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What should be considered a liability?
A liability is anything owed to one company/person by another.If you owe money to someone it is a liability.
Is a we owe for goods an asset or liability?
liability
Would a charge you owe at First National Bank 350 Accounts Payable be your A asset b liability?
Money you owe is a liability.
What account is affected when you received cash for work to be done in the future?
Increase in asset; increase in liability. Receiving money is revenue. receiving money you haven't earned yet means you owe that work. What you owe is a liability.
Accounting treatment for customer advanced deposit?
Its a liability, an amount your company owe to that customer.
What should be considered a liability?
A liability is anything owed to one company/person by another.If you owe money to someone it is a liability.
Is a we owe for goods an asset or liability?
liability
Would a charge you owe at First National Bank 350 Accounts Payable be your A asset b liability?
Money you owe is a liability.
Why creditors are laibility?
Any money you owe to someone else is a liability to you and an asset for them. You have to pay (liability) and they get to receive (asset).
What account is affected when you received cash for work to be done in the future?
Increase in asset; increase in liability. Receiving money is revenue. receiving money you haven't earned yet means you owe that work. What you owe is a liability.
What are creditors in balance sheet?
Creditors in a balance sheet, are the companies, people etc... that you owe money to. They could be utilites, materials purchased, or anything that you have not yet paid for, but have received. This is the opposite of Debtors - people that owe you money.
How can you use the word owe in a sentence?
You don't owe me anything for this answer.
Is The balance on a credit card is a liability?
Yes.... a credit card balance is money owed by the card-holder to the company. Therefore it is a liability.
Accounting treatment for customer advanced deposit?
Its a liability, an amount your company owe to that customer.
What is credit liabilities?
A liability is something you "owe" another person or company. A credit liability "usually" refers to a credit you owe, for example, an account payable may be classified as a "credit liability". Let's say your company purchased a computer system on credit, the balance you owe for the purchase is your "credit liability."This is a distinction between other liabilities the company owes, such as Salaries Payable, Income Taxes Payable, etc, as these "payable accounts" are generally not of the "credit line", just a debt owed. Credit Liability is generally something the company owes by way of "credit", this does not include other operating expenses.
What is accounts payable considered on trial balance?
Accounts payable is a liability. All payable accounts are considered a liability because it is something you owe another person/company.
How do you define asset and liability?
An asset makes a profit, either on a periodic basis, or when you sell the asset. A liability is an expence on a periodic basis, or a loss is made when disposed off.ORAn asset is something which we own and liability is something which we owe.
