Answer to Question #182428 in Accounting for Milan

Question

Deferred Outflow of Resources = Asset. So you normally debit this right?

Deferred Inflow of Resources = Liability. So you normally credit this right?

What does it mean when you Credit Deferred Outflow of Resources?

What does it mean when you Debit Deferred Inflow of Resources?

What type of account is Other Financing Sources? Do you normally debit or credit it?

What type of account is Other Financing Uses? Do you normally debit or credit it?

Answer 1

Yes

Yes

Deferred Outflow of Resources has Decreased.

Deferred Inflow of Resources has Increased

It includes a limited number of special transactions that are used to account for non-operating, it is credited.