--%>
Assignment Help - homework help

Accrued liability

 

Usually a liability on the balance sheet that shows up because the company had to take an expense and record it on the income statement before the payment was due. A common example is utilities. A company has to include the phone, gas, and electric expense for December in the annual income statement, but the bill does not have to be paid until January. The agglomerate depreciation company records the budget, reducing income, and then, rather than reducing cash, increases the acquired liability on the balance sheet. In January when the company pays the bill, the liability and cash are minimized 

 

 

   Related Questions in Managerial Accounting

  • Q : Define Profit or Loss Analysis Profit

    Profit or Loss (P&L) Analysis: A financial statement which summarizes the revenues, costs and expenses acquired during a particular period of time - in general a fiscal quarter or year. Such records give information which exhibits the capability o

    		•
  • Q : Define Process and Process Costing

    Define Process and Process Costing: Process: The organized process of transforming inputs (that is, people, equipment, techniques, materials, and atmosphere), to outputs (that is, products or servi

    		•
  • Q : Main purpose of the business Briefly

    Briefly describe the main purpose of the business?

    		•
  • Q : Adjunct account An account in financial

      An account in financial reporting that increases the book value of a liability account. An adjunct account is a valuable account from which cred

    		•
  • Q : Regions of decision making process What

    What are the possible broad regions of decision making process where management accounting information is required?

    		•
  • Q : Define Cost Object Cost Object (also

    Cost Object (also referred to as Cost Objective): It is an activity, item, or output whose cost is to be computed. In a wide sense, a cost object can be an organizational division, task, a function, product, service, or a customer.

    		•
  • Q : What is Activity Analysis Activity

    Activity Analysis: The identification and explanation of activities in an association. The activity analysis comprises determining what activities are completed within a department and how many people execute the activities, how much

    		•
  • Q : Define Employee Stock Ownership

    Employee Stock Ownership: It is a qualified, defined contribution, employee benefit (that is, ERISA) plan designed to invest mainly in the stock of sponsoring employer. ESOPs are "qualified" in the logic that the ESOP's sponsoring company, the selling

    		•
  • Q : Explain Managerial Cost Accounting

    Managerial Cost Accounting System: The organization and processes, whether automated or not, and whether portion of the general ledger or stand-alone, which accumulates and reports constant and trustworthy cost information and perform

    		•
  • Q : Reasons for favoring partnership deed

    Give reasons in favor of having a partnership deed. Answer: A) In situation of any dispute or doubt, Partnership deed is the gui

    		•