Obsolescence is the process of becoming out of dates before the asset physically wears out. Revenue-producing ability may also decline because of obsolescence. For example, major airlines moved from Chicago’s Midway Airport to Chicago-O’Hare International Airport because Midway’s runways were too short for jumbo jets. Similarly, many companies replace their computers long before they originally planed to do so because improvements in new computing technology make the old computers obsolete.
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Payroll deductions refer to deductions form gross earnings to determine the amount of a paycheck.
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A current liability is a debt that a company can reasonably expect to pay (1) from existing current assets or through the creation of other current liabilities...
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The cash budget is a projection of anticipated cash flows. Because cash is so vital, this budget is often considered to be most important financial budget.
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Direct write-off method is a method of accounting for bad debts that involves expensing accounts at the time they are determined to be uncollectible.