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What are the four accounts in the general ledger which need to be updated with adjusting entries?
The four accounts in the general ledger that typically need to be updated with adjusting entries are: Prepaid Expenses - to record the expense incurred during the period. Accrued Revenues - to recognize revenue earned but not yet received. Accrued Expenses - to record expenses incurred but not yet paid. Unearned Revenues - to recognize revenue that has been earned but previously recorded as a liability.
Can a person incur a net loss during a term and yet have more cash at the end of the term than he had to begin?
Yes. If you collect receivables from the previous period, you increase your cash, but not your income. If you recognize expenses that are due but not yet paid, you increase your expenses but do not decrease your cash. There are also non-cash expenses, such as depreciation and amortization that increase your expenses but have no effect on cash. You could also increase your cash through loans or additional capital investment.
What are the two types of expenses?
fixed expenses and variable expenses
Are advertising expenses is considered an asset or liability?
it is an assetAlternate answerAdvertising expenses enhance the brand name of a company. The market value of a company might very well increase as a result of advertising. Accounting principles (US GAAP and IFRS) nevertheless do not recognize marketing expenditures as an asset, because the future benefits may not be measured realibly. In short: marketing expenses are not an asset, but are expensed instead.Note: advertising expenses may result in a liability (accounts payable) if the company still needs to pay the advertising company. The liability disappears when the bills have been paid.
How are variable expenses different from fixed expenses?
Variable expenses are those expenses which vary according to production level while fixed expenses are those expenses which have no effect of production level and remain same.
What are the four accounts in the general ledger which need to be updated with adjusting entries?
The four accounts in the general ledger that typically need to be updated with adjusting entries are: Prepaid Expenses - to record the expense incurred during the period. Accrued Revenues - to recognize revenue earned but not yet received. Accrued Expenses - to record expenses incurred but not yet paid. Unearned Revenues - to recognize revenue that has been earned but previously recorded as a liability.
What would the journal entry be to accrue for 2007 accounting expenses that won't be received until 2008?
12/31/07 Debit Professional Fees, Credit Accrued Expenses.
Can a person incur a net loss during a term and yet have more cash at the end of the term than he had to begin?
Yes. If you collect receivables from the previous period, you increase your cash, but not your income. If you recognize expenses that are due but not yet paid, you increase your expenses but do not decrease your cash. There are also non-cash expenses, such as depreciation and amortization that increase your expenses but have no effect on cash. You could also increase your cash through loans or additional capital investment.
how is rents and rates recorded in adjusting entries?
In adjusting entries, rents and rates are typically recorded to recognize any prepaid or accrued amounts related to these expenses. If rent has been paid in advance, it's adjusted to reflect the portion that corresponds to the current accounting period. Conversely, if rent is owed but not yet paid, an accrual is made to recognize the expense for the period. Adjusting entries ensure that the company's financial statements accurately reflect the expenses incurred during the accounting period.
What are the two types of expenses?
fixed expenses and variable expenses
Are advertising expenses is considered an asset or liability?
it is an assetAlternate answerAdvertising expenses enhance the brand name of a company. The market value of a company might very well increase as a result of advertising. Accounting principles (US GAAP and IFRS) nevertheless do not recognize marketing expenditures as an asset, because the future benefits may not be measured realibly. In short: marketing expenses are not an asset, but are expensed instead.Note: advertising expenses may result in a liability (accounts payable) if the company still needs to pay the advertising company. The liability disappears when the bills have been paid.
What are non factory expenses?
general and administrative expenses marketing expenses
What is irregular expenses?
the expenses which will be not regular like penalty, miscellaneous expenses
What are the expenses of being a lawyer?
There are many expenses of being a lawyer. These can be monetary expenses as well as emotional expenses of the profession.
Petty cash account details?
when we use laundry and cleaning expenses,meals and entertainment expenses,office expenses,pantry items expenses,travelling expenses etc.. what are the expenses will come each cotogories
How are variable expenses different from fixed expenses?
Variable expenses are those expenses which vary according to production level while fixed expenses are those expenses which have no effect of production level and remain same.
What is Promotion expenses is it an expense or current liability?
it is Administative Expenses And Indirect Expenses
