Outstanding liabilities are those liabilities which have not been paid at the date of the balance-sheet.
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Liabilities are claims against assets-that is, existing debts and obligations. Businesses of all sizes usually borrow money and purchase merchandise on credit. Creditors may legally force...
- Time ticket
The time ticket is a document that indicates the employee, the hours worked, the account and job to be charged, and the total labor cost.
- Overhead controllable variance
Overhead controllable variance is the difference between normal capacity hours and standard hours allowed times the fixed overhead rate.
- Privately held corporation
Privately held corporation is a corporation that has only a few stockholders and whose stock is not available for sale to the general public.
- Change in accounting principle
A change in accounting principle occurs when the principle used in the current year is different form the one used in the preceding year.
- Record date
At the record date, the company determines ownership of the outstanding shares for dividend purposes. The records maintained by the corporation supply...
- Organization costs
Costs incurred in the formation of a corporation are called organization costs. These costs include legal and state fees, and promotional expenditures...