Net Income is revenue minus expenses. Assets minus liabilities is Net Worth.
Assets become expenses when their economic benefits expire.
NO! Prepaid expenses are assets!!
because we get the benifit of such expenses in future
Net assets are calculated as: Fixed Assets+Current Assets-Current Liabilities-Preliminary expenses if any
Net Income is revenue minus expenses. Assets minus liabilities is Net Worth.
Assets become expenses when their economic benefits expire.
Preliminary expenses are expenses prior to start of operating activity and shown in assets side as an other assets.
Assets(minus)lliabilities=Owner equity
NO! Prepaid expenses are assets!!
because we get the benifit of such expenses in future
Net income equals revenue minus expenses minus taxes So, revenue minus net income equals expenses plus taxes
Net assets are calculated as: Fixed Assets+Current Assets-Current Liabilities-Preliminary expenses if any
Assets, expenses, and revenuesAssets, expenses, and retained earningsINCORRECTAssets, liabilities, and dividendsAssets, expenses, and dividendsCORRECT ANSWER
Assets
assets
cash