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- Accounts Payable - is an obligation of the entity to pay a sum amount of money, that arises from the buying of goods and services on credit terms in the ordinary course of the business.
- Loans payable - obligations of an entity that arises from the borrowing of money from a lender.
- Unearned revenues - obligations to supply goods and services that is a result of advance payments of customers.
- Notes payable - almost the same as accounts payable, the only difference however is the fact that the liability is evidenced by a non-negotiable promissory note.
- Mortgage payable - obligations for long term borrowing in which a fixed asset, usually a land or building is use as a collateral.
- Salaries and wages payable - are obligations to employees to pay an agreed just compensation for rendering services for the entity.
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Are purchases made on account liabilities?
Yes.Most purchases are on credit and are therefore current liabilities
Is a liability account a debit or a credit?
Remember the basic accounting equations Assets = Liabilities + Owners Equity (Stockholders Equity) Assets increase with a debit Liabilities as well as Equity increase with a credit Liabilities have a credit balance (meaning you must credit the account to "increase" it and debit the account to "decrease" it) this makes liabilities a credit.
What is the revaluation expense account?
Revaluation account is the account which is used to revaluate the assets and liabilities in business from time to time to find the actual value of assets and liabilities shown in balance sheet.
In total owners equity are liabilities included?
No, Liabilities are not included in the total OE. Remember the account equation... Assets = Liabilities + Owners Equity If you have the total of your Assets and Liabilities, to find your OE then the equation would be written as this.. Assets - Liabilities = OE
Liabilities is real accounts or nominal accounts?
nominal account.
Are purchases made on account liabilities?
Yes.Most purchases are on credit and are therefore current liabilities
Is a liability account a debit or a credit?
Remember the basic accounting equations Assets = Liabilities + Owners Equity (Stockholders Equity) Assets increase with a debit Liabilities as well as Equity increase with a credit Liabilities have a credit balance (meaning you must credit the account to "increase" it and debit the account to "decrease" it) this makes liabilities a credit.
What is the revaluation expense account?
Revaluation account is the account which is used to revaluate the assets and liabilities in business from time to time to find the actual value of assets and liabilities shown in balance sheet.
In total owners equity are liabilities included?
No, Liabilities are not included in the total OE. Remember the account equation... Assets = Liabilities + Owners Equity If you have the total of your Assets and Liabilities, to find your OE then the equation would be written as this.. Assets - Liabilities = OE
Liabilities is real accounts or nominal accounts?
nominal account.
Why does balancesheet in final account gets tally?
assets = liabilities
What word does liabilities often have in their account title?
Capital
Goods purchased on account for future use are?
prepaid liabilities
What happens when a payment is made on an account payable?
reduces liabilities
Is liability is a real account?
It may be real account or personal account depending upon the type of liabilities. it can however never be a nominal account
Example of account titles in a corporation?
examples of account title
What are the income account titles?
asset
