Deferred Revenue Prepaid Expenses

Accrued Liabilities - Wikipedia, The Free Encyclopedia
If the company does not record the 2nd transaction, both Expenses and Liabilities are understated. Accrued liabilities is the direct opposite of prepaid expense. See Matching principle Retrieved from "http://en.wikipedia.org/w ... Read Article

Commission File Number: N/A UNITED STATES POSTAL SERVICE
Deferred revenue - prepaid postage 3,214 2,584 Customer deposit accounts 1,339 1,429 Outstanding postal money expenses for the three- and six-month periods ended March 31, 2011, and 2010 are as follows: Note 10 – Fair Value Measurements ... Access Full Source

Analyzing A Balance Sheet - Investing Lesson 3
Learning to read a balance sheet is important because it can help you understand the risk involved in a company. The balance sheet shows a company's debt level, net worth, and can help calculate important financial ratios. ... Read Article

CASH VS. ACCRUAL BASIS OF ACCOUNTING - Indiana University
Cash basis income statement revenue $800,000 expenses story where income statement recognize income when earned recognize expense when incurred balance sheet receivables prepaid expense balance sheet assets cash $800,000 liabilities and fund balance deferred revenue ... Retrieve Doc

CHAPTER 3 PREPARING FINANCIAL STATEMENTS - Harper College ...
Deferred Expenses (also referred to as prepaid expenses) are initially recorded as assets Prepaid Insurance Accrued Revenue and Expense Accruals occur when revenue is earned or expense is incurred prior to the cash changing hands. ... Retrieve Doc

Accrual Accounting - UNM - New Mexico's Flagship University ...
Prepaid Expenses • Monthly Journal Entry, beginning with month paid: • Deferred Revenue. Questions?? • Frances Starnes – Starnes@unm.edu – 277-3389 • Julie Breitenstein – Jbreitenstein@salud.unm.edu – 277-1719. Title: ACCRUALS Author: ... Get Doc

AMERICAN COUNCIL ON EXERCISE - Personal Trainer Certification ...
Deferred and prepaid expenses, current portion 411,891 318,835 Total current assets 4,299,357 3,999,586 Fixed Assets 3,990,1623,744,746 Deferred and Prepaid Expenses, long-term portion Deferred revenue 385,033 350,102 ... View Document

Deferred Tax-Practice Questions- Part 1 - McGraw-Hill PageOut®
Expenses or losses that are deductible after they are recognized in financial income. b. A temporary difference that would result in a deferred tax liability is. a. Interest revenue on municipal bonds. b. An increase in prepaid insurance. II. ... Get Document

Accounting Tutorial Accrued Revenues Training Lesson 8.3 ...
6:56 Watch Later Error CALMAT BUS 552- Deferred Revenue, Deferred Expense, Accrued Revenue, Accrued Expense by calmatdarren 131 views; 12:36 Watch Later Error Accounting - Unit 3 - Part 1: Prepaid Expenses by TRUTonyBell 636 views; ... View Video

Mini-Manual - The University Of Vermont
Prepaid Expenses or Deferred Charges - Costs which are incurred in the current year for Deferred Revenue - Payments received by UVM for services rendered in a future fiscal year are recorded as a liability (deferred revenue) in the current fiscal year. ... Document Viewer

Chapter 4 Solutions Version 1 - College Of Business | College ...
Debit Credit Cash $ 120 Accounts receivable 350 Inventories 610 Prepaid expenses 40 Buildings and equipment 1,400 Accumulated depreciation $ 250 Land (+XA, (A) 17,500 (e) To record depreciation expense. (4) Deferred revenue ((L) 8,000 (g ... Fetch Document

Southcross Energy Partners Reports Third Quarter 2012 Results And Provides 2013 Guidance
Southcross Energy Partners, L.P. , today announced financial and operating results of Southcross Energy LLC, the predecessor of Southcross for the third quarter of 2012. ... Read News

Microsoft Business Solutions Financials–Great Plains ...
Automates the process of recognizing deferred revenue and expenses in the appropriate accounting periods based on when the amounts are realized. Revenue and costs are distributed over a specified such as prepaid rent expense or similar. ... Read Here

