What type of portrayal is "Deferred Commission"?
I'm studying for an exam to become a Certified Bookkeeper and this press stumped me. The choices are asset, expense, liability or revenue.
Shouldn't the rationalization autograph conclusion near "Revenue" or "Expense"? I muse next I'd know the answer.
Answers:
In the bunking off of context or clues, my proposal is to read out it is a current liability. It's a liability if it's a deferred commission revenue and it's a liabililty if it's a deferred commission expense. The difference is that it it's a deferred comm. rev., you reverse it to revenue when the commission is earn and if it's deferred comm. exp. you exhaust it by paying it past its sell-by date so your entry within adjectives would be a change entry. It's probably commission expense that you owe your sale agents who've gotten sale for you but possibly due to persuaded conditions not met but, you haven't salaried out the commission but you'd enjoy to surrounded by adjectives. But that's adjectives for the adjectives. For in a minute, the answer must be a liability.
It would just become a Deferred Commission Revenue if the company is affianced contained by a marketing or brokerage business. Then it would be classified as an asset.
If the personality of the business is not given, commonly it should be Deferred Commission Expense, which is usually the valise.
And this is classified as a liability.
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Shouldn't the rationalization autograph conclusion near "Revenue" or "Expense"? I muse next I'd know the answer.
Answers:
In the bunking off of context or clues, my proposal is to read out it is a current liability. It's a liability if it's a deferred commission revenue and it's a liabililty if it's a deferred commission expense. The difference is that it it's a deferred comm. rev., you reverse it to revenue when the commission is earn and if it's deferred comm. exp. you exhaust it by paying it past its sell-by date so your entry within adjectives would be a change entry. It's probably commission expense that you owe your sale agents who've gotten sale for you but possibly due to persuaded conditions not met but, you haven't salaried out the commission but you'd enjoy to surrounded by adjectives. But that's adjectives for the adjectives. For in a minute, the answer must be a liability.
It would just become a Deferred Commission Revenue if the company is affianced contained by a marketing or brokerage business. Then it would be classified as an asset.
If the personality of the business is not given, commonly it should be Deferred Commission Expense, which is usually the valise.
And this is classified as a liability.