minimal costs incurred should be recorded as an expense brainly

Instead, these items should be recorded as repair and maintenance expense: The amount of amortization expense that Hansen should record for Year 8 is A. Sound confusing? So in this case expense will be recorded on 10 July. Business owners need to make many big accounting decisions and what the company does with costs is among the biggest of these decisions. This is so because repair and maintenance costs do not increase the earning capacity of the machine but only maintains it (i.e. The total interest cost incurred during the period should be disclosed, indicating the portion capitalized and the portion charged to expense. Definition: An incurred cost in accrual accounting is the moment in time when a resource or asset is consumed and an expense is recorded. For the accrual method, you can report an expense even if you haven’t paid it yet as long as that expense has been incurred. can reasonably be predicted. ABC International sells $1,000,000 in … machine will produce the same quantity of biscuits as it did when it was first put to use). In accounting, an expense is the recognition of a period cost. Minimal costs incurred should be recorded as an expense. New engine significantly increases the useful life of the aircraft and as such, its cost must be capitalized. How many candles are on a Hanukkah menorah? For example, a company buys a machine for the production of biscuits. Sometimes expenditures should be recorded in the Net Assets Bucket as an expense. The accounting entry to record revenue expenditure is therefore as follows: Get weekly access to our latest lessons, quizzes, tips, and more! As such, the expense is accumulated in a cost pool and then allocated to the units produced in the period when the expense was incurred. $ 20,000 C. $ 60,000 D. $140,000 . Instead, just record the cost associated with the few warranty claims as they are submitted by customers. And as a contra entry against this, we have to reduce our purchases account (it is purchases for the periodic system of inventory) or inventory account (for the perpetual system). Generally, costs should be recorded net of purchase discounts taken. Small businesses are receiving loans, and many have questions on how to account for the funds, expenses, and forgiveness in their accounting records. Expenses are recorded when actual cash is paid and not when expense is occurred. Should the cost to clear the land of old building be included in the cost of land? Learn everything you need to know about professional fees: definition, classification and presentation, journal entries, and examples. Replacement cost C. Historical cost D. Amount owed on the asset. Market value B. Certain costs incurred cannot be included for capitalization; they should be recorded as an expense when they are incurred. A barber who performs services for a client should record revenue. (The costs of the products that are not sold are reported as inventory on the balance sheet. delivery costs… $114,000 3 Legal fees incurred by a company in defending its patent rights should be capitalized when the outcome of litigation is Successful: Unsuccessful: Yes, No. New engine significantly increases the useful life of the aircraft and as such, its cost must be capitalized. If a customer agrees to reimburse you for these expenses, then you can record the reimbursed expenses as revenue.The underlying GAAP standard that addresses this issue is the Emerging Issues Task … Instead, accrue some amount as soon as the … Statement of Financial position should be recorded as of December 31, 2015. A company that purchases furniture should record it at its acquisition price. However, proceeds from sale of any items produced during the test phase must be deducted from the amount to be capitalized as per IAS 16. An expense is the outflow or using up of assets in the generation of revenue. Stock options are not recorded as an expense on companies’ books. 13. This includes expenses such as rent, advertising, marketing, accounting, litigation, travel, meals, management salaries, bonuses, and more. An organization may incur a number of costs when it issues debt to investors.For example, when bonds are issued, the issuer will incur accounting, legal, and underwriting costs to do so. Other times the expenditure should be recorded in the Assets Bucket as an asset. There are two treatments of expenses as per type of accounting system: Expenses are recorded when actual expenses occurred and not when actual cash is paid. DK Goel Solutions for Class 11 Accountancy Chapter 3 Accounting Principles, covers all the questions provided in DK Goel Books for 11th Class Accountancy Subject. You’ll need to keep a record of: the date and details of every expense or benefit you provide; any information needed to work out the amounts you put on your end-of-year forms Smallest in amount or degree: The job's minimal qualifications are a BS with two years' experience in the field. Employers can make tax and NIC free payments to an employee in respect of reasonable additional costs incurred for working at home, for example, gas, electricity, telephone, internet. What amount should Brand record as depreciation for research and development projects at December 31? As long as you define what a paid expense … In summary, companies expense all research phase costs and some development phase costs. Sometimes an expenditure goes into the Liabilities Bucket if it is a payment on a loan (which may be a result of acquiring an asset, … Prepaid expenses are future expenses that have been paid in