Interested to Buy Any Domain ? << Click Here >> for more details...
Why profit is a liability and loss is an assets
- 20 Answers
- 108989 Views
- Banesco Seguros, FactSet Systems, IIM, South Indian Bank, I also Faced
- E-Mail Answers
Answer Posted / manisha
Profit is an liability because at the end of the year we
are adding it into capital of the company which shown in
teh liability side of balance sheet while at the time of
dissolution of comapny we need to paid back the capital to
the member of the comapny so profit is an liability and
loss is an assets because asstes is deducting from the
capital as capital is shown in the liability side if u are
deducting anything from the liability side it means u are
giving the effect of assets side as per the pricepal of
accounts.
so profit is an liabilty b'coz we need to paid back it to
the members
| Is This Answer Correct ? | 6 Yes | 16 No |
Post New Answer View All Answers
Is it correct to covered fesibility report expenses and survey expenses in pre-operative exepenses ?
what is differred tax liability? explain in detail with some example.
DEfine SAP
what is article of association? what is memorandum of association?
what is cc limit and what role accountant play to maintain it?
What goals do you have in your career
what is purchase consideration?
if you fix salary to some body for Rs.10000/- what are the segregations to be done and what are the deductions to be done (segregations like basic, da,ta,conveyance etc., how ? what percentage what speaks law) and deductions what are those like, pf,esi,pt, etc., what ever
What is Hot Issue Income for Hedge Funds?
how do you prepare the mis reports and prepare the one example report stating your accounts department proforma
1. what is responsibility of inword & forward agent ? 2. how to control cash expenses give five step ? 3. what is Vat 3. how many type of depreciation
with out college degree con't we dc accounting job?
is anybody attended interview in ernst&young for EMS PROCESS , pls let me know abt the written test and what type of report writing
What is the Purpose of Preparing Bank Reconciliation Statement?
cany anyone explaing what are the functions of an Account Officer/Manager?
