Accounting Accruals Deferrals… Don’t be …会计收益和延期货u2026不要u2026.pdfVIP

2013 UIL Capital Conference Accounting Accruals Deferrals… Don’t be Afraid; It’s Just Timing! by: LaVerne Funderburk, CPA UIL Accounting State Contest Director UIL Capital Conference / UIL Accounting / Accruals and Deferrals Page 2 General Review (Paragraph Numbers Refer to Table 1) ¶1 Real Life Review of Property Taxes 1. Summer—appraisal district informs owner of appraised value and owner is given opportunity to question or protest 2. The “bill” comes in the fall. Owner may pay in the fall or through January 31 of the following year without penalty. 3. So in this problem, in 2012 when we receive the “bill” we “book it.” We hold our cash until the final month to pay without penalty. ¶2 “What is a mortgage? That is not in our book!” says the student. 1. It is briefly mentioned in SW GJ page 672 2. It is a long-term liability 3. Everything you need to know about a mortgage is given 4. You do not have to calculate the amount of interest (don’t need terms of note) 5. You do have to understand accruals and how those appear in the general ledger (T- accounts). (Page 8 will give you some insight for December 31, 20