0
What else can I help you with?
What are three subcomponents of expenses and liabilities?
what are three subcomponents of expenses and liabilities
Is accrued expenses payable is an asset or liabilities?
Liabilities
What is net income assets minus liabilities or revenues minus expenses?
Net Income is revenue minus expenses. Assets minus liabilities is Net Worth.
Is furniture and fixtures a debit or credit?
Furniture is a credit and so is fixtures But furnitures are asset and fixtures are expenses
Which accounts normally have debit balances?
Assets, expenses, and revenuesAssets, expenses, and retained earningsINCORRECTAssets, liabilities, and dividendsAssets, expenses, and dividendsCORRECT ANSWER
What are the 5 elements of accounting?
Assets, Liabilities, Expenses, Income & Equity.
Are accrued expenses assets or liabilities?
Accrued expenses are those expenses the benefit of which has already taken by the business but the payment is not yet cleared that's why it is the liability of business.
Are tubs included in plumbing rough in?
No. Plumbing rough in refers to the installation of pipes and fitting to the fixtures, not the installation of the fixtures themselves. That is called plumbing trim.
Is debit positive or negative?
In case of Assets debit is positive which means increase in assets as well as for liabilities debit means reduction in liabilities but for expenses it is negative as it increases the expenses and reduces the profit
How do you enter accrued expenses in the general ledger?
Accrued expenses are entered as liabilities in the general ledger. Debit expense and credit accrued liability.
What are examples of business liabilities and how can they impact a company's financial health?
Examples of business liabilities include loans, accounts payable, and accrued expenses. These liabilities represent money owed by the company to others. If a company has high levels of liabilities, it may struggle to meet its financial obligations, leading to cash flow problems, increased interest expenses, and potential bankruptcy. Managing liabilities effectively is crucial for maintaining a healthy financial position.
Wages belong to which expenses?
Wages Payable, or Payroll Liabilities. Also, classifies as Capital Expense.
