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Accrued Liabilities and Deferred Revenue
Accrued Liabilities and Deferred Revenue
BSA-2nd year
Payroll taxes are taxes imposed on employers or employees, and are usually
calculated as a percentage of the salaries that employers pay their staff.
2. What are the payroll taxes in the Philippines?
Output VAT is the value added tax that you calculate and charge on your own sales of
goods and services if you are registered for VAT while input VAT is the value added
tax added to the price you pay for eligible goods or services.
6. Explain gift certificates payable.
Gift certificates are sold by retailers to customers for cash. It is used to redeem
merchandise or services. The sale of a gift certificate should be recorded with a debit
to Cash and a credit to a liability account such as Gift Certificates Outstanding.
7. What are refundable deposits?
Refundable deposits are property or cash that is received from customers and can be
refundable after compliance with certain conditions. An example of it are the deposit
for bottles bought from stores that can be refund when the bottle is returned.
8. What are the four variations in the computation of bonus?
The four variations are bonus is expressed as a certain percent of income before
bonus and before tax, income after bonus but before tax, income after bonus and
after tax, and income after tax but before bonus.
9. What is a deferred revenue?
If the deferred revenue is realizable within one year then it is a current liability, if it is
realizable for more than one year then it is a noncurrent liability.