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What are the classification in the liabilities?
liabilities can be classified as short term liabilities and long term liabilities
What is accounting entry for directors fees?
The accounting entry for directors' fees typically involves recording an expense and a liability. When the fees are incurred, you would debit the Directors' Fees Expense account and credit the Accrued Liabilities or Accounts Payable account. This reflects the expense recognized in the income statement while acknowledging the obligation to pay the directors. Upon payment, you would then debit the Accrued Liabilities or Accounts Payable and credit Cash or Bank.
Are fees listed in a bank's account Analysis Statement to be posted as expenses in a corporation's ledger?
Yes, fees listed in a bank's account analysis statement should be recorded as expenses in a corporation's ledger. These fees represent costs incurred in managing the bank account and are typically classified under bank service charges or similar expense categories. Properly recording these fees ensures accurate financial reporting and helps in tracking the overall expenses of the corporation.
What is the current portion of long term debt classified with?
liabilities
How is the Bonds Payable account classified on the balance sheet?
It is classified under Long-term Debt/Liabilities
What are the classification in the liabilities?
liabilities can be classified as short term liabilities and long term liabilities
Are deposits assets or liabilities of a bank?
Customers deposits in a bank are the bank's liabilities because they are OWED to the customer.
Two common subgroups for liabilities on a classified balance sheet are?
current liabilities and long term liabilities
What is accounting entry for directors fees?
The accounting entry for directors' fees typically involves recording an expense and a liability. When the fees are incurred, you would debit the Directors' Fees Expense account and credit the Accrued Liabilities or Accounts Payable account. This reflects the expense recognized in the income statement while acknowledging the obligation to pay the directors. Upon payment, you would then debit the Accrued Liabilities or Accounts Payable and credit Cash or Bank.
Where can one check online the UK bank fees?
Bank fees can be checked online on the website of the bank that you bank with as they will have the exact amount you have to pay as bank fees do vary from bank to bank.
Are fees listed in a bank's account Analysis Statement to be posted as expenses in a corporation's ledger?
Yes, fees listed in a bank's account analysis statement should be recorded as expenses in a corporation's ledger. These fees represent costs incurred in managing the bank account and are typically classified under bank service charges or similar expense categories. Properly recording these fees ensures accurate financial reporting and helps in tracking the overall expenses of the corporation.
The classified Balance Sheet will divide its Liabilities Section as the following subsections?
Current assets and property plant and equipment
What is the current portion of long term debt classified with?
liabilities
How is the Bonds Payable account classified on the balance sheet?
It is classified under Long-term Debt/Liabilities
Type of liabilities?
There are several different types of liabilities. The two main types are current and long term. Then there are contingent liabilities which can be classified as either current or long time.
What are the primary assets and liabilities of a commercial bank?
Loan assets and investment assets are the primary assets of a commercial bank. Deposits and borrowing are liabilities also known as claims to a commercial bank.
Where do you place mortgage payable in a classified balance sheet?
In the liabilities section
