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Is purchase returns an asset or liability?
purchase return is assets or liability or expense
Is purchase returns and allowances a liability?
No, purchase returns and allowances are not considered a liability. Instead, they are classified as a contra expense account that reduces the total purchases or cost of goods sold on the income statement. This account reflects reductions in inventory and accounts payable, impacting the overall financial position of a company but not creating a liability.
Is purchases an income or an expense?
it is neither an expense nor an income
What is the difference in percentage of income versus percentage of expense?
Income = expense + savings&investments Income = expense + savings&investments
Is directors remuneration an expense or an income?
Its an expense
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
Is purchase returns and allowances a liability?
No, purchase returns and allowances are not considered a liability. Instead, they are classified as a contra expense account that reduces the total purchases or cost of goods sold on the income statement. This account reflects reductions in inventory and accounts payable, impacting the overall financial position of a company but not creating a liability.
Is purchases an income or an expense?
it is neither an expense nor an income
What is the difference in percentage of income versus percentage of expense?
Income = expense + savings&investments Income = expense + savings&investments
Is interest on fixed deposit an expense or income?
To the depositor, it is an income but to the bank or institution providing the fixed deposit as a product, it is an expense.
Is directors remuneration an expense or an income?
Its an expense
Is director remuneration is income or expense?
Its an expense
Where does interest expense in the income statement?
Interest expense is shown at debit side of income statement because it is an expense for business.
What will a decrease a revenue and a decrease in assets?
A sales refund will reduce income (debit to Sales Returns) and assets (credit to cash). A debit to Depreciation Expense and a credit to Accumulated Depreciation will reduce assets and net income.
Is Purchase Discount revenue or expense?
Sales discount is not an expense account, but is also a deduction to an income statement. It is just a contra account of a revenue account particularly a sales revenue account.
What is a contra expense?
A reduction of an expense on the income statement.
Can you write off the purchase of used equipment on your taxes?
Yes, you can typically write off the purchase of used equipment on your taxes as a business expense, which can help reduce your taxable income.
