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Is a we owe for goods an asset or liability?
liability
Is broken goods an expense or liability please explain it to me in detail thanks?
Libability is defined as the state of being responsible for something. An expense is the cost required for something. Whether or not broken goods are a liability or expense depends on the detail surrounding how the goods were broken. The goods would be an expense for the store who owned the goods unless they insisted the patron pay for the item. They would be a liability if the broken goods cause harm to someone.
Beginning inventory plus the cost of goods purchased equals?
Cost of goods sold.
Which of these describes a use tax?
type of sales tax imposed on goods purchased from another state A+
Trust Receipt advantage to the buyer?
The advantage is no credit, purely consigned the goods. If the goods unsold, the entrustee or buyer can return the goods to entruster or seller without incurring any liability.
Is a we owe for goods an asset or liability?
liability
How does one get a release of liability?
One gets a release liability when property is newly purchased by someone. When the property is purchased the release liability ensures that the owner of the property will pay of debt.
Will liability insurance cover a business that purchased stolen goods with out knowing the goods were stolen?
It all depends on the terms of the insurance policy. If it says it will cover that kind of loss, you're covered. If it doesn't specifically cover that kind of loss, you're out.
Is stock of goods a liability?
i thnk its nt.stock is not a liability.stock is our asset.when it over comes its goes to liability.
Sundry creditor is ------------------- 1current liability2long term liability3current asset4 fixed asset?
Sundry creditors created when goods purchased on credit and it is normally for short term credit that's why it is current liability.
Is broken goods an expense or liability please explain it to me in detail thanks?
Libability is defined as the state of being responsible for something. An expense is the cost required for something. Whether or not broken goods are a liability or expense depends on the detail surrounding how the goods were broken. The goods would be an expense for the store who owned the goods unless they insisted the patron pay for the item. They would be a liability if the broken goods cause harm to someone.
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.
What is the journal entry goods purchased?
[Debit] Goods Purchased xxxx [Credit] Cash / bank / accounts payable xxxx
What is the difference between general liability insurance and cargo insurance?
General liability refers to products completion and labor, while cargo is specific to transportation, such as hauling equipment or goods. The cargo insurance would kick in if there was damage to the goods in transit. General liability would cover goods in your warehouse or on the docks.
How did the Egyptian's purchase goods?
Egyptians purchased goods through trade
What is contractual liability insurance?
Contractual liability insurance is something purchased to protect a person entering into a contract, when that contract means that they agree to be responsible for any liability.
Why would one purchase liability insurance?
Liability insurance is purchased to protect oneself from the risk of liabilities that are a result of a lawsuit. It its prominently used in car insurance, but can also be purchased for products, and by employers.
