delivered in the next accounting period, while advance expense is an expense paid in advance for services expected to delivered in the current accounting period.
What financial statement are prepaid expenses found?
What financial statemnt are prepaid to know
what kind of services provide by QNet?
We provide innovative financial payment automation solutions including payroll, prepaid and loyalty programs. We also provide cloud-based telecommunications services and products.
What is the journal entry for a warranty purchased in financial accounting?
The journal entry to record the purchase of a warranty in financial accounting would be to debit the Warranty Expense or Warranty Cost account and credit the Unearned Warranty Revenue account. This reflects the cost of providing the warranty coverage and defers the recognition of revenue until the warranty services are actually provided.
What are the accounting journal entries to record a prepaid inventory?
Debit prepaid inventoryCredit cash / bank
Which financial services are offered by Amscot?
Amscot provides non-bank financial services to consumers via a network of retail branch locations located throughout the state of Florida. Their services include check cashing, bill payment, prepaid debit cards, small short-term cash advances, money orders, Western Union wire transfers, notary services, fax services, prepaid wireless minutes and postage sold at face value.
How do you opt out of the citi prepaid services prepaid card?
anonymously
Where can I find prepaid internet service online?
Xanadoo is a prepared high speed internet service. Some cellphone services that have prepaid phone services also provided prepaid internet services.
How is a prepaid expense recorded in accrual accounting?
[Debit] Prepaid Expenses xxxx [Credit] Cash / bank xxxx
How do you check last 3 calls on aircel prepaid?
prepaid aircell services
Which company sells prepaid business credit cards?
American Express is a very reliable and major firm in the financial industry and the business sector. They also sell prepaid and re-loadable credit cards with services for businesses also offered.
What is the accounting for prepaid items?
Prepaid items are those amounts payment of which is made before the expenses so these are current assets for business.
