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what cost incurrd in the formation of a corporation are not expensed as incurred but are recorded as an asset?
true of false
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Would renovation of the leased office be capitalized?
Yes, the renovation of a leased office would typically be capitalized if it significantly enhances the value of the property, extends its useful life, or adapts it to a different use. This means that the costs incurred for the renovation would be recorded as an asset on the balance sheet rather than expensed immediately. However, if the renovation is merely for maintenance or repairs, those costs would generally be expensed in the period incurred. It's important to consider the specific lease terms and accounting policies applicable to the organization.
A liability that has been incurred but has not been recorded in the accounts is known as?
An accrued liability
Adjustments for accruals are needed to record a revenue that has been earned or an expense that has been incurred but not recorded?
TRUE
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.
Where is the authorized stock of a corporation recorded?
The authorized stock of a corporation is recorded in its corporate charter or articles of incorporation, which are filed with the state government. This document outlines the total number of shares that the corporation is authorized to issue. Additionally, the details about authorized stock are often reflected in the corporation's financial statements and internal records.
Would renovation of the leased office be capitalized?
Yes, the renovation of a leased office would typically be capitalized if it significantly enhances the value of the property, extends its useful life, or adapts it to a different use. This means that the costs incurred for the renovation would be recorded as an asset on the balance sheet rather than expensed immediately. However, if the renovation is merely for maintenance or repairs, those costs would generally be expensed in the period incurred. It's important to consider the specific lease terms and accounting policies applicable to the organization.
Expenses that have been incurred but not recorded in the accounts?
Expenses incurred but not yet paid or recorded are called accrued expenses.
A liability that has been incurred but has not been recorded in the accounts is known as?
An accrued liability
A liability that has been incurred but has not been recorded in the accounts is known as...?
An accrued liability
Adjustments for accruals are needed to record a revenue that has been earned or an expense that has been incurred but not recorded?
TRUE
Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to a liability are?
An accrual.
Expenses incurred but unpaid that are recorded during the adjusting process with a debit to an expense and a credit to a liability are?
An accrual.
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.
Where is the authorized stock of a corporation recorded?
The authorized stock of a corporation is recorded in its corporate charter or articles of incorporation, which are filed with the state government. This document outlines the total number of shares that the corporation is authorized to issue. Additionally, the details about authorized stock are often reflected in the corporation's financial statements and internal records.
Is freight out debit or credit?
Freight out is typically recorded as a debit in accounting. It represents an expense incurred by a business for shipping products to customers. This expense reduces the company's net income, so it is recorded on the debit side of the income statement. In contrast, freight in (shipping costs incurred to receive goods) is recorded as an asset or part of inventory and is typically a debit as well.
Where are operating leases recorded in financial statements?
Operating lease is that kind of lease which is not done for entire useful life of assets and only lease rental are paid and expensed through income statement.
Where does maintenance and repairs expense go on the balance sheet?
Maintenance and repairs expenses do not appear directly on the balance sheet; instead, they are recorded on the income statement as part of operating expenses. However, if the maintenance or repairs enhance the asset's value or extend its useful life, those costs may be capitalized and added to the asset's value on the balance sheet. Otherwise, regular maintenance costs are expensed in the period they are incurred and do not affect the balance sheet directly.
