Prepaid Expenses Current Asset

Compare the current year asset balances to the prior year asset balances and explain unusual variations. Review ¯ Prepaid and deferred charges accounts normally are not material and can be effectively tested by scanning and analytical procedures. ... Return Document

Income Taxes - New York University
Prepaid expense Books = accrual accounting Taxes = cash accounting DR but never part of taxable (or book) income. 2 types: non-taxable revenues non-deductible expenses (ex. GW amortization) ex net current and net non-current deferred tax asset or ... Document Retrieval

LU 1 ADJUSTMENTS
Prepaid Expenses Current Asset Income received in advance Consumables on hand (-) Income received in advance Current Liability Eg: Rent totalling R28 000 has been received for the period 1 January (this year) to 28 February next year. ... View This Document

Sales And Purchase Returns
It is classified as a current asset because it will provide a future economic benefit in the following is an Accrued or Prepaid Expense– once again you need to discuss these in relation to the key definitions of current asset for Prepaid Expenses and Current liability for Accrued ... View Doc

How Does The current Ratio Help Me Manage My Cash Position?
Calculation of the Current Ratio. Marketable Securities, and Prepaid Expenses. They are your current asset accounts and go in to the numerator of the equation. For the denominator of the equation, you use current liabilities from the balance sheet. ... Read Article

Chapter 4: Accrual Basis Accounting And The Accounting Cycle
To cash previously received Often called prepaid expenses Purchase of supplies is an asset exchange Supplies Expense should reflect only supplies used up during the period Supplies on hand at the end of the period should be recorded as an asset Are supplies a current or non-current asset? ... View Full Source

Schedule Of Assets
Prepaid expenses include expenditures for goods or services which have not yet been received as of the schedule The Non-current Asset Schedule lists the Madison’s machinery. The JD 9200 tractor was purchased in May 2007 for $96,000. ... Get Content Here

5 - Current Assets - YouTube
Current Assets: Cash or any right 7:10 Watch Later Error Prepaid expenses by NVarchitect Featured Video 378 views; 3:05 Watch Later Error 6 - Current Liabilities by TreasuryOcean 178 views; Fixed Asset by FreeAccountingTutor 929 views; ... View Video

GA-503 Expense Recognition And Prepaid Assets
In the current fiscal year relating to a future fiscal year must be recorded as a prepaid expense. Definitions determination if the purchase qualifies as a prepaid asset. Guidelines 1. Expenses must be recorded and classified properly by the correct FOAP. ... Get Content Here

I-A Deferred Revenues - University Of Maine System | Home
Prepaid expenses are an asset and are presented in the University’s financial statements on the Statement of Net Assets. They represent the payment for goods or services in The University’s current student financial system (ISIS) ... Fetch Full Source

Rent itself, is a current asset called Prepaid Rent Expense. Effect on the accounting equation As a result of the payment for prepaid rent: Prepaid expenses are recorded as current assets because at the time of payment, none ... Access Doc

LESSON PLAN #2 BASIC ACCOUNTING Understanding Assets ...
I.E. cash, equipment, accounts receivables, prepaid expenses such as insurance. Current asset: Asset that can be converted into cash within 12 months . I.E. checking or savings account, What is a Current Asset? a. an asset that can be converted into cash within a six month period : c. ... Doc Viewer

FY 1998 FISCAL YEAR END TRAINING
PREPAID EXPENSES. 4 of 4updated April 2011. These expenses are recognized as an asset (prepaid) in the current fiscal year and as an expense in the next fiscal year. This process is not applic. able to G. rants and Plant Funds. Examples of Prepaid Expenses. ... Document Viewer

5-0700.00 PREPAID EXPENSES 5-0710.00 INTRODUCTION 5-0710.10 ...
5-0700.00 PREPAID EXPENSES 5-0710.00 INTRODUCTION 5-0710.10 DEFINITIONS if needed, the portion of the prepaid asset which was used in the current period. That portion is recognized as an expenditure of the current period. The ... Access Content

Current Liabilities On The Balance Sheet - Investing For ...
Prepaid Expenses and Other Current Assets; Joshua Kennon Investing for Beginners Guide. Sign up for My Newsletter; Headlines; Forum; Related Searches short term loans current liabilities financial weakness holiday rush liability accounts current liability. ... Read Article

Phosphate Holdings, Inc. Reports Third Quarter 2012 Financial Results
Phosphate Holdings, Inc. , today reported third quarter of 2012 net loss of $4.8 million, or $0.57 per diluted share of common stock, compared to net income of $1.5 million, or $0.18 per diluted share of common stock for the same period in 2011. ... Read News

ESTIMATION OF DEFERRED TAXES - Farmdoc : Farm Decision ...
In the “Valuation of Specific Current Asset Items” section, the value of deferred taxable income is calculated for current assets. • Prepaid Expenses “Market Value” is the value of an asset if it were sold at current market prices. ... Read Content

Audit Program For Prepaid Expenses And Other Assets
Prepaid expenses, deferred charges, intangibles, and payment, (9) current-period expense, and (10) prepaid property taxes balance at the end of the period. b. unamortized asset balance and the remaining amortization period. 6. ... Retrieve Doc

• Buildings under construction and prepaid expenses which are marked for tangible assets. The acquisition value of the current asset refers to the expense for buying or manufacturing the asset. This includes shipping, customs and other expenses. ... Read Here

Accounts Payable - Wikipedia, The Free Encyclopedia
Airline expenses are, perhaps, Current events; Random article; Donate to Wikipedia; Interaction. Help; About Wikipedia; Community portal; Recent changes; Contact Wikipedia; Toolbox. What links here; Related changes; Upload file; Special pages; ... Read Article

Analyzing A Balance Sheet - Investing For Beginners
Prepaid Expenses and Other Current Assets. Prepaid expenses on the balance sheet represent a current asset because the company still has the right to receive the product or service for which it has paid. Current Liabilities. ... Read Article

12.2 Prepaid Expenses
The amount relating to the current period should be expensed in that period. The value of the future benefit portion should be recorded as an asset in the prepaid Common prepaid expenses include fees paid for a specified period of time extending ... Fetch Doc

4-6 ECTION REPAID XPENSES AND NVENTORIES - The California ...
Therefore, should properly be reported as an asset at June 30. Typical types of prepaid expenses in most business entities include insurance, rent, and multi-period service contracts. items as potential prepaid expenses and other assets - current: ... Doc Viewer

CFA Level I Cash Flow Statement Video Lecture By Mr. Arif ...
BTW Prepaid Expense is current asset. MemphisFinance 6 months ago Sign in to YouTube. Sign in with your YouTube Account (YouTube, Google+, Gmail, Orkut Decrease in Prepaid Expenses (Asset) should be added (+) asadalim237 9 months ago Sign in to YouTube. ... View Video

2.08 PREPAID EXPENSES
PREPAID EXPENSES 4/30/08 a prepaid expense is a current year payment of $750 the end of the first fiscal year is an asset of the College to be expensed in subsequent periods as the benefits of the asset are depleted. Examples 1. ... Content Retrieval