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Liabilities
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Is salaries payable an asset or liability or owners equity account?
Salaries payable is liability as it is payable in future time and all liabilities shown in balance sheet at liability side.
Is notes payable an asset or a liability?
Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the very same thing, hence the term "payable". Though some payable accounts change from being a payable to an expense, they are still liabilities as long as they are "payable", these include: Interest Payable (liability until paid, then reverts to Interest Expense) Salary or Wages Payable(liability until paid, then reverts to salary or wage expense) Payable accounts maintain a "credit" balance, meaning they increase with a Credit and Decrease with a debit. Now the quick answer: Payable = Liability Receivable = Asset
Insurance premium paid in advance Is it a accrued expenses?
No, if Insurance premium is paid in advance then it is a Prepayment - current asset.
What accounts would appear in the balance sheet?
The asset(e.g.cash, marketable securities, accounts receivable, inventories, land, building, etc..) , liabilities(e.g.accounts payable, notes payable, accruals, mortgage payable, etc..), and equity accounts (e.g.ordinary share capital, preference share capital, ordinary share premium, preference share premium, retained earnings.. etc.) appear in a balance sheet. As it is called balance sheet, the asset accounts must be equal with the liabilities and equity accounts (asset = liabilities + capital).
When is it permissible to put a capital expenditure in accrued expenses?
To me DR in asset inBS and CR to accrual again in BS .....pointless
Is asset is cash?
Cash is an asset because it is the most liquid asset that is owned by a company that can be used to paid expenses or current liabilities.
Is electricity a liability or asset?
Electricity expense is an expense account while accrued electricity payable is a liability account
Is salaries payable an asset or liability or owners equity account?
Salaries payable is liability as it is payable in future time and all liabilities shown in balance sheet at liability side.
Is notes payable an asset or a liability?
Accounts Payable and Notes Payable are liabilities. Accounts receivable - assets All "payable" accounts are "liabilities". This is because a liability is something the company OWES, a payable is the very same thing, hence the term "payable". Though some payable accounts change from being a payable to an expense, they are still liabilities as long as they are "payable", these include: Interest Payable (liability until paid, then reverts to Interest Expense) Salary or Wages Payable(liability until paid, then reverts to salary or wage expense) Payable accounts maintain a "credit" balance, meaning they increase with a Credit and Decrease with a debit. Now the quick answer: Payable = Liability Receivable = Asset
Insurance premium paid in advance Is it a accrued expenses?
No, if Insurance premium is paid in advance then it is a Prepayment - current asset.
What accounts would appear in the balance sheet?
The asset(e.g.cash, marketable securities, accounts receivable, inventories, land, building, etc..) , liabilities(e.g.accounts payable, notes payable, accruals, mortgage payable, etc..), and equity accounts (e.g.ordinary share capital, preference share capital, ordinary share premium, preference share premium, retained earnings.. etc.) appear in a balance sheet. As it is called balance sheet, the asset accounts must be equal with the liabilities and equity accounts (asset = liabilities + capital).
When is it permissible to put a capital expenditure in accrued expenses?
To me DR in asset inBS and CR to accrual again in BS .....pointless
Is accounts payable asset?
Accounts Payable refers to the due against the company for services that the company may have received from suppliers. It's a liability and would fall under the category of 'current liabilities'.
Is accounts payable an asset?
Accounts Payable refers to the due against the company for services that the company may have received from suppliers. It's a liability and would fall under the category of 'current liabilities'.
How does vat affect the accounting equation?
The VAT can affect the accounting equation in two different ways. The accounting equation is ASSET=CAPITAL+LIABILITIES So, if VAT is OWED from HMRC (receivable) it will be an asset, so the asset will increase and the Capital will increase as well. ASSET+X=CAPITAL+X+LIABILITIES, where X is the amount of VAT received. If VAT is owed TO HMRC (payable), then the liabilities will increase, which means that the capital will decrease with the same amount. ASSET=(CAPITAL-Y)+(LIABILITIES+Y) where Y is the amount of VAT to be paid.
Decrease an asset account and decrease a liability account?
if you have a asset and you sale it and then money which you get pay as a liability so decreas in asset and decreas in liability occurs.
What is general expenses and whether it is asset or liability?
Answer:The income statements shows the breakdown of the expenses. The various main expense items of operating income are: cost of revenues/goods sold, R&D expenses, sales and marketing expenses. All other expenses are general expenses (administrative, overhead, etc). General expenses, just like any other expenses, are neither an asset, nor a liability.General expenses can be the result of a decline in the value of an asset (payment of cash, depreciation of value of an asset), or an increase in a liability (electricity bills payable, etc).
