Which one of the following expenses is exempt from the payment of GST?

Q: What is concept of unearned revenue?

A: When a amount is received in advance for a service or goods and as on reporting date such service is…

Q: What is the purpose of an allowance for uncollectibles and why is it important?

A: Accounts receivable is the current asset and the amount that is not received yet from the customer…

Q: An example of an expense classifi cation by function is: B . interest expense

A: An example of an expense classification by function is

Q: What are Contingent Liabilities?  Give an example.  What are the factors that determine the reason…

A: A liability, the occurrence of which is uncertain that is it may or may not occur is known as a…

Q: The payment of a liability

A: The liability is the amount due to be paid by the business to its creditors.

Q: How is the Accumulated Benefit Obligation (ABO) different from the Projected Benefit Obligation…

A: Accumulated Benefit Obligation and Projected Benefit Obligation both are terms used in the pension…

Q: When are contingent fees allowed?

A:

Q: Which are the components that are included in the pension expense?

A: Pension plan: Pension plan is an agreement between the employer and employee. After the retirement…

Q: Define Miscellaneous expense.

A: Step 1 Expense is the amount incurred by the organization to generate revenue. It is shown in the…

Q: What is the vested benefit obligation?

A: Pension Obligation: It refers to the commitment provided by the employer to pay its employees, the…

Q: Distinguish between one-time, recurring, and tangible and intangible expenses and benefits.

A: An expenditure is a business's operational cost incurred to produce income. It may be described as…

Q: Would the amount paid for postage be classified as an asset, liability, capital, revenue orvexpense?

A: Approach to solving the question: Analyze the question. Detailed explanation:The amount paid for…

Q: Chapter 10, Question 16: What are contingent liabilities? List three examples of contingent…

A: Contingent liabilities are the liabilities which will arise on the happening or not unhappening of…

Q: Why GAAP requires the allowance method

A: while accounting the uncollectible accounts  in the books of accounts GAAP requires the allowance…

Q: 5. Related to insurance, what is a deductible and how does it

A: In insurance scheme there is always mentioned deductible amount.

Q: Can you please describe contingent liabilities and how to account for and/or report

A: Contingent liabilities are defined as liabilities that occur in the future. These liabilities are…

Q: Which of the following liabilities would be considered nonrecourse?

A: "As the student have not been given the options to choose the nonrecourse liabilities, I will give…

Q: Matching Principle Concept How does interest expense associate with revenue?

A: The matching principle is a fundamental concept in accounting that dictates that expenses should be…