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The type of account and normal balance of Petty Cash is a?
Petty Cash is a current asset (it both has value and is liquidated in less than 12 months). Since Petty Cash is an asset, its normal balance is a debit, as asset accounts are debits.
What are the type of asset?
type of Asset
What account type is petty cash?
Petty cash is Current Assets. It is a current asset (CA) to the business because it brings future economic benefit and can be used, consumed and converted into cash with the 12 months period.
What companies make asset management software?
Businesses use asset management software to keep track of cash and material assets. Some companies that produce this type of software include ManageEngine, SysAid, and IBM.
What is GST receivable?
GST receivable is a type of asset in finances. This asset is the amount that a person or business is owed but has not received yet. Generally, GST receivable is regarded as an Asset because it will later be received from the Tax authority in the form of cash. As such, GST receivable is being debited as a current asset when a business purchases taxable merchandise.
What type of asset is debtor?
current asset.
Share discount is a fixed assets-?
A share discount is not a type of fixed asset, it is a type of net asset.
Can a non computer user install asset management software?
No, a person who cannot use a desktop/laptop cannot install asset management software. It would require that the person be capable of using a desktop/laptop in order to install any type of software.
Money you loan as an expense?
No, it is neither an expense to you or income to the recepient. Loans are investments, even in a personal sense, a balance sheet, not income statement item. The (presumably cash/money) asset is offset by having an asset of another type....normally a receivable or investment ...it just isn't cash. (The borrower receives cash asset and has a corresponding liability of the payable). The income, presumably interest, on the loan is income. If the loan/investment isn't paid, and meets the qualifications for being a bad debt, the amount not repaid is an expense.
What is the Difference between sales type lease and capital lease?
Capital lease is that lease in which assets are acquired for substantial useful life of asset for use in business. Sale type lease is that in which discounted cash flow for miminum lease payment is higher than value of leased asset and only relevant to lessor.
Which lease does not permit capitalization?
Operating lease is type of lease under which company only requires to pay rental payments for usage of the asset and custody remains under company but ownership to that asset do not remains to company that's why cannot capitalize in balance sheet as asset of company.
Why should the person who keeps the records of an asset not be the person responsible for its custody?
This depends on the size of a company because if the owners are resposible for the custody of an asset this doesn't matter so much. It also depends on the type of asset you are talking about. If an asset is not something easily convertable to cash this also does not matter much. In most cases, the person who keeps financial records for a company should not also be the one who has access to the asset. The reason for this is that if they do, it can be quite easy for them to steal from the company and cover it up by changing the financial records.
