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What is Unearned revenue reported as in a financial statements?
A liability.
On which financial statements can you find unearned revenue?
The keyword is "Unearned", because it is unearned it is a liability until after it is earned and is listed as such. Therefore, Unearned Revenue will be listed on financial statements that include "Liabilities".
What is the Treatment of provisions in financial statements?
Provisions are to be shown in the Liability side of Balance sheet in financial statements. Provisions are made for the expenses which will efford by an enterprise and does not pertains to current accounting year.
Bond discount should be presented in the financial statements of the issuer as a a.contra liability b.adjunct liability c.deferred charge d.contra asset?
deferred charge
Which reduces your tax liability more, a deduction or a credit?
A tax credit reduces your tax liability more than a deduction.
Is the contingent liability added to the total liability?
Contingent liabilities are not added to total liabilities but shown as a note to financial statements that these are the liabilities that are contingent on certain event
Journal entry for contingent liability?
There is no journal entry for contingent liability because contingent means which is not occurred and not sure that when will that liability will be created or liability is depended on certain event that's why contingent liability is shown under financial statements notes as contingent liability.
How do you record contingent liabilities?
A contingent liability is recorded in financial statements or books of accounts only if it is a probable contingency and if the liability amount can be estimated. No need to make a journal entryÊif the contingent liability is possible but not probable.Ê
What has the author Karen P Schoenebeck written?
Karen P Schoenebeck has written: 'Interpreting and analyzing financial statements' -- subject(s): Case studies, Asset-liability management, Financial statements, Corporations, Ratio analysis, Investments
What is the standard deduction for kids and how does it impact their tax liability?
The standard deduction for kids is 1,100 for the 2021 tax year. This deduction reduces the amount of a child's income that is subject to taxation, lowering their overall tax liability.
What element of financial statements interest payable belong?
Interest payable is liability to be cleared in future that's why shown in liability side of balance sheet.
When are contingent liabilities shown on the balance sheet?
Contingent liabilities are shown on the balance sheet when they are probable and the amount can be reasonably estimated. If the likelihood of the liability occurring is remote, it is not recorded in the financial statements but may be disclosed in the notes. If the liability is only reasonably possible, it may be disclosed but not recognized on the balance sheet. This approach ensures that financial statements provide a true and fair view of the company's financial position.
