0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Why is deferred cost treated as asset?
Deferred cost has similar treatment to prepayment.
Prepayment from customers is it an asset or liability?
It is a liability and refundable to the customer if the merchant fails to deliver the good or service on time.
Insurance premium paid in advance Is it a accrued expenses?
No, if Insurance premium is paid in advance then it is a Prepayment - current asset.
Is rented equipment considered an asset?
Rented Equipment is not an asset. If there is a refundable security deposit, that amount would be posted as an asset. The rental payments are usually posted to Equipment Rental Expense and no further accounting is necessary.
Unearned rental income is disclosed under which section of the Balance Sheet?
unearned rental income is disclosed under which part? asset or liability?
Fictitious asset and its advantage?
A fictitious asset is one that doesn't have a resale value. A prepayment, such as a gift card balance, is a fictitious asset.
Why is deferred cost treated as asset?
Deferred cost has similar treatment to prepayment.
Prepayment from customers is it an asset or liability?
It is a liability and refundable to the customer if the merchant fails to deliver the good or service on time.
Insurance premium paid in advance Is it a accrued expenses?
No, if Insurance premium is paid in advance then it is a Prepayment - current asset.
Is rented equipment considered an asset?
Rented Equipment is not an asset. If there is a refundable security deposit, that amount would be posted as an asset. The rental payments are usually posted to Equipment Rental Expense and no further accounting is necessary.
Do you have to list your mobile home as an asset on rental application if the mobile home is personal property?
Yes. It is an asset. An asset includes personnel property you own.
Unearned rental income is disclosed under which section of the Balance Sheet?
unearned rental income is disclosed under which part? asset or liability?
What does the term finance lease mean?
The Term "Finance Lease" means that the customer will pick an asset such as a vehicle and the lender will purchase the asset. The customer will be able to use the asset while they pay installments or rental fees, with the option to purchase the asset.
How can you get out of a home loan prepayment penalty?
If this prepayment penalty is written into the contract, no way can you get out of it. Usually, though, the prepayment penalties last about 3 years. At the end of the 3 years, the prepayment penalty will be gone. Also, some companies will forgive the prepayment penalty, if you get your new mortgage through them if you are selling your current house and buying another house. Prepayment penalties are usually for paying off the loan, or paying big amounts back on the loan. Your contact will specify what the prepayment is for.
Do increase of prepayment increase or decrease cash flow?
An increase in prepayment will decreases cashflow
In the state of Pennsylvania is a prepayment penalty legal?
The state of Pennsylvania requires that any prepayment penalty be stated in the contract. When the prepayment penalty is stated in the contract it becomes legal.
Where can one get the best rate for a car hire for holidays?
Many rental car companies will offer discounts for prepayment of the rental. Booking early will also likely reduce your rate versus booking closer to the holiday. Finally, comparison sites such as Kayak allow for examination across brands.
