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Earn +20 ptsQ: What are the similarities of assets and expenses?
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When do assets become expenses?
Assets become expenses when their economic benefits expire.
Are prepaid expenses an asset liability or equity?
NO! Prepaid expenses are assets!!
Why are preliminary expenses considered as current assets?
because we get the benifit of such expenses in future
How to Compute Net Assets Value?
Net assets are calculated as: Fixed Assets+Current Assets-Current Liabilities-Preliminary expenses if any
What is net income assets minus liabilities or revenues minus expenses?
Net Income is revenue minus expenses. Assets minus liabilities is Net Worth.
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