Business Accounting and Bookkeeping

Is insurance expense an asset or liability?

Prepaid insurance would be an asset. Insurance expense is when the insurance has been used up, thus making it an actual expense on the Income Statement. Whereas Prepaid Insurance on a Balance sheet is classified as an Asset.

Is depreciation expense an asset or liability?

Depreciation expense is neither an asset or liability. It is an expense.

Is supplies expense a liability or asset?

Supplies expense is neither an asset nor a liability it is an expense. Prepaid supplies would be an example of an asset and as the supplies are used they become expenses, supplies expense.

Is income tax paid a liability or an asset or capital or an expense?

Income tax paid is an expense, if payable then liability and if paid in advance then it is asset but never capital.

Is electricity a liability or asset?

Electricity expense is an expense account while accrued electricity payable is a liability account

Is sales revenue an expense or asset?

Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.

Is purchase returns an asset or liability?

purchase return is assets or liability or expense

Is expenses owing a current liability or a current asset?

expense owing is a current asset

Is accounts payable a liability or an expense?

Accounts Payable is a liability. Accounts receivable is an asset.

Insurance an asset or expense?

Insurance is an expense, it should never be considered an asset. That is why cash-value policies are not recommended. Stick with simple term insurance and you will save money.

Is a Payment for a vehicle Loan Liability considered an Expense that would show up in my monthly expense report in my Quicken XG 2004?

Yes payment of loan liability is your expense decreasing the liability as well as asset from which you are paying the loan liability.

Interest paid on loan to buy an asset-asset or liability or expense?

Loan acquired to buy an asset is a liability of business so interest incurred on that loan is also part of that loan and that's why it is also the liability of business.

Is interest income an expense asset or liability?

Interest income is part of revenue.

Is an insurance expense an account payable?

No, insurance expense is not a liability but rather an operating expense. Expenses are listed on the Income statement and are taken out of gross income (revenue). It is very doubtful you will ever see insurance of any type listed in the liability section of the balance sheet. Expenses are never listed as a liability but when creating a trial balance, post closing trial balance etc. Expenses are listed under the asset section. This is…

Are longterm care health insurance policies assets that can be seized in a bankruptcy?

No...they have no liquadation value. Actually, it's not an asset...but rather an expense or liability (for the amount of the contract payment).

Is Prepaid insurance expense an asset?

Prepaid insurance premia is to be shown in the Profit & Loss Account, and not as an asset in the Balance Sheet.