Why profit is a liability and loss is an assets
- 20 Answers
- 103352 Views
- Banesco Seguros, FactSet Systems, IIM, South Indian Bank, I also Faced
- E-Mail Answers
Answer Posted / jagadish
profit is an income to the company it has to distribute to
the shareholder becoz they are the owners of the company so
it is treated as a liabilty and is shown in the liabilty
side of the balance sheet, whereas loss is an asset becoz it
has to recover by the company so it is treated as an asset.
| Is This Answer Correct ? | 4 Yes | 2 No |
Post New Answer View All Answers
You are working in a Company but due to certain reasons you were not able to complete the work given to you on time, so to write a Letter of Apology to your Senior regarding it.
If in a PO, the freight condition is mentioned as Air freight and the material is actually received by Road, how does the system check before making the necessary accounting entries?
what is the main link between the income statement and the balance sheet?
i m a student of icwai i have just passed out my foundation and i wanna no if i should go for both intermediate group together or not....
how to maintain stock if any entry mismatch pllzz tell me short cut
Expand---------MNOP
what are the important steps to take during the conversion of an accounting system.
what is the step in preparing the schedule of audit? can someone explain for me?
Short answer on _______Amendment
what is a reducing balance method and depreciation fund investment method and 2 diffrences?
Why do you want to work for us?
difference between contra entry and double entry?
what is mean by T and E cosept
Expand MNS
What z d diff of accounting principle,accounting standard,accounting rules,accounting procedures,accounting concepts??????
