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Just as with any other cost of doing business, When the expense is incurred in the course of production or service then those costs should be included in expenses.

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When should the liability assocated with a product warranty be recorded?

The liability associated with a product warranty should be recorded when the product is sold, as this is when the obligation to honor the warranty arises. At this point, companies must estimate the expected costs of fulfilling the warranty obligations based on historical data and experience. This liability is recognized as a provision in the financial statements, reflecting the future outflow of resources expected to settle the warranty claims.


Unexpired expense should write in income statement or balance sheets?

Unexpired expense is current assets until used so it is part of assets of business and should be included in assets side of balance sheet.


What if you discover that a traveler included a disallowed expense on their authorization?

If a traveler includes a disallowed expense on their authorization, it's essential to address the issue promptly. You should communicate with the traveler to clarify the policy and explain why the expense is not permissible. Depending on company policy, you may need to adjust the authorization to remove the disallowed expense or reject it outright. Ensuring clear communication and understanding of expense policies can help prevent future occurrences.


Restructuring charges be classified as an operating expense or as a nonoperating expense?

Should restructuring charges be classified as an operating expense or as a nonoperating expense?


What is meant by saying a proposed payment is legalWhich of the following statements is TRUE if you discover that a traveler included a disallowed expense on their authorization?

Saying a proposed payment is legal means that it complies with applicable laws, regulations, and organizational policies concerning financial transactions. If you discover that a traveler included a disallowed expense on their authorization, the true statement would likely be that the expense cannot be reimbursed or approved, and the traveler should be informed of the error and instructed on the proper procedures for submitting acceptable expenses.

Related Questions

Do iPod touches come with warranty?

If you buy them from an official store you should get the standard 1 year Warranty included. Extra warranty can usually be bought.


What are the terms and coverage of the Delta warranty for this product?

The Delta warranty for this product includes terms such as coverage for defects in materials and workmanship for a specified period of time. The warranty may vary depending on the product and should be reviewed for specific details.


When should the liability assocated with a product warranty be recorded?

The liability associated with a product warranty should be recorded when the product is sold, as this is when the obligation to honor the warranty arises. At this point, companies must estimate the expected costs of fulfilling the warranty obligations based on historical data and experience. This liability is recognized as a provision in the financial statements, reflecting the future outflow of resources expected to settle the warranty claims.


Do iPod Nanos come with a warranty?

Most iPod products come with a warranty and the limit of that warranty depends on the product. All products should come with a warranty information in the box.


What is the actual length of time on a lifetime warranty of a product?

It should actually be lifetime. But, you would need your receipt for purchase, a copy of the warranty, and the company would still need to be in business or readily contacted. Also, the damage would be included in the warranty, and not due to something that is excluded. According to the laws in different states, a Lifetime Warranty is only good for the lifetime of that product not your lifetime. As each product varies from material to material as well as manufacturer to manufacturer so does its lifetime. Unless specifically noted otherwise, the lifetime of a product in some states can be as little as 3 years.


Unexpired expense should write in income statement or balance sheets?

Unexpired expense is current assets until used so it is part of assets of business and should be included in assets side of balance sheet.


Where can I have my office Toshiba copier repaired and serviced?

First, you should contact the company that sold you the machine and ask about service. If the machine is under warranty, they may do the work for no cost. Your first option depends on whether the copier is still under warranty. Did you purchase a service plan when you purchased it? Even if you didn't, the product probably included a warranty for at least the first year of use. Contact the store where you purchased it to see what you should do next.


Where do I find warranty information on my bowflex dumbbells?

Go to the direct website of the company you bought the product from. They have a FAQ page that should have warranty information on there. Good luck with your purchase.


Where would one buy an extended warranty on an electronic product?

To buy an extended warranty on an electronic product, one should probably go to the store or retailer where one bought the products, and ask the customer service representatives if they have offers like that.


Does the refurbished HP Pavilion Media center desktop come with any kind of warranty?

There is a one-year standard warranty included, but you should be able to purchase a protection plan to go along with it.


what is the warranty period for this product?

In the US the warranty period on this product would usually be 1 year from purchase if brought in a new condition. You should double check with the store prior to purchase as this can sometimes change.


How can I tell if my Cisco product is licensed or not?

Any Cisco product purchased should come with a warranty and more importantly, an activation key e-mail should be sent to you; then you'll know it's genuine.