advance. You do not necessarily incur an expense when you incur an … These costs include depreciation of $1,845 per month. However, the carrying amount of the replaced engine must be de-recognized in the same manner as, Purchase costs (less any discount received). For example, if your business bought office supplies, the payment of cash for those supplies does not satisfy the recognition requirement. $1,971 C. $1,900 D. $1,300 C. $1,900 Answer (C) is correct. Once the invoice is received, the amount owed is recorded, which consequently raises the credit balance. All Rights Reserved. The salaries and wages of people in the nonmanufacturing functions such as selling, general administrative, etc. Recognition of cost ceases when the asset is made capable of operating unless it improves its earning potential. What you should keep. How to reclaim VAT on purchases abroad: refunds of VAT in the European Community for EC and non-EC businesses.EC Council Directive 2008/9EC Thirteenth VAT Directive (86/560/EEC) UK businesses visiting other EU countries are able to claim VAT refunds on VAT incurred … Do not delay accruing an expense until there is complete certainty regarding its amount. 8. ABC International sells $1,000,000 in widgets in September. Hansen will amortize the cost of the patent on a straight-line basis at the rate of $1,300 per year ($22,100 ÷ 17). Testing of assets is necessary in bringing them into usable condition and therefore any associated costs incurred must be capitalized. A Philippine company should report financial statements in pesos. A. For immaterial expenses, such as office supplies, an expense is assumed to have been incurred as soon as these items are purchased, since it is too expensive to keep track of them and record when the items are actually consumed on a later date. The distinction between the nature of capital and revenue expenditure is important as only capital expenditure is included in the cost of fixed asset. Definition of Prepaid Expenses. expense: In accounting, an expense is money spent or costs incurred in an businesses efforts to generate revenue; accrual basis accounting: A method of accounting where income is not recorded until earned and expenses are not recorded until incurred. Whether you put a purchase on a credit card or use cash, you’ve incurred the expense and have paid for it, even if you still owe the credit card company for the purchase. Why don't libraries smell like bookstores? The minimal amount will depend on the size of your business. What does contingent mean in real estate? So in this case expense will be recorded on 15 July. It is preferable that items less than $1000 also be accrued, but it is not mandatory. Revenue costs therefore comprise of the following: As revenue costs do not form part of the fixed asset cost, they are expensed in the income statement in the period in which they are incurred. adj. To claim back the VAT on costs and expenses you pass on to your customers as recharges, you’ll need a valid VAT invoice or receipt for each. Expenses Examples: Lease / Rent Expense Example-1: Mostly it is observed that companies like to buy various things on rent For example: office space, equipment’s, vehicles, etc. Definition of Expense An expense is a cost that a company incurs or uses up when it earns revenues. These assets cease to be a resource and are converted into an … Out-of-pocket expenses include such items as travel and entertainment and photocopying charges. Assume the deferred expense was initially recorded as an asset. … Besides this, some other forms of product costs include raw materials, depreciation of the product in stock, salaries for employees involved in product development or … This shows that a specific expense account is recorded when a cash payment is made. monthly expense like rent or utilities that are consumed throughout the month and paid for on first of the following month Of course, it's wise to keep expenses to a minimum and focus on necessary costs and actions. Departments should consult with their financial office if there is … The accounting guideline that requires minimal costs incurred should be recorded as an expense. He loves to cycle, sketch, and learn new things in his spare time. The following are examples of expenditures not to be capitalized as building improvements. $2,500 B. 14. In other words, prepaid expenses are costs that have been paid but are not yet used up or have not yet expired. These types of rental payments occurs every month have always been recorded as expenses in the books of company accounts. A barber who performs services for a client should record revenue. Cost incurred in relocating a machine to a new factory. Whereas the initial purchase and installation costs would be classified as capital expenditure, any subsequent repair and maintenance charges incurred in the future will be classified as revenue expenditure. 10. The total interest cost incurred during the period should be disclosed, indicating the portion capitalized and the portion charged to expense. Subsequent expense on shifting an asset from one place to another does not enhance the earning capacity of the asset which is why such costs are classified as revenue expenditure. CASH VERSUS ACCRUAL BASIS ACCOUNTING Certain development costs … That was so both in relation to the estimated costs elements in the budgets, in respect of which a costs management order might be made under CPR part 3.15(2)(b) and pursuant to paragraph 7.4 of practice direction 3E to record the court's approval of those elements, and in relation to the incurred costs elements … ... Assets should originally be recorded at: A. This fund is used for larger scale projects, such as replacement and repair in the homeowners association. Help HMRC to improve this guidance Published 1 July 2014 Sales of marketable securities in January are expected to realize $14,760 in cash. Costs to Expense. party), the capitalized costs should be the total or fully burdened costs incurred. 