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there are Five basic account heads in accounting, which are given below:
- Assets
- Liabilities
- Capital (Owners Equity)
- Expense
- Revenue
and sales belongs to Revenue.
If looking at the Accounting equation: Assets = Liabilities + Owners Equity.
Capital, Expense and Revenue are all sub categories of Owners Equity. If sales is revenue then it would fall under Owners Equity.
What else can I help you with?
Is sales revenue an expense or asset?
Sales is a revenue not an expense or asset while difference between sales and expense is profit which is liability for business.
Is revenue an asset liability or owner's equity?
sales revenue is owner's equity
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 sales an asset quity or liabitity?
Sales is not an asset, liability or equity account rather it is a revenue account and part of income statement rather balance sheet.
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 equipment an asset or liability?
Asset
Is land an asset or liability?
Asset
Is debtor an asset or liability?
It is an asset
Is a premises an asset or liability?
asset
Is Cash an asset or liability?
Asset.
