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expense owing is a current asset
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∙ 11y ago
Krisha Gunaratnam
SXM_ABEL
current assets
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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.
Debit means decrease and credit means increase is true?
A debit shows a asset or expense transaction, and a credit shows a liability or gain. So debit is the sum of money owing and credit is sum of money at someones disposal.
Net profit is a liability?
It is not because what makes you think what you have earned is not belonging to the company? with no profit, company will gone bankrupt easily if net profit is liability. if it is liability, who is the company owing the money to?
Is receiving payment from account customer a liability?
Because money is being received from customer we are not owing.
What is the appropriate classification of customers accounts with credit balances in a balance sheet?
If a customers account has a "credit" balance, this means the company owes that customer rather than the customer owing the company. Customer accounts tend to have a debit balance, meaning the customer owes the company that amount. It is rare when a company owes a customer, if this does happen, the account becomes a liability instead of an asset because of the fact that now the company owes money rather than is "owed" money.
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.
What is the definition of pecuniary liability?
The definition of "pecuniary liability" is the responsibility to repay the Government for fiscal irregularities.
Debit means decrease and credit means increase is true?
A debit shows a asset or expense transaction, and a credit shows a liability or gain. So debit is the sum of money owing and credit is sum of money at someones disposal.
Mean of liability and ten examples?
a liability is what the business owes e.g. loans, bank overdraft, owing a supplier for inventory
Net profit is a liability?
It is not because what makes you think what you have earned is not belonging to the company? with no profit, company will gone bankrupt easily if net profit is liability. if it is liability, who is the company owing the money to?
Is receiving payment from account customer a liability?
Because money is being received from customer we are not owing.
Are commissions earned an income statement acccount?
They Don't go on the balance sheet unless they are currently earned but owed at a later date. When paid out at the time they are earned they would be assigned to the Income & Expense statement as an expense to "sales commission's Expenses". The only time they would show up on the balance sheet if they were earned but not yet paid out then they would be credited to the accounts payable column in current liabilities as maybe "sales commisions owing" against a debit to the expense account ......... expense account - sales commissions $xxxx Dr - liability account - Sales Commissions owing $xxx Cr
Can a finance company repo your car if you are current on payments?
No...if you are completely current...and have nothing owing from previous months..again no.
What are the uses of a conductor in high ressitance?
they are used to reduce the resistivity,owing to the fact that the conductor introduces current into the resistance
What does exempt status mean on the W4 form?
Exempt status may be claimed on a 2010 W-4 if two conditions exist:1. You did not have a tax liability in the prior year and therefore received a refund of everything that was withheld, and2. You expect to have not tax liability this year.Caution: Having no tax liability is not the same as owing no tax. If your tax withholding was $1,000 last year and your tax liability was $400 then you owed no additional tax. You received a $600 refund. But your tax liability was $400.
What is required to get the best refinance mortgage rates?
Getting the best refinance mortgage rates depends on a few factors. They can include the amount already owing on the current mortgage and the current financial situation of the client.
What is the appropriate classification of customers accounts with credit balances in a balance sheet?
If a customers account has a "credit" balance, this means the company owes that customer rather than the customer owing the company. Customer accounts tend to have a debit balance, meaning the customer owes the company that amount. It is rare when a company owes a customer, if this does happen, the account becomes a liability instead of an asset because of the fact that now the company owes money rather than is "owed" money.
