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A Liability.
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∙ 14y ago
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Is a checking account an asset?
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.
Is a valuation account an asset or liability?
The conceptual framework considers asset valuation accounts to be part of the related asset account. They are not considered to be assets or liabilities in their own right.
Is a checking account a liquid asset?
Yes, if it has a positive balance.
Is accrued expenses payable is an asset or liabilities?
Liabilities
Is GST outlays an asset?
GST outlays is an asset and represents GST paid to out firms for goods and services. this account is offset agaisnt GST collections (liabilities)
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.
Petty cash in till asset or liabilities?
asset
Are bank checks assets or liabilities to banks?
Neither.The liability for a bank is the actual checking or savings account (demand account), as this is money that is owed to the depositor. A bank check is simply a way to demand payment from the bank's liability account (or the depositor's asset account). The check by itself is not an additional liability to the bank above and beyond the actual account balance.
Why accumulated depreciation is recorded in the asset of balance sheet instead of recording in the liabilities side?
it is a contra asset (negative) hence that's why it is shown as decreasing amt on the balance sheet. In other words, the contra account of any given account is of the same type. So, the contra of a fixed-asset account is also a fixed asset account but with the opposite normal balance. That's why depreciation is in the asset section.
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.
Other terms of asset and liabilities?
asset= strengths liability= weaknessess
Common stock is assets or liabilities?
asset
