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What is the difference between amortization and depreciation?
Amortization usually refers to spreading an intangible asset's cost over that asset's useful life. Depreciation, on the other hand, refers to prorating a tangible asset's cost over that asset's life.Depreciation Is Applicable only on Fixed & Tangible Assets Which Depends on useful life of that assets that may be expected accurately but Amortization applicable on Intangible Assets whose life is very critical to be measured.DEPRECIATION is calculated for tangible assets while AMORTIZATION is calculated for intangible assets.
What controlled item codes identify pilferable assets?
Controlled item codes that identify pilferable assets typically include specific designations such as "C" for controlled inventory, "P" for pilferable items, or "S" for sensitive items, depending on the organization's classification system. These codes help track and manage items that are at risk of theft or unauthorized access, ensuring tighter security measures are implemented. Organizations may also use unique inventory management systems to designate and monitor such assets effectively.
What does the assets section of a classified balance sheet usually include?
Classified balance sheets generally subdivide its major categories into short-term and long-term parts. In a classified balance sheet, the assets section usually includes:Current Assets (or Short-Term Assets)Fixed Assets (or Long-Term Assets)Sometimes, additional sections may be included:Intangible Assets (may be included under current/fixed depending on the nature of the intangibles)"Other" Assets (any other assets that do not fall under the above, such as contingent assets)
What is non current assets to total assets ratio?
Fixed assets to total assets ratio describe about the percentage or number of time fixed assets are of total assets. It helps the management to find out that either they are maintaining proper fixed assets and current assets ratio or there may be any changes required in the ratio which is to be maintained because if they maintain high ratio it will affect the depreciation expense and ultimately net income as well.
Are assets claims of creditors?
No, assets are not claims of creditors; rather, assets are resources owned by an individual or entity that have economic value. Creditors hold claims against those assets in the form of debts or obligations owed to them. When a debtor defaults, creditors may seek to recover their claims by accessing the debtor's assets, but the assets themselves belong to the debtor until such actions are taken.
Can Critical assets may also be private assets?
True
When a parent dies are family responsible for their depts?
The parent's estate will be responsible. If there are not enough assets, the debts may not get paid.
Is The service Developmental Test and Evaluation agency responsible for the establishment of Critical Operational Issue?
Yes, the Developmental Test and Evaluation agency is responsible for evaluating and assessing the operational effectiveness and suitability of a system. They may identify critical operational issues, but the responsibility for establishing them typically lies with the program office or the operational user community.
Am I responsible for my husband's debt in NY?
You do not have to do it out of your own pocket in New York. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, you may have to sell the house or other assets.
Am I responsible in any way for my deceased husband's medical bills in OK?
Not directly, but indirectly. If you are the executor of the estate, yes, insomuch as there are assets to pay them with. If the debts exceed the assets, you may have to sell the house or other assets.
How does a forensic accountant uncover hidden assets during an investigation?
A forensic accountant uncovers hidden assets during an investigation by analyzing financial records, conducting interviews, and tracing transactions to identify discrepancies or irregularities that may indicate the presence of hidden assets. They may also use specialized software and techniques to track funds and uncover any attempts to conceal assets.
Is a spouse responsible for the others child support from a previous marriage if he dies?
No. But, the child/children of the deceased may have a claim to assets of their father's estate.
If your wife passes away, are you legally responsible for her outstanding bills?
In general, you are not automatically responsible for your deceased spouse's outstanding bills. However, the estate of the deceased may be responsible for paying off any debts using their assets before distributing any remaining assets to heirs. It is important to consult with a legal professional to understand your specific situation and obligations.
If you have durable power of attorney are you responsible for the debtors after death?
If the attorney-in-fact is responsible for paying the principal's bills there may be an investigation if there are unexplained unpaid debts remaining after the death of the principal a court can order an accounting and the attorney-in-fact will be required to provide a record of all the money that came into the principal's (living) estate and an account of all the money that went out. An attorney-in-fact who mishandles a principal's assets will be held personally liable for damages and repayment and may face criminal charges. An attorney-in-fact who performs their duties properly is not personally responsible for any debts of the principal unless they agreed so in writing.
Who is responsible for my mother's credit debt when she died with no assets?
Generally speaking, if your mother was the sole owner and user of the credit cards then you should notify the companies of her death. If she had no assets there is no estate and they are out of luck. However, her creditors may hire a local person to do an asset check. If they find any assets they will go after them.
When a critical control point is not met the food handler must first do what?
The food handler must identify at which stage and CCP the error may have occured.
In Minnesota is wife responsible for husbands medical debts?
The estate in Minnesota is responsible for any outstanding bills. But the assumption is that the wife inherits the husband's assets. One way or another, the she ends up paying the debt. If the assets are not enough to cover the debt, the real property may have a lien placed against it to cover those debts.
