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Are prepaid expenses an asset liability or equity?
NO! Prepaid expenses are assets!!
If you purchase fixture and fittings would you debit fixture and fittings credit bank?
Yes, when you purchase fixtures and fittings, you would debit the fixtures and fittings account to increase your asset balance, reflecting the addition of a new asset. Simultaneously, you would credit the bank account to decrease your cash or bank balance, indicating that you have spent money to acquire the asset. This transaction follows the double-entry accounting principle, where every debit has a corresponding credit.
What is meant by expenses payable?
Expense payable is a current liability.
Are accrued expenses a debit or credit balance?
credit because it is a liability.
Outstanding expenses under which group?
outstanding expences is an current liability
What is Promotion expenses is it an expense or current liability?
it is Administative Expenses And Indirect Expenses
Are prepaid expenses an asset liability or equity?
NO! Prepaid expenses are assets!!
Is supplies expenses a liability?
Yes.
Expenses that have been incurred but not recorded in the accounts?
Expenses incurred but not yet paid or recorded are called accrued expenses.
If you purchase fixture and fittings would you debit fixture and fittings credit bank?
Yes, when you purchase fixtures and fittings, you would debit the fixtures and fittings account to increase your asset balance, reflecting the addition of a new asset. Simultaneously, you would credit the bank account to decrease your cash or bank balance, indicating that you have spent money to acquire the asset. This transaction follows the double-entry accounting principle, where every debit has a corresponding credit.
Is interest expenses an asset or a liability?
In accounting, interest and other expenses are neither; they are a contra-equity account. This means that as expenses increase, the owners have less equity. Expenses should normally be treated as a debit account, so as you record interest expenses, you should be crediting either an asset or a liability at the same time.
What is meant by expenses payable?
Expense payable is a current liability.
What does the plumbing fixture and fittings industry manufacture?
Companies that produce metal plumbing fixtures and parts make up this industry.
Is a sales return and allowances a liability?
Sales returns and allowances is not a liability rather these are expenses or reduction in actual sales
How do you calulate the length of galvanized pipe?
By developed length of piping and fittings for venting and fixture units connected to it for water supply or drainage
Do light fittings need to be earthed?
Normally the fixtures come with a grounding screw that you attach the grounding wire to. If the box you attaching the fixture to is metal and there is no grounding wire present then the grounded conduit should ground you fixture.
Are accrued expenses a debit or credit balance?
credit because it is a liability.
