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What else can I help you with?
Are fixtures and fitting liabilities or expenses?
expenses
Is accrued expenses payable is an asset or liabilities?
Liabilities
What is net income assets minus liabilities or revenues minus expenses?
Net Income is revenue minus expenses. Assets minus liabilities is Net Worth.
What are the subcomponents of a nucleus of an animal cell?
There are three... Lularis, Magnocel, and Medial Septal Area
Which accounts normally have debit balances?
Assets, expenses, and revenuesAssets, expenses, and retained earningsINCORRECTAssets, liabilities, and dividendsAssets, expenses, and dividendsCORRECT ANSWER
What are the 5 elements of accounting?
Assets, Liabilities, Expenses, Income & Equity.
Are accrued expenses assets or liabilities?
Accrued expenses are those expenses the benefit of which has already taken by the business but the payment is not yet cleared that's why it is the liability of business.
Is debit positive or negative?
In case of Assets debit is positive which means increase in assets as well as for liabilities debit means reduction in liabilities but for expenses it is negative as it increases the expenses and reduces the profit
Does liability and expense have a normal credit balance?
Yes, liabilities and expenses typically have a normal credit balance. Liabilities are accounts that represent obligations owed to others and increase with credits. Expenses, on the other hand, usually carry a normal debit balance, meaning they increase with debits and decrease with credits. Thus, while liabilities have a credit balance, expenses do not; they primarily have a debit balance.
What are examples of business liabilities and how can they impact a company's financial health?
Examples of business liabilities include loans, accounts payable, and accrued expenses. These liabilities represent money owed by the company to others. If a company has high levels of liabilities, it may struggle to meet its financial obligations, leading to cash flow problems, increased interest expenses, and potential bankruptcy. Managing liabilities effectively is crucial for maintaining a healthy financial position.
How do you enter accrued expenses in the general ledger?
Accrued expenses are entered as liabilities in the general ledger. Debit expense and credit accrued liability.
Wages belong to which expenses?
Wages Payable, or Payroll Liabilities. Also, classifies as Capital Expense.
