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Accrued intrest is liability, accourding to ''IAS'' all expense should be recognise when they are occured and all revenue/income should be considered for the year in which they are belong.For example A usually get intrest on every 31st Dec of $1000 from x. it's year end 2007.
x paid $2000 in the year 2007. in the year $1000 is accured intrest.
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Accrued income is asset or liability?
no
Is interest payable a asset or liability?
liability
Is electricity a liability or asset?
Electricity expense is an expense account while accrued electricity payable is a liability account
Where does accrued interest on notes receivable go on a balance sheet?
Accrued interest which is to be received within 12 months is a current asset.
Interest accrued but not due?
Interest accrued but not due refers to the interest that has been earned on a loan or investment but has not yet reached its maturity date. This means that although the interest has been charged or earned, it is not yet payable or receivable. It is considered a liability for the borrower and an asset for the lender or investor.
What is accured interest?
Accreud interst is interst payable that has not been paid yet: Double entry: Debit : Say Laon Interest Account Credit: Interest Payable Account Accrued Interest: This is the interest which we have earned but not yet received. Example: If there is a contract that we will receive the interest on money landed to somebody of $ 1200 at the end of the year then after 1 month we have earned the interest of $ 100 but not yet received so we will show that $ 100 in the asset side of balance sheet as accrued interest. The above is Accrued Interest Income. Similarly, you can have Accrued Interest Expense. So, using the above example, if you were the borrower, at the end of the first month you would debit Interest Expense for $100 and credit a liability account called Accrued Interest.
Interest paid on loan to buy an asset-asset or liability or expense?
Loan acquired to buy an asset is a liability of business so interest incurred on that loan is also part of that loan and that's why it is also the liability of business.
Is interest payable a current asset?
No it is a current liability
Is interest income an expense asset or liability?
Interest income is part of revenue.
Is interest received in advance considered asset or liability?
Interest received in advance is liability of business till the time it is actually earned by business.
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 accrued revenue an asset?
no, its a revenue
