Lecture notes, cheat sheets
Accounting financial accounting. Accounting for other income and expenses (the most important) Directory / Lecture notes, cheat sheets Table of contents (expand) 66. ACCOUNTING FOR OTHER INCOME AND EXPENSES Rent, royalties for the use of intellectual property objects are recognized in accounting based on the assumption of the temporary certainty of the facts of economic activity and the terms of the relevant agreement, similarly to the proceeds from the sale of the results of ordinary activities. The income from the sale of fixed assets and other assets, other than cash, products, goods, as well as the amount of interest received for providing the organization’s funds for use. Fines, penalties, forfeits for violation of the terms of contractual or debt obligations, as well as compensation for losses caused by the organization, are accepted for accounting in the amounts awarded by the court or recognized by the debtor in the reporting period when the court issued a decision on their recovery or they were recognized as the debtor. Assets, received free of charge, are accepted for accounting at market value. Accounts receivable and accounts payable in the reporting period in which the limitation period has expired, is included in the income or expenses of the organization in the amount reflected in the accounting records. Similarly, other debts that are uncollectible are recognized in accounting. Other incomes and expenses are accepted for accounting in actual amounts as they are revealed, unless the legislation establishes a different procedure for their recognition. Formation of reserves under the decrease in the value of material assets, investments in securities, for doubtful debts is reflected in the credit of the accounts of the relevant reserves (14, 59, 63) and the debit of account 91, sub-account 91-2 "Other expenses". Entries on sub-accounts 91-1 "Other income" and 91-2 "Other expenses" are made accumulatively during the reporting year. On a monthly basis, by comparing the debit and credit turnover, the balance of other income and expenses for the reporting month is determined, which is debited from sub-account 91-9 "Balance of other income and expenses" to account 99 "Profit and losses" by the final turnover of each month. Thus, synthetic account 91 "Other income and expenses" has no balance as of the reporting date. At the end of the reporting year, sub-accounts 91-1 and 91-2 are closed with internal entries to sub-account 91-9 "Balance of other income and expenses". << Back: The concept and composition of the organization's income, their accounting accounts >> Forward: Accounting for operations on foreign currency accounts We recommend interesting articles Section Lecture notes, cheat sheets: ▪ World economy. Lecture notes ▪ Civil law. Parts I, III and IV. Crib See other articles Section Lecture notes, cheat sheets. Read and write useful comments on this article. Latest news of science and technology, new electronics: The existence of an entropy rule for quantum entanglement has been proven
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