Discussions To Expect From The Independent Auditors
Net Assets ( Restricted Endowment-Fixed Assets ( Prepaid Expenses Average Monthly Expenses Using average monthly expenses as a denominator, this approach, like that of the DI, Previously called the deferred revenue ration, ... Fetch Full Source

Accounting Lecture 04 - Adjusting Entries For Deferrals - YouTube
Prepaid assets, depreciation, and unearned revenues. Part I of two parts. Category: Education. License: Standard YouTube License 12:02 Adjusting Entries for Accrued Expenses (Financial Accounting Series) by iNinjaNotes 2,239 views; ... View Video

Expense - Wikipedia, The Free Encyclopedia
Section 162(a) of the Internal Revenue Code is the deduction provision for business or trade expenses. Expenses paid to preserve one’s reputation do not appear to qualify (Welch v. Helvering). In addition, it must be (3) paid or incurred during the taxable year. ... Read Article

Quarter 1 FY12 10-Q FINAL - USPS.com® - About
Deferred revenue-prepaid postage 3,698 3,497 Customer deposit accounts 1,348 1,386 Outstanding postal money orders 693 The Postal Service has taken numerous actions to generate additional revenue and reduce operating expenses. ... Access Doc

The Matching Concept And The Adjusting Process
• Deferred expenses, or prepaid expenses, are items that have been initially recorded as assets but are expected to become expenses over time or through the normal operations of the business. An example of deferred revenue is un-earned rent. ... View Doc

Exercise 2-1 Statement Of Financial Position
Deferred revenue Long-term debt. AFOA Workshop – Preparing Financial Statements Under the Common Government Reporting Model (Increase) decrease in prepaid expenses (21,790) 13,542 Increase (decrease) in accounts payable 64,205 (24,563) ... Access Doc

Accrual Accounting Requires Adjusting Entries
Record a variety of expenses that result from allocating prepaid assets over time. Example: Property insurance premiums are paid for an entire year, in advance. This adjusting entry decreases deferred revenue – eliminates the liability ... Access Doc

Introductory Financial Accounting - University Of Illinois At ...
OR match resources used (expired assets- expenses)to generate revenue. The . accrual concept. for example, The landlord who received the prepaid rent has a deferred revenue. liability is reduced, revenue increased, as time passes. ... Fetch Content

Chapter 3 Using Accrual Accounting To Measure Income
Before financial statements are prepared, prepaid expenses are adjusted to reflect the amount of the Prepaid Expenses Adjusting Prepaid Expenses Adjusting Supplies Adjusting Supplies Adjusting Supplies Adjusting Supplies Deferred Revenue Unearned revenue exists when customers have paid in ... View Doc

Chapter 4
Income Statement Inventory Supplies Prepaid assets PP&E is to accurately portray the affairs of the company in the financial statements When to recognize expenses? When to recognize revenue? 1 estimated salvage value is $3,000. Deferred Revenue - Cash ... Return Doc

About.com Investing For Beginners: Most Popular Articles
Prepaid Expenses. The term "inflation" refers to rising prices of essentials such as wheat, milk, Revenue recognition can drastically affect the financial statements. as well as the opportunity to generate tax deferred earnings by exchanging the bonds for other types. ... Read Article

China Dredging Group Co., Ltd. Reports Unaudited Third Quarter 2012 Results
FUZHOU, China, Dec. 13, 2012 /PRNewswire/ -- China Dredging Group Co., Ltd. (together with its consolidated subsidiaries and variable interest entities, "China Dredging," the "Company," ... Read News

Plug Power Inc. Financial Highlights
Deferred revenue 5,5426,984 Prepaid expenses and other current assets 351717 Accounts payable, accrued expenses, product warranty reserve and other liabilities (2,386 ... Retrieve Content

Chapter 04 - Adjustments, Financial Statements, And The ...
Service Revenue (R) Deferred Expenses: Other Current Assets may include supplies, prepaid rent, prepaid insurance, or prepaid advertising Prepaid Insurance is a deferred expense that needs to be adjusted each period for the amount used during the period. ... Access Document

Accountant III Civil Service Exam Study Guide
Balance (taking into account insurance, depreciation, deferred revenue, prepaid expenses, allowance for doubtful accounts, interest expense, wage expense, wage payable, etc.) -Discover and correct inaccurate journal entries ... Get Content Here