0
liability
Aaliyah Green
Add your answer:
Earn +20 pts
Would a charge you owe at First National Bank 350 Accounts Payable be your A asset b liability?
Money you owe is a liability.
What account is affected when you received cash for work to be done in the future?
Increase in asset; increase in liability. Receiving money is revenue. receiving money you haven't earned yet means you owe that work. What you owe is a liability.
Is cash a liability or asset?
Cash is an asset like money in the bank (this is something that you OWN). Bank loans and overdrafts (things that you OWE) are liabilities. The easiest way they teach it in accounting is: whatever you own (like money in the bank/cash/company vehicles) is an asset. But whatever you owe (like bank loan - that will need repayment/VAT owing to HMRC) is a liability.
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Is rent income a asset liability or owners equity?
asset liability
Why creditors are laibility?
Any money you owe to someone else is a liability to you and an asset for them. You have to pay (liability) and they get to receive (asset).
Would a charge you owe at First National Bank 350 Accounts Payable be your A asset b liability?
Money you owe is a liability.
How do you define asset and liability?
An asset makes a profit, either on a periodic basis, or when you sell the asset. A liability is an expence on a periodic basis, or a loss is made when disposed off.ORAn asset is something which we own and liability is something which we owe.
What is net liability?
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset
Is cost of goods an asset or liability?
It's not really either. Cost if goods sold is an expense on the profit and loss.
What account is affected when you received cash for work to be done in the future?
Increase in asset; increase in liability. Receiving money is revenue. receiving money you haven't earned yet means you owe that work. What you owe is a liability.
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 a liability or asset?
Cash is an asset like money in the bank (this is something that you OWN). Bank loans and overdrafts (things that you OWE) are liabilities. The easiest way they teach it in accounting is: whatever you own (like money in the bank/cash/company vehicles) is an asset. But whatever you owe (like bank loan - that will need repayment/VAT owing to HMRC) is a liability.
Is mortgage an asset?
no. it is a liability. The home itself is an asset - an the difference is (hopefully) equity. For example you owe 100,000 on your home mortgage. Your home is worth 150,000 on the market - then your equity is 50,000
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Is asset or liability?
asset
Is rent income a asset liability or owners equity?
asset liability
