Conceal expense in ASC

Discover how to conceal expense in ASC quickly with DocHub

Editing ASC is fast and straightforward using DocHub. Skip installing software to your laptop or computer and make adjustments with our drag and drop document editor in a few fast steps. DocHub is more than just a PDF editor. Users praise it for its efficiency and powerful capabilities that you can use on desktop and mobile devices. You can annotate documents, generate fillable forms, use eSignatures, and email records for completion to other people. All of this, put together with a competing cost, makes DocHub the ideal decision to conceal expense in ASC files effortlessly.

Your quick guide to conceal expense in ASC with DocHub:

Add your ASC file into your DocHub account.
After you select your file, click it to open it in our editor.
Use intuitive editing tools to make any adjustments to your document.
Once finished, click Download/Export and save your ASC to your device or cloud storage.
Store your files in your Documents folder for easy access from any device.

Make your next tasks even easier by converting your documents into reusable templates. Don't worry about the protection of your data, as we securely store them in the DocHub cloud.

PDF editing simplified with DocHub

Seamless PDF editing

Editing a PDF is as simple as working in a Word document. You can add text, drawings, highlights, and redact or annotate your document without affecting its quality. No rasterized text or removed fields. Use an online PDF editor to get your perfect document in minutes.

Smooth teamwork

Collaborate on documents with your team using a desktop or mobile device. Let others view, edit, comment on, and sign your documents online. You can also make your form public and share its URL anywhere.

Automatic saving

Every change you make in a document is automatically saved to the cloud and synchronized across all devices in real-time. No need to send new versions of a document or worry about losing information.

Google integrations

DocHub integrates with Google Workspace so you can import, edit, and sign your documents directly from your Gmail, Google Drive, and Dropbox. When finished, export documents to Google Drive or import your Google Address Book and share the document with your contacts.

Powerful PDF tools on your mobile device

Keep your work flowing even when you're away from your computer. DocHub works on mobile just as easily as it does on desktop. Edit, annotate, and sign documents from the convenience of your smartphone or tablet. No need to install the app.

Secure document sharing and storage

Instantly share, email, and fax documents in a secure and compliant way. Set a password, place your documents in encrypted folders, and enable recipient authentication to control who accesses your documents. When completed, keep your documents secure in the cloud.

Drive efficiency with the DocHub add-on for Google Workspace

Access documents and edit, sign, and share them straight from your favorite Google Apps.

Install now

How to conceal expense in ASC

5 out of 5

22 votes

hello and welcome to the session in which we would look at an exercise or a CPA simulation that deals with asset retirement obligation and the prior session I explain what asset retirement obligation is in this session I would look at a complete exercise from A to Z illustrating the asset retirement obligation on January 1st 20x1 Adam oil reserves paid a million dollars for an oil tanker Depot Adam is expected to operate the steepo for 10 years thatamp;#39;s the life after that time Adam is legally required to dismantle the depot and remove the underground storage tank so now Adam will have an obligation on the future the estimated cost for this cleanup obligation is one hundred thousand so this is the asset retirement obligation but the thing is this we donamp;#39;t have to pay this money until 10 years from now so today we have to record an obligation thatamp;#39;s gonna reflect Our obligation in 10 years from now what we have to do is we have to find the present value of this obl

Related features

Set logo in the Arbitration Agreement

Set logo in the Collective Bargaining Agreement

Set logo in the Purchase Agreement

Set logo in the Independent Contractor Agreement

Set logo in the Partnership Agreement

Set logo in the Confidentiality Agreement

Set logo in the Operating Agreement

Set logo in the LLC Operating Agreement

Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

Contact us

What is the GAAP principle of expenses?

Under the expense recognition principle, businesses match expenses with revenue in the same period, no matter when cash changes hands. Cash accounting, however, records transactions only when cash is actually received or paid.

What does ASC 606 not apply to?

Any entity under contract to deliver goods or services to customers must comply. However, there are a few exceptions. ASC 606 does not apply to: Contracts covered by other standards, like leases and insurance.

Are pass through expenses considered revenue?

The revenue recognition principle mandates that pass-through expenses should not be reported as part of the companys revenue.

What is an example of a concealed liability and expense?

Examples of concealed liabilities can include loans, warranties attached to sales and underreported health benefits, salaries and vacation time. The easiest way to conceal liabilities is to simply fail to record them. Improper or inadequate disclosures.

What revenue is subject to ASC 606?

Accounting Standards Codification (ASC) 606 provides businesses with a universal framework for recognizing revenue from customer sales. The ASC 606 standards affect pricing and customer contracts for both private and public businesses and describe how to recognize the revenue from those contracts.

What is excluded from ASC 606?

Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Does ASC 606 apply to expenses?

Accounting for Costs to Fulfill a Contract Under ASC 606 Other costs incurred to obtain the contract, regardless of whether the deal was signed, should be recognized as an expense when incurred unless those costs are explicit to the customer (ASC 606 section 340-40-25-3).

When to accrue expenses in GAAP?

Using accruals and deferrals. In compliance with Generally Accepted Accounting Principles (GAAP), goods and services must be recorded in the year they were received or performed and income must be recorded in the same year as the expenses that generated the income.

See why our customers choose DocHub

Great solution for PDF docs with very little pre-knowledge required.

"Simplicity, familiarity with the menu and user-friendly. It's easy to navigate, make changes and edit whatever you may need. Because it's used alongside Google, the document is always saved, so you don't have to worry about it."

Pam Driscoll F
Teacher

A Valuable Document Signer for Small Businesses.

"I love that DocHub is incredibly affordable and customizable. It truly does everything I need it to do, without a large price tag like some of its more well known competitors. I am able to send secure documents directly to me clients emails and via in real time when they are viewing and making alterations to a document."

Jiovany A
Small-Business

I can create refillable copies for the templates that I select and then I can publish those.

"I like to work and organize my work in the appropriate way to meet and even exceed the demands that are made daily in the office, so I enjoy working with PDF files, I think they are more professional and versatile, they allow..."

Victoria G
Small-Business

be ready to get more

Edit and sign PDFfor free

Get started now