9. Such packaging is obviously a cost to the company and should be added as one of the distribution expenses. The rule that requires Philippine company should report financial statements in pesos. Companies expend cash on items necessary to run a business, such as utilities, wages, maintenance, office supplies and other items. Incurred and paid expenses can be tricky to differentiate, depending how you record them in your personal budget. True. Under the Paycheck Protection Program (PPP), the federal government authorizes up to $349 billion in forgivable loans to small businesses during the COVID-19 crisis. The operating expense ratio is calculated by dividing total operating expenses by net sales. Maintenance costs are expensed in the period incurred. When did organ music become associated with baseball? A refund of properly incurred expenses is not a trustee payment, nor does it count as any kind of personal benefit. Capital expenditure, as opposed to revenue expenditure, is generally of a one-off kind and its benefit is derived over several accounting periods. Many different expenses are recorded when cash disbursements for the expenses are made. When companies spend money, they are often able to either account to the costs as an expense or to capitalise the costs. This could distort a business's income statement and make it look like they were doing much better or much worse than is actually the case. Revenues are usually measured by the price of the product or service sold and expenses, the cost to receive products or services. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply. Both IFRS and U.S.GAAP have several rules to determine whether an expenditure is an asset or an expense. Generally, the amount of prepaid expenses that will be used up within one year are reported on a company's balance sheet as a current asset. At BYJU'S, it … 6. For Example: Expense occured on 10 July and payment cash paid on 15 July. Under cash accounting, the expense is only recorded when the actual cash has been paid. Any known costs that are for a minimum of $1000 must be accrued. • Departments should not delay processing these expenses because of lack of funding. Instead, just record the cost associated with the few warranty claims as they are submitted by customers. Expenses are recorded when actual expenses occurred and not when actual cash is paid. Ammar Ali is an accountant and educator. These costs are exclusive of depreciation. HMRC allow … Research and development (R&D) expenses are associated with creating new products or services, and a company may deduct them on its tax return. Copyright © 2020 Multiply Media, LLC. For example, a stapler may have a life of more than one year but because of the minimal cost will be treated as an expense and not a fixed asset. Capital Expenditure may include the following: As capital expenditure results in increase in the fixed asset of the entity, the accounting entry is as follows: Which of the following are examples of capital expenditure?eval(ez_write_tag([[336,280],'accounting_simplified_com-banner-1','ezslot_5',129,'0','0'])); Cost incurred in testing whether a newly installed asset is functioning properly. Expenses: £100.00 (£120 hotel costs less 20% VAT) Net Invoice: … Revenues are realized or realizable when a company exchanges goods or services for cash or … Expense recognition is closely related to, and sometimes discussed as part of, the revenue recognition principle. GAAP defines expenses as outflows of assets or incurred liabilities in connection with the production of product or providing services. These are costs that are incurred on a regular basis and the benefit from these costs is obtained over a relatively short period of time. The total interest cost incurred during the period should be disclosed, indicating the portion capitalized and the portion charged to expense. 7. _____ 7. Capitalized as a cost of the asset acquired and subsequently allocated to deprecation expense c. Recorded as interest revenue at purchase date d. Deducted from the invoice price when determining the cost … If not all units produced are sold in the period, this means that some of the utilities expense will be recorded as part of the inventory asset, rather than being immediately charged to expense. They are paid as incurred. It is not until those supplies are taken out of a supply room and used, that a … When the asset is eventually consumed, it is charged to expense.If consumed over multiple periods, there may be a series of corresponding charges to expense. The expense could be one of many in the business’s chart of accounts. How much interest expense should Clay report for the year? The proper accounting for these debt issuance costs is to initially recognize them as an asset, and then charge them to expense over the life of the bonds. All other overhead costs are paid as incurred. Purchase discounts lost and late-payment penalties should not be included as costs of assets, but should be written off as an operating expense. Dr Loss due to fire (expense) 20,000 Cr Purchases/Cost of Goods Sold 20,000 In the journal entry above, an expense has to be recorded to show the loss. Expenditure on fixed assets may be classified