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yes its come under Assets Account.
if you are make provision for Expenses which may occurred in next few month (less than 12 month) the provision account come under Current Assets. (Just like Prepaid expenses)
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∙ 12y ago
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Is Bad debts an asset or liability?
Neither, a bad debt becomes an expense on the P&L. the provision created against this is liability
Is Provision for income taxes a current asset or liability?
Provisions are defined as liabilities of uncertain timing and amount. 2 types of provisions 1. provision that are in the nature of liabilities ( eg provision for warranty) 2. provisions that are in the nature of asset valuation ( eg provision for doubtful debt)
What is net liability?
Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset
Is provision for doubtful debt a current liability?
Provision for doubtful debt is current asset which is created as a reduction in accounts receivable balance and which is adjusted at actual bad debt.
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
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asset liability
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asset
Is Cash an asset or liability?
Asset.
Is debtor asset or liability?
asset
Is equipment an asset or liability?
Asset
Is premises a asset or liability?
asset
