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CASE: 1. Financial Year is Jan-XX to Dec-XX 2. Medical Insurance Annual Policy is from Jul-XX to Jun-XY 3. Total Value of Policy being SR120,000.00 payment terms being ... Voir Plus
Suppose salaries paid during the year2014 $10 salaries unpaid on31st Dec2013 $20 salaries prepaid on31st Dec2013 $500 salaries unpaid on31st Dec2014 $2200 salarie ... Voir Plus
The answer is No. It is not overstated. Justification: Insurance invoice was recorded/debited to prepaid control account as a balance sheet item and therefor it didn' ... Voir Plus
Prepaids and accruals relate to the services and goods a company receives from its vendors for which payment has been or will be made. Prepaid expenses are the advance pa ... Voir Plus
Accrued expenses are those which are yet to be paid but the benefit associated to them is acquired already. we treat them as liability which has to be paid. Prepaid expe ... Voir Plus