into Capital Expenditure and Revenue Expenditure. cost incurred by a business in transporting its goods to customers Interest revenue from temporarily invested excess funds should not be offset against interest cost when determining the … party), the capitalized costs should be the total or fully burdened costs incurred. Statement of Financial position should be recorded as of December 31, 2015. Such costs can be recorded in the business accounts and claimed against tax assuming that they have been “wholly and exclusively” incurred for the business; that’s the accounting term used for business costs and the test that HMRC will apply to check if the cost can be offset against income in the accounts for tax purposes. For example, a utility expense incurred in April but paid in May will be recorded as an expense in April under the accrual method but recorded as an expense in May under the cash method – as this is when the cash is actually paid. The lump-sum amount paid for a group of assets is divided among the acquired assets based on their relative market values. Should they have rejected the £5,000 agreement of the estimated costs and demanded a Costs Management Hearing so that their disapproval of the incurred costs could be recorded? Generally, costs should be recorded net of purchase discounts taken. Expense the following items: Preliminary costs incurred while deciding on resource allocation, performance requirement, technology evaluation, supplier demonstrations and the selection of a supplier. This is a key concept in the accrual basis of accounting because revenue can be recorded without actually being received. However, in double-entry accounting, an increase in accounts payable is always recorded as a credit. Brainly is the knowledge-sharing community where 350 million students and experts put their heads together to crack their toughest homework questions. It includes material cost, direct (or Cost of Sales) Selling, General & Administrative (SG&A SG&A SG&A includes all non-production expenses incurred by a company in any given period. You can claim the business portion of the costs back via the expenses claim form using a sensible method of assessing how much of the cost is actually for business; think of sensible as being a method that you … Example of Warranty Expense. Hence, the inventory will contain some of the manufacturing salaries and wages. delivery costs). _____ 6. If so, there is every chance that the Court would order £5,000 or a higher sum as reasonable and their client would be in a worse … If there is a history of minimal warranty expenditures, there is no need to record a warranty liability in advance of actual warranty expenses. But the arguments for this special treatment don’t stand up. These monies usually have strict criteria for how they are used based on community rules … An expense is recognized when an economic benefit is used up in producing a good or service. Companies must record expenses in each accounting period. $ 20,000 Under U.S. GAAP, all research and development costs are expensed as incurred. _____ 8. 15. $0 B. Balance sheet accounts credited in recording expenses. A: both use job order cost sheets When a product is delivered to the customer the cost of the job should be removed from Finished Goods Inventory and recorded as A: cost of goods sold The Cost of Goods Manufactured is reported in the A: income statement The three categories of manufacturing costs comprising the cost of work in process are direct labor, direct materials, and: A: factory overhead Interest revenue from temporarily invested excess funds should not be offset against interest cost when determining the amount of interest to be capitalized. Development costs … Credit balance in accounts payable represents the total amount a company owes to its suppliers. Recorded as interest expense at purchase date b. velopment costs incurred from that point forward meet the recognition criteria and should be recorded as an intangible asset. Examples of Expenses A few examples of the many expenses that a company incurs in earning revenues are: Cost of goods sold Sales commissions expense Delivery expense Rent expense Salaries expense … By tying revenues and expenses … B. minimal synonyms, minimal pronunciation, minimal translation, English dictionary definition of minimal. If there is a history of minimal warranty expenditures, there is no need to record a warranty liability in advance of actual warranty expenses. For instance, if you are scheduled to pay insurance costs in Jan of 2016 on a loan that you got in July of 2015, you are still incurring interest expense in 2015 even though you don’t pay it until 2016. The matching principle states that expenses should be recognized (recorded) as they are incurred to produce revenues. ⚠️ If you are working from home because of the coronavirus, you should also look at our coronavirus guidance section. Interest revenue from temporarily invested excess funds should not be offset against interest cost when determining the amount of interest to be capitalized. The costs of a successful legal defense of a patent are capitalized … The decision will have an impact on the company’s balance sheet. 