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    SLT1987 Posts: 1, Reputation: 1
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    Nov 19, 2008, 12:23 PM
    GAAP Requirements on posting Late Fees
    Does GAAP require a business to record late fees as a separate expense for a business if the business is charged such a fee due to paying bills late? Or is the business allowed to lump together the late fee and the bill charges as one amount under the utilities expense, for example? Would an auditor require the business to separate these charges?

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