0
Is provident fund employees asset and are you right to ask your provident fund balance?
Ovaisdj
Provident Fund is a portion of our salary that our employer deducts every month. This money is remitted to the government of India's PF trust. This money is used by our government for its cash needs. Once we retire or close our PF account, the money that has accumulated against our name would be given back to us. The money in our PF account grows at the rate of 8.5% per annum compounded every year.
Yes it is an asset for you and you have all rights to ask your provident fund balance.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What is classified as an intangible asset on the balance sheet?
goodwill
Where can you learn more about digital asset management?
there are many resources available to learn more about digital asset management. Your local office supply store has knowledgeable employees that can help lead you in the right direction.
The Balance sheet in India the liability is on the left hand side asset is on the right hand side?
Liabilities' side of balance sheet deals with how the funds are raised whereas the assets' side of balance sheet deals with how the funds are invested. Firstly the funds are raised (by incurring liabilities) after which they are invested (asset formation). Left-to-right is a general way of reading/writing, hence the liabilities side would appear before assets.
Why is cash an asset?
Balance sheet is always maintained as most liquid asset at the top, so as the cash is the most liquid asset of business that;s why it is shown right at the top before all other less liquid assets.
1 Which of the following best describes an asset A. Anything of value owned by the business B. Always equal to a liability C. Listed on the right-hand side of a balance sheet D. Something that a?
which of the following best describes an asset of a business
Is this stament true. Asset accounts are listed on the right side of the accounting equation.?
False. Assets have debit balances which are on the left hand side of a journal entry or trial balance.
Why liability on left and asset on right?
This is inaccurate, neither liability nor assets dictate right or left of anything. However, if you are speaking of the Balance Sheet (one of many examples), Assets are actually listed on the Left Column (as they maintain a Debit Balance) while liabilities will be listed in the Right Column (as they maintain a Credit Balance) To decide where the entry goes remember what Debit and Credit actually mean. Debit literally means Left Column or Left side, while Credit is just the opposite and means Right Column or Right Side. Because Assets maintain a Debit Balance, all entries that increase the asset will be listed in the "left" column, while all entries that will decrease the asset will be listed in the "right" column. For example, you purchase Supplies for $1,000 using CASH. Your entries will increase Supplies with a debit and decrease cash with a credit. Supplies (dr) $1,000 (left side) Cash (cr) $1,000 (right side) It is just the opposite for Liabilities, as they maintain a Credit balance. Take the same transaction above but instead of paying cash you purchase the $1,000 in supplies on Credit, this gives you a liability (something you owe) You will still increase your asset of supplies with a debit, but this time you will Credit your Account Payable.
Match the balance sheet entries on the left with their corresponding real-world features on the right?
A. Asset/Property: B. Liability/Debt: C.Net worth/Equity ( Apex )`St. Jimi
What is an asset of a person?
An asset is some property or right having value owned by a person.
What best describes an asset anything of value owned by the business always equal to the liability listed of the right had side of a balance sheet something that a business owes?
Anything of value owned by the business.
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 Operating leases considered to be a spontaneous source of financing?
I don't know if spontaneous is the right word; but they are considered by some to be a type of "off-balance sheet" financing. The reason for this is because very often, companies lease an item with the intent of eventually owning that item. An operating lease does not create a liability on the balance sheet the way financing an asset would. That being said, an asset that is being "financed" through a lease should more correctly be classified as a capital lease, which does create a balance sheet liability.
