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Can the merchant's personal assets be lost if the merchant account is lost?
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Can an owner of a business withdraw assets from that business for personal use?
Unless those assets are part of an expressly-designated expense account, that would be fraud.
Is a 401k an asset?
No,In financial accounting, assets are economic resources owned by business or company.A 401 is personal money account, so it does not fall under the definition.
Can you say expensive watches as assets?
Yes, Expensive watches are personal assets.
Does a trust protect personal assets?
Yes. However, the assets must be transferred to the trust and will no longer be "personal" assets. They will be under the control of the trustee of the trust. You should discuss your situation with an attorney who specializes in trust law in your state.
If there is no assets who's responsible for credit card debt?
If a person dies and owes money on credit cards, the person who issued the credit cards loses. The merchant still gets his money. (The credit card companies make money by charging merchants a small fee on each transaction. They make interest. They lose money on deadbeats and deaths.)
Can a credit card that you had in your personal name but a lien on your corporate business account?
yes. the creditor can put a lien on anything that may be counted as your assets. if your corporate business account is one of your assets, the creditor can try to recover their money from that account.
Can an owner of a business withdraw assets from that business for personal use?
Unless those assets are part of an expressly-designated expense account, that would be fraud.
What is difference between personal assets and company assets?
Personal assets is assets that are owned by a person. Company assets are assets that are own by the company.
What are personal assets?
Personal assets are things that are owned and accumulated by someone. Personal assets are also things that can help an individual establish their net worth.
What is a personal financial statement?
A personal financial statement form is a document that helps you to calculate your personal net worth. It takes into account all of your assets and liabilities and calculates whether your net worth is positive or negative.
Transaction for issuing shares in exchange for assets?
[Debit] Assets account [Credit] Share capital account
What is a personal financial statement form?
A personal financial statement form is a document that helps you to calculate your personal net worth. It takes into account all of your assets and liabilities and calculates whether your net worth is positive or negative.
When can an account receivable account be deferred?
is accrued assets
How does the drawing account affect financial statement?
A drawing account and the only one I know of is usually listed as a Withdrawal account, which is an account used to record money an owner withdraws for personal (private) use. A withdrawal account will affect the financial statement by decreasing assets and owners equity.
Is a 401k an asset?
No,In financial accounting, assets are economic resources owned by business or company.A 401 is personal money account, so it does not fall under the definition.
Can you say expensive watches as assets?
Yes, Expensive watches are personal assets.
If a company purchase equipment on account will the assets increase decrease or stay the same?
If the equipment is purchased on credit (on account) then the net assets will stay the same as the assets will increase by the same amount as the liabilities
