Interested to Buy Any Domain ? << Click Here >> for more details...
What is an asset, an expense, a liability, revenue and
equity?
- 3 Answers
- 6645 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / matt acct
Asset: A resource controlled by the business as a result of
past events (usually transactions) from which future
economic benefits are expected to flow to the entity.
Expense: Decreases in economic benefits in the form of
outflows or depletions of assets or increases in
liabilities that result in a decrease in equity, other than
drawings from the owner.
Liability: A present obligation of the business as a result
of previous events (usually transactions) Which are
expected to result in an outflow of economic benefits when
settled in the future.
Revenue: Increases in economic benefits in the form of
inflows or enhancements of assets or deductions in
liabilities that result in an increase in equity, other
than owners contibution.
Equity: Is the residual interest in the assets of a
business after allowing for all its liabilities. Simply it
is assets less liabilities.
| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / suryakant lokhande
Assets commonly divided into two parts,
1.Fixed Assets : Includes Land & Builing,Fixtures,Motor Vehicles etc
2.Current Assets : Plant & Machinery from which is the source of Revenue.
| Is This Answer Correct ? | 0 Yes | 1 No |
what is one way , two way matching , three way , four way matching ?
What is invoice processing can u explain it?
I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary
0 Answers College School Exams Tests,
how to prepare trial balance?
How can we explain what is an asset, consumable, stock, store item ? What are the essential differences?
what do you understand by appreciation and depreciation of fixed assets?
What are the differences between accounting and auditing?
When does the Invoice price variance arise? What is the accounting entry?
What is the formula for acid test ratio in accounting?
how many times we can deposit the old currency in one a/c in the bank
What is fair value accounting?
What is cash profit
Audit 
