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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.
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
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.
Adjustments for accruals are needed to record a revenue that has been earned or an expense that has been incurred but not recorded?
TRUE
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.
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.
What is the purpose of adjusting entry?
The purpose of the preparation of adjusting entries is to ensure that revenues are being recorded during the period they are earned and expenses are being recorded during the period they are incurred.
Expenses that have been incurred but have not been recorded in the accounts are?
Incurred Expenses also sometimes known as Accrued Expenses are expenses that a company incurs but has not yet paid. Unless the company in question uses Cash Basis Accounting, the transaction should be recorded immediately as a debit to the appropriate expense account and a credit to the appropriate payable account.It is an "unrecognized" expense until it is recorded, not necessarily paid.
Are property taxes prepaid or accrued?
Property taxes are typically accrued, meaning they are recorded as an expense when they are incurred, rather than prepaid in advance.
