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Is depreciation expense an asset or liability?
Depreciation expense is neither an asset or liability. It is an expense.
Is loans to staff an asset or liability?
it is an asset
Is a loan an asset or liability to a business?
Liability
How do you define asset and liability?
An asset makes a profit, either on a periodic basis, or when you sell the asset. A liability is an expence on a periodic basis, or a loss is made when disposed off.ORAn asset is something which we own and liability is something which we owe.
Is an owners life insurance an asset or a liability?
Asset.
Sundry creditor is a -------------- 1.current liability 2.long term liability 3.current asset. 4.fixed asset.?
Sundry creditor is current liability.
Is creditors a asset or liability?
creditor is a liabiliity
If payment on a current liability?
Payment On Current Liability Debit The Current Liability (say Sundry Creditor) (Liability Decreases) Credit Cash Or Bank (Current Asset Decreases)
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
If a creditor owes you more money than you owe him is he really a creditor?
Yes. No right to offset exists. You would show your debt to him as a liability and his debt to you as an asset. As that asset may (or may not) be used by the court to pay that specific debt, offsetting would be giving preference to that creditor and is not allowed.
A business paid 7000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to?
decrease in asset and decrease in liability
A business paid 9000 to a creditor in payment of an amount owed The effect of the transaction on the accounting equation was to?
increase an asset, increase a liability
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 premises a asset or liability?
asset
