Mary signed up and paid $600 for a 6 month ceramics course on June 1st with Choplet Ceramics. As of August 1st, Choplet’s accoun
ting records would indicate: Multiple Choice $200 of revenue, $400 of deferred revenue $400 of revenue, $200 of accounts receivable $600 of revenue, $600 of cash
Each general partner in a limited partnership has personal liability
<h3>What is personal liability?</h3>
Personal liability insurance, often known as "comprehensive personal liability (CPL) insurance," is a part of a homeowners insurance or umbrella insurance policy that guards you and members of your household against claims stemming from injuries and damage to other people's property. It protects you from having to pay hefty sums out of pocket if you are found to be accountable for something bad that occurs to a third party.
Your personal liability insurance protects you from lawsuits stemming from injury to others and property damage.
Personal liability insurance is available independently, even though it is frequently included in a homes policy.
To learn more about personal liability from the given link:
Depreciation accounts for the wear and tear in fixed assets over their period of use. It is accounted for every period in the Income Statement as an expense which means that its addition increases the business's expenses.
It does that the advantage of being tax deductible however. This then means that it can be subtracted from Net Income for tax purposes. When that is done, it will reduce the Net Income thereby reducing the amount of taxes that can be charged on the company.