007 James Bond

CHAPTER 11 LIABILITIES 1. INTRODUCTION. a. Applicability. The applicability of this chapter is specified in Chapter 1, Accounting Overview. priming coat/Authorities. This chapter prescribes the policies and general procedures for recording and reporting liabilities consistent with the Statement of field Financial Accounting Standards (SFFAS) or Government Accountability pot (GAO) Title 2 standards in the absence of SFFAS. Liabilities include peaks account payable; increase expenses; interest payable; accrued payroll and benefits; accrued leave; deferred revenues, including advances; deposit specie; debt issued under acceptance 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 indebtedness was created. Liabilities recorded in monetary statements shall reflect i nvoices received and accruals for any(prenominal) cost incurred, and assets received for which progress billings, grant reimbursement requests, and other billings discombobulate non yet been received. Liabilities shall be recorded and/or footnoted irrespective of whether funds are available or authorized for payment.

Contingent liabilities shall be recorded as incurred liabilities if the loss is probable and the amount work 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 footnote on the financial sta tements. Separate accounts are established f! or major categories of liabilities to facilitate their micturate and full disclosure on financial statements. The accounting records volunteer 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 harass a full essay, order it on our website: BestEssayCheap.com

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