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Adjusting entries for prepayments are necessary to account for cash that has been received prior to delivery of goods or completion of services. When this cash is paid, it is first recorded in a prepaid expense asset account; the account is to be expensed either with the passage of time (e.g. rent, insurance) or through use and consumption (e.g ...
Prepaid expenses, such as employee wages or subcontractor fees paid out or promised, are not recognised as expenses. They are considered assets because they provide probable future benefits. As a prepaid expense is used, an adjusting entry is made to update the value of the asset. For example, with prepaid rent, the cost for the period would be ...
Insurance companies face large upfront costs incurred in issuing new business, such as commissions to sales agents, underwriting, bonus interest and other acquisition expenses. DAC under U.S. GAAP , MSSB (Modified Statutory Solvency Basis) and IAS 39 are all very similar, except that IAS 39 only allows direct, incremental costs to be deferred ...
Deferred charges typically extend over five years or more and occur less frequently than prepaid expenses, such as insurance, interest, or rent. Financial ratios often exclude deferred charges from total assets because they lack physical substance (i.e., they do not generate cash directly) and cannot be used to reduce total liabilities .
They usually include payables such as wages, accounts, taxes, and accounts payable, unearned revenue when adjusting entries, portions of long-term bonds to be paid this year, and short-term obligations (e.g. from purchase of equipment). Current liabilities are obligations whose liquidation is reasonably expected to require the use of current ...
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A certificate of deposit — or CD — is a type of deposit or savings account that allows you to grow your savings at higher rates of return than a traditional savings account.
A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the ...