Augustine's account, who had received the profits for above fourteen years; but not being able to
account for what was disposed of by the hospital, very honestly declared he had eight hundred and seventy-two moidores not distributed, which he acknowledged to my account: as to the king's part, that refunded nothing.
'I
account for it, sir,' she pursued after an awkward silence on Mr Dorrit's part, 'by having no doubt that he is travelling somewhere, or hiding somewhere.'
The Tax Court in Findley, 25 TC 311 (1955), stated that, in the case of a debt that has become partly worthless, the charge-off is an act "to perpetuate evidence of taxpayer's election to abandon part of the debt as an asset." While merely increasing a general reserve account without specifically identifying the debt(s) to which the reserve increase relates does not provide evidence sufficient to comply with the statute (see, e.g., International Proprietaries, Inc., 18 TC 133 (1952)), increasing a reserve
account for specifically identified debt(s) that are partly worthless can constitute a charge-off for purposes of Sec.
We also support fair value accounting for assets and liabilities used in the business of short-term trading for profit, such as the trading
account for banks.
1, one crucial issue for the insurance industry remains unresolved and will occupy the IASB for the next few years--how to
account for liabilities related to insurance contracts.
This approach is called the transaction-based valuation approach, and it will enable DoD to track the asset from cradle to grave and to
account for the value of the asset.
Some subsidiaries may
account for dividend income on the cash method for tax reporting and on the accrual method for books.
Are there really two correct ways to
account for transactions?
If contract accounting does not apply, the vendor must
account for the revenue from each of the various products based on vendor-specific objective evidence of fair values, regardless of any separate prices stated within the contract for each element.
When Lemon credited the bank
account for the checks she made out to herself, the corresponding debit was false.
"Many small businesspeople have a problem just understanding what they need to use the bank
account for," says Ralph J.
The government instructs Citibank to debit its $100 million
account for, say, $2.5 million, and transfer the money to another account at Citibank, this time in the name of a Swiss bank.