What is an asset, an expense, a liability, revenue and
equity?
- 3 Answers
- 5505 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 |
how to calculate good will of a company
why the profit of a company is shown on the liabilities side in the balance sheet
How can do it TDS in accounts?
What is Capital Market India in your own Words?
Volga is a large manufacturing company in the private sector. In 2007 the company had a gross sale of Rs.980.2 crore. The other financial data for the company are given below: Items Rs. In crore Net worth 152.31 Borrowing 165.47 EBIT 43.17 Interest 34.39 Fixed cost (excluding interest) 118.23 You are required to calculate: a. Debt equity ratio b. Operating leverage c. Financial leverage d. Combined leverage. Interpret your results and comment on the Volga’s debt policy
what is the differance between bank od and bank occ?
How familiar are you with crm?
2. Cash Break Even: SIPW Company sell windows. Windows are sold for $ 25/- each. Variable cost is $ 15/- per door and total Fixed Operating Costs are $ 50,000 /- which includes depreciation in the amount of $ 2,000/-. How many units of windows the company has to sell for Cash Break Even?
How to do accounting entries in Accounts Payable
what is asset in accounting
What will be the journal entry in the case of Debit Memo and Credit Memo?
How to conduct u r interviews?
Audit 
