level: Payables and Accrued Liabilities
Questions and Answers List
level questions: Payables and Accrued Liabilities
| Question | Answer |
|---|---|
| Define "Accrued" | Liability has been incurred but not yet expensed |
| Expenses included in General & Admin (4) | Officer's Salaries Accounting Legal Insurance |
| Construction Contracts: (company doing the building for another company) % Profit Earned Equation | (Cost Incurred / Total Expected Cost) = % Complete Contract Price - Total Expected Cost = Profit Profit x % = Profit Earned |