Interested to Buy Any Domain ? << Click Here >> for more details...
are loose tools come under current assets ?
- 12 Answers
- 67639 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / jh
AN ITEM SUCH AS TELEPHONE USED IN A TRAVEL & TOURS COMPANY CAN BE SAID TO BE A LOOSE TOOL. THIS ITEM CAN BE USED FOR MORE THAN ONE ACCOUNTING YEAR AND CANNOT BE SAID TO BE A CURRENT ASSET. LOOSE TOOLS SHOULD BE CLASSIFIED AS EITHER CURRENT ASSET OR NON CURRENT ASSET BASED ON THE SIZE OF THE COMPANY AND THEIR OPERATIONS
| Is This Answer Correct ? | 4 Yes | 7 No |
Answer / opoku wilson
Loose tools in accounting are also known as current assets, and will be typically found on any balance sheets that may be produced for your business. Whether you’re due to receive interest on your company’s savings, have cash sitting in the bank, or simply have stock that’s waiting to be sold, all of these things are examples of what can count as loose tools. There is another definition of what qualifies as current assets, and this is whether you expect the cash or goods at hand to be sold onto consumers or used within the next 12 months.
| Is This Answer Correct ? | 2 Yes | 5 No |
Do you possess any knowledge about accounting standards?
What do you mean by Accountancy and Accounts?
Limited liability ?
A new firm commenced business on 1st January, 2006 and purchased goods costing Rs. 90,000 during the year. A sum of Rs. 6,000 was spent on freight inwards. At the end of the year the cost of goods still unsold was Rs. 12,000. Sales during the year Rs. 1,20,000. What is the gross profit earned by the firm? (a) Rs. 36,000 (b) Rs. 30,000 (c) Rs. 42,000 (d) Rs. 38,000
Which company is coded in SENSEX ?
Is push down accounting accepted under generally accepted accounting standards?
what is difference between company and firm
3. Cash Flow from Operation: Assume a company with an Income Statement showing: Net Income …. $ 180,000/- Depreciation …. $ 80,000/- Amortization … $ 60,000/- Deferred Income … $ 40,000/- What would be the: a) Cash Flow from operation b) Ratio of Cash Flow
what is the meaning of prepaid&accruals in accounting?
What are the objects of cost accountancy?
what is debit and credit?
1 Answers Genpact, Infosys, Nainital Bank, Satyam,
what will be the treatment of preliminery expenses if due to preliminary expenses being written off there results a loss?
Audit 
