0
What else can I help you with?
Is VAT an asset or liability?
VAT (Value Added Tax) is generally considered a liability for businesses. When a company collects VAT from customers on sales, it represents an obligation to remit that amount to the tax authorities. Conversely, VAT paid on purchases can be treated as an asset, as it can be reclaimed or offset against VAT collected on sales. Thus, the treatment of VAT depends on the context: it is a liability when collected and an asset when paid on purchases.
Is deferred revenue an asset?
Deferred revenue is recognized when cash received in advance for product or service that not delivered or rendered, so it's liability, once service fulfilled or product received Revenue Would be recognized Deferred revenue also Known as unearned revenue
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Why is deferred cost treated as asset?
Deferred cost has similar treatment to prepayment.
Is Bad debts an asset or liability?
Neither, a bad debt becomes an expense on the P&L. the provision created against this is liability
Unexpired insurance at the end of the fiscal period represents is it an accured asset liability expense or deferred expense?
deferred nexpense
Are all temporary differences that exist at balance date recognised as deferred tax assets or deferred tax liabilities?
yes - either a deferred tax asset (DTA) or a deferred tax liability (DTL).
Bond discount should be presented in the financial statements of the issuer as a a.contra liability b.adjunct liability c.deferred charge d.contra asset?
deferred charge
Is VAT an asset or liability?
VAT (Value Added Tax) is generally considered a liability for businesses. When a company collects VAT from customers on sales, it represents an obligation to remit that amount to the tax authorities. Conversely, VAT paid on purchases can be treated as an asset, as it can be reclaimed or offset against VAT collected on sales. Thus, the treatment of VAT depends on the context: it is a liability when collected and an asset when paid on purchases.
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
Can you deduct your unsecured debt from bank accounts when applying for government benefits?
No, There are assets and liabilities. An unsecured loan is a liability that does not offset an asset.
Is deferred revenue an asset?
Deferred revenue is recognized when cash received in advance for product or service that not delivered or rendered, so it's liability, once service fulfilled or product received Revenue Would be recognized Deferred revenue also Known as unearned revenue
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Why is deferred cost treated as asset?
Deferred cost has similar treatment to prepayment.
Is asset or liability?
asset
Is Bad debts an asset or liability?
Neither, a bad debt becomes an expense on the P&L. the provision created against this is liability
Is rent income a asset liability or owners equity?
asset liability
