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How do you define asset and liability?
An asset makes a profit, either on a periodic basis, or when you sell the asset. A liability is an expence on a periodic basis, or a loss is made when disposed off.ORAn asset is something which we own and liability is something which we owe.
Is Proceed of sale An asset or liability?
no, it can be capital gain or loss
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
Where is Profit and Loss post in balance sheet?
In case of profit Liability side. In case of loss Asset side.
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Is asset or liability?
asset
Is rent income a asset liability or owners equity?
asset liability
Is debtor an asset or liability?
It is an asset
Is Cash an asset or liability?
Asset.
Is a premises an asset or liability?
asset
Is premises a asset or liability?
asset
Is equipment an asset or liability?
Asset
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