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It comes under liability
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Is a positive balance in your cheque account a asset or liability to you and the bank?
For Bank: Liability For You: Asset
Is a cheque an asset or liability?
It comes under liability
Is cheque assets or equity?
A cheque is generally considered a form of asset, specifically a financial asset. When a cheque is issued, it represents a promise to pay a certain amount of money, which is an asset for the recipient. For the issuer, it represents a liability until it is cashed or cleared. Therefore, while it is an asset for the payee, it is a liability for the payer.
Is a cheque account an asset?
The account itself is not an asset, but any money credited to the account is.
The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Is a positive balance in your cheque account a liability to you?
No, a positive balance in your cheque account is not a liability; it is considered an asset. A positive balance represents the amount of money you have available for spending, saving, or investing. Liabilities, on the other hand, are obligations or debts that you owe to others. Therefore, a positive balance contributes to your overall financial health rather than detracts from it.
Is a Reserve account an asset or liability?
It is assets
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
Is cash at the bank an asset or liability?
Cash at the bank is an asset for you but a liability for the bank if it is held in a checking or regular savings account.
Is drawings an asset equity or liability account?
equity
Is electricity a liability or asset?
Electricity expense is an expense account while accrued electricity payable is a liability account
