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What is the interest due on a note payable in one fiscal period but not paid until the next fiscal period called?
The interest due on a note payable in one fiscal period but not paid until the next fiscal period is called "accrued interest." This interest is recognized as a liability on the balance sheet at the end of the fiscal period in which it is incurred, even though the payment occurs later. It reflects the obligation to pay interest that has accumulated but remains unpaid.
What else can I help you with?
Accrued interest vs interest payable?
Interest payable is the interest that has not yet been paid to the customer on the deposit. Accrued interest is interest that is accumulated over a period ,especially from last payment made to the customer. The primary formula for calculating the interest accrued in a given period is: where, T = number of days in the period/number of days in the year
What is a bank certificates of deposit called a time deposit?
time deposit means payable at specified time same is the case with bank deposit ie. fixed deposit that is payable after certain period means not less than 7 days to earn interest so fds are called as time deposit
3 When is a liability classified as a current liability ad as a noncurrent liability?
When liability is payable within one fiscal year then it is current liability while one liability is payable within more than one period then Is non-current liability.
Is interest payable a long term liability or current liability?
A payable (such as interest payable) can be either a long term or current liability, to find out which consider the definitions of each. Current liability is any liability that will be fully paid within one year (or less) or one accounting period. Long term liability is any liability that will take more than one year or accounting period to be fully paid. For the most part, interest payable is current, as it usually is required to be paid quickly, however, that is not always the case.
Is salaries payable a liability?
Salaries payable is liability payable in future time period.
Accrued interest vs interest payable?
Interest payable is the interest that has not yet been paid to the customer on the deposit. Accrued interest is interest that is accumulated over a period ,especially from last payment made to the customer. The primary formula for calculating the interest accrued in a given period is: where, T = number of days in the period/number of days in the year
Where does interest payable goes on the income statement?
Interest payable is that amount which is payable at future date and not paid in current year or period, income statement only shows expenses of current period that's why it is not shown in income statement rather it is shown under current liability of balance sheet.
What is a bank certificates of deposit called a time deposit?
time deposit means payable at specified time same is the case with bank deposit ie. fixed deposit that is payable after certain period means not less than 7 days to earn interest so fds are called as time deposit
A 12-month accounting period is called a?
a 12 month period is called a fiscal year, there is also a natural year.
3 When is a liability classified as a current liability ad as a noncurrent liability?
When liability is payable within one fiscal year then it is current liability while one liability is payable within more than one period then Is non-current liability.
Is interest payable a long term liability or current liability?
A payable (such as interest payable) can be either a long term or current liability, to find out which consider the definitions of each. Current liability is any liability that will be fully paid within one year (or less) or one accounting period. Long term liability is any liability that will take more than one year or accounting period to be fully paid. For the most part, interest payable is current, as it usually is required to be paid quickly, however, that is not always the case.
Where does mortgage interest go on a balance sheet?
they go on the Non current liabilities as they are not payable within a period of 12 months
Is salaries payable a liability?
Salaries payable is liability payable in future time period.
What is the most common time period covered by an accounting report called?
fiscal year
How do you get weighted average for accounts payable?
Weighted Average Accounts payable = Opening period accounts payable + closing period accounts payable divided by 2 Example: Opening Accounts payable = 10000 Closing accounts payable = 20000 Average = 30000/2 = 15000
What is a financial period?
Fiscal year
What is financial period?
Fiscal year
