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What are the money and other valuables that belong to a corporation or a partnership called?
Assets-B
What is Payment made for the use of borrowed money called?
Payment made for the use of borrowed money is called interest. Interest expense is shown on an income statement as a non-operating expense.
What is an expected expense in a budget that remains constant?
An expected expense in a budget that remains constant is called a fixed expense. This means the cost stays the same each month, such as rent or a car payment.
Assets which can be quickly converted into cash are called?
liquid
What is it called when you have more expense than profit?
It's not called anything. If by profit you mean revenues. Then it is called a loss.
Is salary paid asset or liability?
It's neither assets nor liability if a salary is already paid, it's called expense. But a salary before the payment would be called liability and after the payment it is going to be called an expense
The process of allocating congressional seats among the fifty states is called?
Apportionment
Costs that are treated as assets until the product is sold are called?
Costs that are treated as assets until the product is sold are called product costs. The costs are added to the inventory, and the expense is recognized when the inventory is purchased.
What is called a periodic transfer of a portion of the cost of an intangible asset to expense?
The periodic transfer of a portion of the cost of an intangible asset to expense is called "amortization." This process systematically allocates the cost of the intangible asset over its useful life, reflecting its consumption and the reduction in value over time. Amortization is typically applied to assets such as patents, copyrights, and trademarks.
What is the process of redistricting to benefit one political interest at the expense of another is called?
It is called gerrymandering.
Where is prepaid expense reported in the financial statement?
Prepaid expenses are reported on the balance sheet as current assets. They represent payments made in advance for goods or services to be received in the future. As the benefit of the prepaid expense is realized over time, it is gradually expensed on the income statement, typically through a process called amortization.
What organism lives on or in host at the expense of that host is called?
Living at the others expense would be a parasite
Where in Chart of Accounts do you enter Prelinimary expenses ie liability asset etc?
Preliminary expense are those expense which incurred before start of operating activity so it is called other assets and shown in asset side of balance sheet.
The process of putting specific policies into operation is called?
The process of putting specific policies into operation is called implementation. This involves translating policies into actions, assigning tasks, allocating resources, and monitoring progress to ensure that the intended outcomes are achieved.
What is the meaning of surplus on revaluation of fixed assets?
While in the process of revaluation of assets and liabilities, if the value of some assets increase more than the decrease in the value of some fixed assets then the difference of this increase and decrease if positive is called surplus on revaluation of fixed assets.
The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called what?
The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called depletion. This process allocates the cost of natural resources that have been extracted and helps to accurately reflect their diminishing value over time.
How would you define depreciation?
For anything other than land, which is not allocated, the reclassification of tangible assets is called depreciation (for anything other than natural resources) or depletion (for natural resources) expense.
