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Adjusting entries affect at least one?
Adjusting entries in the accounting process affect a lot of different accounts. It can affect any asset, liability, or accruals and deferrals accounts.
What are the loan accounting entries that need to be recorded for this transaction?
The loan accounting entries for this transaction typically include recording the loan amount as a liability and the cash received as an asset. Interest expense and loan repayments are also recorded as the loan is paid off over time.
Unexpired insurance at the end of the fiscal period represents is it an accured asset liability expense or deferred expense?
deferred nexpense
In accounting are wages considered liability or equity?
It is an asset.
What is Basic Accounting formula?
asset = liability + owner's equity
Are all temporary differences that exist at balance date recognised as deferred tax assets or deferred tax liabilities?
yes - either a deferred tax asset (DTA) or a deferred tax liability (DTL).
Can deferred tax asset offset against deferred tax liability?
Yes, but only if the entity has the legal right to settle on a net basis and they are levied by the same taxing authority on the same entity or different entities that intend to realise the asset and settle the liability at the same time.
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
What does ARO mean in accounting?
ARO in regards to accounting means "Asset Retirement Obligation" liability and is referenced in SFAS 143.
What is deffered taxation?
Deferred tax is an accounting concept, meaning a future tax liability or asset, resulting from temporary differences between book (accounting) value of assets and liabilities and their tax value, or timing differences between the recognition of gains and losses in financial statements and their recognition in a tax computation
What happened to deffered tax on winding up of a company. has this amount is paybale to government?
Deferred tax, which is a GAAP accounting concept, and may be either an asset or a liability, would all be settled, either paid with or reduce tax, on the final return.
Is a deferred gain an asset in accounting?
No. A deferred gain is shown as a liabilty. If it had not been deferred it would be shown as capital. Whatever is received by the seller is an asset (cash or note receivable, etc). Since this new asset is more than the basis of the asset that was sold, one must have a credit in order to balance the books. Example Sale of land with a basis of $400,000 for a sales price of $900,000. The deferred gain is $500,000. Note receivable 900,000 Land 400,000 Deferred Gain 500,000
