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Yes
Ashaki Coppin
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Is return inward a liability?
yes return inward is a liability..therefore must be credited
Is return inward a current asset?
No, return inwards is not a current asset. It is sales returns and comes on the debit side of profit and loss account. otherwise, lessened from the sales on credit side
Is liability for withholding taxes a current or non current liability?
current liability
Is advances from officers a current or long term liabilities?
Advances from officers is a current liability as it is assumed to be return within one fiscal year.
Are lease provisions a current liability or non current liability?
Non-current liability, all provisions are non current.
Is return inward a liability?
yes return inward is a liability..therefore must be credited
When outward current and inward current are equal?
A: The answer is always. What goes out of a source of power the same power will return
Is return inward a current asset?
No, return inwards is not a current asset. It is sales returns and comes on the debit side of profit and loss account. otherwise, lessened from the sales on credit side
Is liability for withholding taxes a current or non current liability?
current liability
Is advances from officers a current or long term liabilities?
Advances from officers is a current liability as it is assumed to be return within one fiscal year.
Are lease provisions a current liability or non current liability?
Non-current liability, all provisions are non current.
Is Demand loan a current liability or a long term liability?
a current liability
If payment on a current liability?
Payment On Current Liability Debit The Current Liability (say Sundry Creditor) (Liability Decreases) Credit Cash Or Bank (Current Asset Decreases)
Are creditors considered as current liability?
Yes, it is a current liability.
What is the difference between current liability and total liability?
Current Liability: Current liability is a specific liability and it is short term and mostly it is paid within the year. Total Liability: Total liability is the sum of all liabilities like current liabilities, outstanding liabilities etc.
Are billings in excess of cost a current liability or long term liability?
Yes it is a current liability
Is Creditors an asset or liability?
Current Liability
