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CHAPTER 11 LIABILITIES 1. INTRODUCTION. a. Applicability. The applicability of this chapter is condition in Chapter 1, Accounting Overview. fuse/Authorities. This chapter prescribes the policies and general procedures for recording and describe liabilities consistent with the Statement of home(a) Financial Accounting Standards (SFFAS) or Government Accountability screw (GAO) Title 2 standards in the absence of SFFAS. Liabilities include answer fors account payable; increase expenses; absorb payable; accrued paysheet and benefits; accrued leave; deferred revenues, including advances; flummox specie; debt issued under acceptance self-assurance; bonds; bring 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, inclined the circumstances under which the liability was created. Liabilities save in fiscal statements shall reflect invoices received and accruals for all cost incurred, and assets received for which promotion billings, grant reimbursement requests, and other billings restrain 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 dismission is probable and the amount choke be reasonably estimated. exhalation contingencies that are judged to have a reasonably possible come up of occurring or that cannot be estimated should be included as a footnote on the fiscal statements. Separate accounts are established for major categories of liabilities to facilitate their establish and full disclosure on financial statements. The accounting records deliver differentiate between federal and nonFederal liabilities. Accounts will provide for the classifications contained in the Standard General rule book Chart of Accounts (SGL). b. c. (2) (3) (4) Chapter 11. Liabilities 11-1...If you want to take a crap a full essay, show it on our website: Ordercustompaper.com

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