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A financial liability brought on by a loss that has resulted from illegal improper or incorrect payments refers to a?
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∙ 7y ago
Pecuniary
Melyssa Goodwin
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Liability refers to a financial liability brought on by a loss that has resulted from illegal improper or incorrect payments?
Pecuniary
Are accountable officials are pecuniary liable for illegal improper or incorrect payments as a result of negligent performance of accountable official duties?
Yes
What does Pecuniary liability mean?
It is the personal financial responsibility of accounting officials who approve expenses, making them responsible for verifying the accuracy of their account payments.If you are an official, it means that you have financial responsibility for erroneous payments made as a result of your signature.As an accountable official, you are presumed to be negligent when a fiscal irregularity occurs
What transaction would cause decrease and increase liability account?
A liability account is money owed by a company. Such as Accounts Payable and Notes Payable.A transaction that would increase a liability account is if you purchased an item on account. This would increase either the Account Payable or Note Payable accounts.A transaction that would decrease these are actual payments you make to the person/company you owe, hence lowering the balance of how much is owed.For example, I purchase a truck costing $15,000, that transaction has increased my liability in notes payable. Once I begin making payments on that truck, each of those payments will decrease the liability.
Why would one need a deferred tax liability?
Deferred tax liability is necessary when a company's balance sheets fail to reflect what they are claiming on their tax returns. This can occur, for example, in cases of deferred payments from customers.
Liability refers to a financial liability brought on by a loss that has resulted from illegal improper or incorrect payments?
Pecuniary
What liability refers to a financial liability brought on by a loss that has resulted from illegal improper or incorrect payments?
Pecuniary
Are accountable officials pecuniary liable for illegal improper or incorrect payments as a result of negligence performance of Accountable Official duties?
Yes, accountable officials can be held pecuniary liable for illegal, improper, or incorrect payments that occur as a result of negligence in performing their duties. They have a responsibility to ensure that payments are made in accordance with the law and regulations, and any failures to do so may result in financial penalties or other legal consequences.
What is true about accountable officials and certifying officials?
They are pecuniarily liable for all illegal, improper or incorrect payments
Are accountable officials pecuniary liable for illegal improper or incorrect payments as a result of negligent performance of accountable official duties?
Yes
Accountable officials are pecuniary liable for illegal improper or incorrect payments as a result of negligent performance of accountable official duties?
Yes
Are accountable officials are pecuniary liable for illegal improper or incorrect payments as a result of negligent performance of accountable official duties?
Yes
True or False Accountable Officials are pecuniary liable for illegal improper or incorrect payments as a result of negligent performance of Accountble Official duties?
True
What is a Certifying Officer's Maximunm level of percuniary liability with regards to erroneous payments?
A Certifying Officer's maximum level of pecuniary liability for erroneous payments is typically limited to the amount of the payment made. They could be held personally liable for the amount if they knowingly or negligently authorized a payment that was improper or not supported by adequate documentation.
Would extra payments made on a credit card be an asset liability income or expense?
liability
Who has pecuniary liability for erroneous payments?
Certifying Officers have pecuniary liability for erroneous payments.Certifying Officers
Where can someone estimate their Tax Liability online?
You can estimate your Tax Liability online on Virginia.gov. Tax Liability online helps you to determine your estimated tax liability and how many payments you should make.
