Two ways of accounting for prepaid expenses September 14, Two methods to account for prepaid expenses: Nature of prepaid expenses Prepaid expenses are expenses paid for in advance and recorded as assets before they are used or consumed. Prepaid expenses are shown in the assets section on the balance sheet. Examples of prepaid expenses can be insurance premiums or rent.
Contribution Limits and Covered Expenses You pay for amounts of tuition years, credits or units in one lump sum or through installment payments. There are a number of options.
Some prepaid tuition plans offer contracts for a two-year community college or a four-year undergraduate program, or a combination of the two, and can cover one to five years of tuition. Some plans even allow the contract to be applied to graduate school tuition. With only a few exceptions, however, most prepaid tuition plans do not cover other expenses, such as room and board.
So you may want to consider other college savings options to cover these costs.
Guarantees and Safety Features Most states guarantee that the funds you put into a prepaid plan will keep pace with tuition. Some states back their prepaid tuition plans by the full faith and credit of the state, meaning that if the program should find itself in financial difficulty, the state will step in to provide the necessary funding.
Freight Terms of Sale What exactly does FOB stand for? Probably one of the more common terms that people have questions about in the freight industry in terms of sale. The American Express Serve Cash Reload Prepaid Card offers the largest free cash reload network and gives you the ability to use it for online or in-store shopping. Prepaid that pays. likes. Jadilah pengguna r-bridal.comarlah ke prepaid yg r-bridal.com selamanya jadi pengguna setia yg hanya mendapat.
Other states do not have a formal guarantee, but do have a formal process by which the state's legislature will consider making an appropriation if necessary.
Some states offer no guarantees that the plan will fund the future cost of tuition or that the state will step in should the plan falter. Residency Requirements and Other Limitations Unlike college savings plansmost state prepaid tuition plans require either you or your child to be a resident of the state offering the plan when you apply.
Some limit enrollment to a certain period each year. Many prepaid tuition plans also have age or grade limits for beneficiaries i.
Investment Options Prepaid tuition plans have no investment options. Under prepaid plans, the price of the contract is determined prior to purchase and usually depends on the type of contract, the current grade of the beneficiary, the current and projected cost of tuition and the projected rate of return.
These programs then pool the money and make long-range investments so that the earnings meet or exceed college tuition increases. When a child is ready to go to college, the plan transfers funds to cover the tuition directly to the institution.
Portability If your child chooses not to attend a college covered by the prepaid tuition plan, all is not lost. Although you will not get the benefit of guaranteed tuition, all prepaid tuition plans allow you to use plan money to pay tuition at other colleges and universities.
Many state prepaid tuition plans will pay out an amount equal to the weighted average tuition and mandatory fees at your state's public institutions, not to exceed the actual tuition and fees you incur. Most prepaid plans also let you transfer the plan to a child's brother or sister although age restrictions may prevent transfers to an older sibling.
Unfortunately, if your child chooses not to go to college and a sibling doesn't use the plan, or you need to cancel the prepaid plan, most plans will only give you back what you originally contributed with a reduction or elimination of any interest earned.
Some plans also charge a cancellation fee.A phrase typically used on a bill of lading to indicate that the cost of the goods' shipping has already been paid for and is not refundable.
Many manufacturing businesses will ship their products freight prepaid to avoid having the intended receiver pay for shipping costs. Shop for Prepaid Plans in No-Contract Phones & Plans.
Buy products such as Straight Talk $45 Unlimited 30 Day Plan (with 10GB of data at high speeds, then 2G*) (Email Delivery) - Extra Data Promo Available^ at Walmart and save. Prepaid travel cards, also known as currency cards, allow you to load them before you go abroad then just use them as you would a debit card to spend or withdraw cash as you wish.
And because they're pre-loaded, it allows you to keep tight control of your spending. Some also allow you to lock in a.
A Prepaid Family Account lets you have up to 5 prepaid lines on one account, making it easier to manage multiple prepaid lines. Plus, you can save up to $80/month* while enjoying America's best network. The Account Owner pays for all the lines at the same time, on one renewal date.
No more juggling multiple balances or due dates. The American Express Serve Cash Reload Prepaid Card offers the largest free cash reload network and gives you the ability to use it for online or in-store shopping.
Prepaid tuition plans allow parents, grandparents and others to prepay tuition at today’s tuition rates at eligible public and private colleges or universities, helping them manage future tuition costs.