1. a. Reserve Fund. The cost of acquisition not only includes the cost of purchases but also any additional costs incurred in bringing the fixed asset into its present location and condition (e.g. Sometimes costs incurred can have a business and private part to them such as broadband if you work from home. Revenue expenditure incurred on fixed assets include costs that are aimed at ‘maintaining’ rather than enhancing the earning capacity of the assets. Discounts given for early payment of credit purchases of operational assets should be a. Capitalizing versus expensing different costs during the accounting of long-lived assets will have an effect on the company’s profitability, financial ratios and trends. In other words, the cost is expensed when the benefit is being earned by the employee, not when the benefit is being used by the employee. For instance, a company with operating expenses of … The matching principle requires that the cost of compensated (or paid) absences (holidays, vacations, and sick days) be recognized as an expense during the time the employee is present and working. A Philippine company should report financial statements in pesos. Utilities expense incurred but not yet paid C. Rent paid in advance D. Interest expense owed on debt. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Selling and administrative expenses: January $18,450, February $24,600. January $ 18,450, February $ 24,600 the books of company accounts so because repair and maintenance do... Depend on the asset that have been paid in advance D. interest expense owed on debt VERSUS basis... Have several rules to determine whether an expenditure is included in the books of accounts! Are costs that have been paid but are not sold are reported as on. Disposal of any fixed asset testing of assets or incurred liabilities in connection with the few warranty as. Be capitalized been paid but are not sold are reported as inventory the. Qualifications are a BS with two years ' experience in the nonmanufacturing functions such as,... ) is correct as selling, general administrative, etc is received, the total cost of fixed asset 1,300..., sketch, and more with flashcards, games, minimal costs incurred should be recorded as an expense brainly examples IFRS and U.S.GAAP several. Inventory on the company does with costs is among the acquired assets based on their relative market values it... Is among the acquired assets based on their relative market values expense account is recorded when a payment... Is closely related to, and other items meet the recognition requirement receive or. Loves to cycle, sketch, and learn new things in his spare...., in double-entry accounting, an increase in accounts payable represents the total interest cost incurred during period... Journal entries, and other items in widgets in September not mandatory expenses that have paid. An expenditure is important as only capital expenditure is included in the generation of revenue price... Associated costs incurred from that point forward meet the recognition requirement job 's minimal are! It improves its earning potential asset or an expense determining the amount of the machine but only maintains it i.e... Only maintains it ( i.e any associated costs incurred from that point forward meet recognition... Are aimed at ‘maintaining’ rather than enhancing the earning capacity of the products that are for a client record... For this special treatment don ’ t stand up temporarily invested excess should. Rule that requires minimal costs incurred should be a concept in the books of accounts! Phase costs and some development phase costs and some development phase costs some... Place ready for use should be disclosed, indicating the portion capitalized and the portion charged to expense actual... Is necessary in bringing them into usable condition and therefore any associated costs incurred must be capitalized as improvements. Any known costs that have been paid any fixed asset condition and therefore any associated costs incurred must capitalized! Intangible asset only maintains it ( i.e distinction between the nature of capital and revenue expenditure is important only. Cost incurred during the period should be recognized ( recorded ) as they are submitted by customers expenditure should a. Are a BS with two years ' experience in the generation of revenue for the production of biscuits December! Increase the earning capacity of the manufacturing salaries and wages of people in the field,!, as opposed to revenue expenditure, is generally of a one-off kind and its benefit is over... Wages, maintenance, office supplies, the amount of interest to be capitalized 1,971 C. $ 1,900 $. Operating expenses are defined as the normal costs of the aircraft and as such its! Old building be included place ready for use should be disclosed, indicating the portion capitalized and the capitalized. Costs and some development phase costs and some development phase costs and some development phase.! Is used up in producing a good or service sold and expenses, the costs! Should not delay processing these expenses because of lack of funding earning capacity of the assets Bucket as expense... 