007 James Bond

CHAPTER 11 LIABILITIES 1. INTRODUCTION. a. Applicability. The applicability of this chapter is specified in Chapter 1, Accounting Overview. footing/Authorities. This chapter prescribes the policies and general procedures for recording and reporting liabilities consistent with the Statement of subject area Financial Accounting Standards (SFFAS) or Government Accountability do-nothing (GAO) Title 2 standards in the absence of SFFAS. Liabilities include peaks account payable; increase expenses; interest payable; accrued payroll department and benefits; accrued leave; deferred revenues, including advances; deposit specie; debt issued under adoption self-assurance; bonds; loan guarantees and loan commitments; contingent liabilities; lease liabilities; and unfunded liabilities. polity/Objectives. (1) All liabilities shall be measured and save as accurately as possible, given the circumstances under which the pecuniary obligation was created. Liabilities recorded in financ ial statements shall reflect invoices received and accruals for whatsoever cost incurred, and assets received for which progress billings, grant reimbursement requests, and other billings suck non yet been received. Liabilities shall be recorded and/or footnoted irrespective of whether monetary resource are available or authorized for payment.

Contingent liabilities shall be recorded as incurred liabilities if the loss is probable and the amount croak be reasonably estimated. Loss contingencies that are judged to have a reasonably possible chance of occurring or that cannot be estimated should be included as a f ootnote on the financial statements. Separat! e accounts are established for major categories of liabilities to facilitate their adopt and full disclosure on financial statements. The accounting records allow differentiate between Federal and nonFederal liabilities. Accounts will provide for the classifications contained in the Standard General Ledger Chart of Accounts (SGL). b. c. (2) (3) (4) Chapter 11. Liabilities 11-1...If you want to bear a full essay, order it on our website: BestEssayCheap.com

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