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What is creditors for good assets or liability?
Liability
What are the advantages of being a limited liability company?
A limited liability company, or LLC, is its own entity and can possess assets, property, and liability. This allows you shield your personal assets from the assets of the limited liability company.
Why Liability equals Assets?
Assets- Liabilities = Owners Equity :)
What is the effect on accounting equation if assets increases?
accounting equation assets = liabilities + capital so if assets increases either liability or capital will increase for this purpose 1. assets means both long term assets and short term assets 2. capital means owners equity 3. liability means outsliders liability
Is purchase returns an asset or liability?
purchase return is assets or liability or expense
Are retained earnings an asset or liability?
assets
Is a Reserve account an asset or liability?
It is assets
What other term would mean almost the same as assets and liability?
Net assets
Does liability equals assets plus equity?
NO! The accounting equation isAssets = Liability + Owners EquityTherefore if you want to change the formula around the following would be correct.Liability = Assets - Owners EquityorOwners Equity = Assets - Liabilities
Is ending inventory in business an asset or liability?
Assets
In what type of liability can you lose all your assets?
Unlimited
Where we take contingent liability in balance sheet?
assets
