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A medical bill is considered a liability because it represents an obligation to pay money to a healthcare provider. It reflects a debt incurred for medical services received, which must be settled in the future. In contrast, assets are resources owned that provide future economic benefits. Thus, medical bills negatively impact an individual's net worth until they are paid off.
What else can I help you with?
Is the journal entry of receiving a phone bill an asset or liability?
phone bill is liability for business as it is payable in future and not an asset as the benefit of it has already taken by business.
Is a trade debtors asset or liability?
yes It is an Asset, not a Liability.
Is rent income a asset liability or owners equity?
asset liability
Is equipment an asset or liability?
Asset
Is land an asset or liability?
Asset
Is the journal entry of receiving a phone bill an asset or liability?
phone bill is liability for business as it is payable in future and not an asset as the benefit of it has already taken 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 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
Is equipment liability or asset?
Asset
Is land an asset or liability?
Asset
