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Is reserve an asset or liability?
It's an asset.
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
Is cash at the bank an asset or liability?
Cash at the bank is an asset for you but a liability for the bank if it is held in a checking or regular savings account.
Is reserve an asset or liability?
It's an asset.
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
Is a positive balance in your cheque account a asset or liability to you and the bank?
For Bank: Liability For You: Asset
Is a cheque account an asset or liability?
It comes under liability
Are Unearned Revenue is a contra asset account?
No. It's a liability account.
Is cash at the bank an asset or liability?
Cash at the bank is an asset for you but a liability for the bank if it is held in a checking or regular savings account.
Is drawings an asset equity or liability account?
equity
Is electricity a liability or asset?
Electricity expense is an expense account while accrued electricity payable is a liability account
Is account payable asset or liability?
accounts payable is a liablity.
Is checking your account an asset or a liabilities?
Checking your account can be considered an asset as it represents the funds you have available for use. However, it can also be seen as a liability if your account has a negative balance or if you owe money to the bank or other creditors.
Is a valuation account an asset or liability?
The conceptual framework considers asset valuation accounts to be part of the related asset account. They are not considered to be assets or liabilities in their own right.
