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Is a car loan an asset or a liability?
liabities
Is a bank loan an asset or liability?
It Depends:If you are the bank, then the loan is an asset because, the loan customer is going to repay you the loan amount with interest and you are going to earn an income from it.If you are the loan customer, then the loan is a liability because you are going to return the money along with interest to the bank that gave you the loan.
Is a Payment for a vehicle Loan Liability considered an Expense that would show up in my monthly expense report in my Quicken XG 2004?
Yes payment of loan liability is your expense decreasing the liability as well as asset from which you are paying the loan liability.
Is a long term loan repayable in 6 years a non current asset or non current liability?
It is a loan repayable. Hence it is a liability. As the liability is for more than one year, it is non current liability.
Is car loan an asset?
A car loan is not considered an asset; rather, it is a liability. An asset is something of value that you own, while a car loan represents money you owe to a lender. However, the car itself can be classified as an asset, as it has value and can be sold or used as collateral. The loan and the car exist in a balance, with the loan being a debt against the asset.
Is a bank loan a financial asset?
Bank loan is a liability for business not an asset for business.
Interest paid on loan to buy an asset-asset or liability or expense?
Loan acquired to buy an asset is a liability of business so interest incurred on that loan is also part of that loan and that's why it is also the liability of business.
Is a car loan an asset or a liability?
liabities
Is drawing an asset or a liability?
Drawings are classified as an liability to the business
Is drawing a asset or liability?
Drawings are classified as an liability to the business
Is a bank loan an asset or liability?
It Depends:If you are the bank, then the loan is an asset because, the loan customer is going to repay you the loan amount with interest and you are going to earn an income from it.If you are the loan customer, then the loan is a liability because you are going to return the money along with interest to the bank that gave you the loan.
Long term loan a liability or asset?
It is actually both. Cash received from a bank loan is debited to the asset Cash, at the same time repayment of that loan is listed in Liabilities as usually a Note Payable.This means that your Assets increase by the amount of the loan as well as your liabilities, while Owners Equity (stock holder equity) remains unchanged.
Is a bank an asset or liability?
It Depends:If you are the bank, then the loan is an asset because, the loan customer is going to repay you the loan amount with interest and you are going to earn an income from it.If you are the loan customer, then the loan is a liability because you are going to return the money along with interest to the bank that gave you the loan.
Is service revenue an asset or liability?
Services revenue is revenue same as product revenue and it is not an asset or liability of the business.
Is Investor Equity an asset or liability?
Investors are those persons who invests money in business so they are the owners of business as well and that amount is the liability of business to pay back to it's owners that's why it is the liability and not the 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.
Is ending inventory in business an asset or liability?
Assets
