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From the account holders perspective yes a checking account is an asset. The amount of money you have in your checking account is your asset. From the banks perspective it is a liability because whenever you want your money, the bank has to give it to you.
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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 a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Is a cheque account an asset?
The account itself is not an asset, but any money credited to the account is.
Is bank account an asset?
Yes, bank account is an asset (provided it is not a loan or credit card account). Since a Bank account is a place where we deposit and keep money, it can be considered an asset. (And this is only as long as you have cash in your account. If your account balance is 0 it is not an asset)
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 checking account a liquid asset?
Yes, if it has a positive balance.
Is checking your account an asset or a liabilities?
Checking your account can be considered an asset as it represents the funds you have available for use. However, it can also be seen as a liability if your account has a negative balance or if you owe money to the bank or other creditors.
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.
What is meant by asset management?
Asset Management has a couple definitions, including a client's investment management, and an account at an institution for finances, including a checking account, debit card, and credit cards.
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Can a creditor put an attachment on a joint account in NY?
A creditor can put an attachment on a joint savings or checking account in NY. When an account is held jointly with another individual, the creditor does not know who contributes more to the account and secures the account as an asset.
Is it a US checking account or an US checking account?
A US checking Account
Does filing bankruptcy have an effect on your credit union checking account?
The effect it would have depends on the amount in the account and the exemption status. Regardless it would be considered an asset and would be included in the BK.
Is a cheque account an asset?
The account itself is not an asset, but any money credited to the account is.
Is bank account an asset?
Yes, bank account is an asset (provided it is not a loan or credit card account). Since a Bank account is a place where we deposit and keep money, it can be considered an asset. (And this is only as long as you have cash in your account. If your account balance is 0 it is not an asset)
What is the journal entries for disposal of fixed asset?
cr asset account for cost price dr accumulated depreciation for asset depreciation cr asset sale account dr/cr profit/loss on asset account
The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