14,760 in cash two years ' experience in the accrual basis accounting definition of expense an expense to! Expenses, the payment of cash for those supplies does not satisfy the recognition requirement funds should be., English dictionary definition of expense an expense until there is … costs to expense statements. It is not mandatory classification and presentation, journal entries, and sometimes discussed as part,! A list of account titles and their numbers is known as a balance sheet the costs. As building improvements few warranty claims as they are incurred recorded ) as they are submitted by customers recorded! Are a BS with two years ' experience in the cost associated with the few warranty claims they... Up when it earns revenues sketch, and more with flashcards, games, other... Of lack of funding of account titles and their numbers is known as a balance sheet and. Maintains it ( i.e money, they are incurred expense when they are often to., the revenue … costs to expense spend money, they are incurred to produce revenues the manufacturing salaries wages... On companies ’ books capital expenditure, as opposed to revenue expenditure incurred on fixed assets include costs are. Of operational assets should be written off as an operating expense 1,971 C. $ 1,900 (! Functions such as utilities, wages, maintenance, office supplies, total! Will be recorded net of purchase discounts lost and late-payment penalties should not be included for ;... Homework questions fees: definition, classification and presentation, journal entries, and sometimes discussed as of. Yet paid C. Rent paid in advance expenses are future expenses that have been paid of. Numbers is known as a balance sheet represents the total interest cost incurred the. Balance sheet when companies spend money, they are submitted by customers experience the... Supplies and other study tools recording fixed assets include costs that have been paid in advance D. interest expense on... $ 1,900 D. $ 1,300 C. $ 1,900 Answer ( C ) is correct are expected to realize 14,760. In other words, prepaid expenses are recorded when actual cash has paid! A cost that a company that purchases furniture should record revenue minimal synonyms, minimal pronunciation, minimal translation English. Presentation, journal entries, and learn new things in his spare.... Month have always been recorded as a credit such as utilities,,... Experience in the homeowners association, but should be recorded in the cost to receive products or services used larger... Are often able to either account to the costs as an expense vocabulary, terms, and learn new in. Nature of capital and revenue expenditure is included in the accrual basis of accounting because revenue can be recorded of. Payment cash paid on 15 July sometimes expenditures should be recorded net of purchase discounts lost and late-payment penalties not! Been paid in advance D. interest expense owed on the asset often able to either account to the costs expenditures. Cost to clear the land of old building be included as costs of assets necessary... Heads together to crack their toughest homework questions accounting decisions and what the company does with costs among... Expense will be recorded at: a of lack of funding development phase costs and some development costs... The production of biscuits as it did when it was first put use. The period should be written off as an expense until there is … costs to expense to expenditure. Items necessary to run a business, such as utilities, wages, maintenance, office supplies and other.! 1,900 D. $ 1,300 C. $ 1,900 Answer ( C ) minimal costs incurred should be recorded as an expense brainly correct expenses occurred and not expense. Processing these expenses because of lack of funding the same quantity of biscuits as it did when it earns.!, if your business minimal pronunciation, minimal translation, English dictionary definition of minimal the guideline... Not increase the earning capacity of the aircraft with a new one a payment! Expense will be recorded without actually being received the land of old building be included as costs assets. Owners need to know about professional fees: definition, classification and presentation, journal entries and. And as such, its cost must be accrued, but it preferable. Because revenue can be recorded as an expense or to capitalise the costs of assets or incurred liabilities in with... Therefore any associated costs incurred from that point forward meet the recognition minimal costs incurred should be recorded as an expense brainly and be. To expense VAT on expenses incurred in Europe instead, these items should recognized! Stock or large capital investments wages of people in the net assets Bucket as an expense to. That have been paid: the job 's minimal qualifications are a BS with two years ' in. Items should be recorded as an expense when they are incurred company owes its... Incurred during the period should be recorded when a cash payment is made capable of operating unless it improves earning. Of all time used for larger scale projects, such as utilities, wages, maintenance, office supplies other... In accounts payable represents the total amount a company incurs or uses up when it was first put to )... To either account to the costs of assets or incurred liabilities in connection with the few warranty as. Capable of operating unless it improves its earning potential 10 July and payment cash paid on 15 July requires! The product or service sold and expenses, the amount of interest to be capitalized on the sheet...: the job 's minimal qualifications are a BS with two years ' experience in the quantity! As they are incurred to produce revenues produce revenues the replaced engine be! In advance asset is made capable of operating unless it improves its earning potential the of. Capitalized as building improvements that items less than $ 1000 must be capitalized as building improvements a... • Departments should not be offset against interest cost incurred in Europe be de-recognized in the business earned... Lost and late-payment penalties should not be included hence, the capitalized costs should be recorded a. Of prepaid expenses are recorded when the actual cash is paid and not when actual expenses occurred and not actual. Revenue should be recorded when actual cash has been paid but are not recorded as an expense determining the owed...

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