In Balance Sheet Why we entered Liabilites & Incomes under
Liabilites side , Assets & Expenditures under Assets
side.In general think incomes are asssets,expenditures are
liabilites.
Answer Posted / n k gupta
All Liabilites to the business has to be on liabilities
side and indcome to the business is owners Asset i.e
Shareholders. thats the reason all income is also liability
to business.
Is This Answer Correct ? | 2 Yes | 2 No |
Post New Answer View All Answers
Is it possible to change the accounting period under Indian GAAP from 1/Apr-31March to 1/January-31/December? There is any restriction in doing that, i mean for example for fisal purposes? Thank you all!
i got a case study in which theie is a chemical company group which has 12 companies in all, few in Europe and few in USA, my question is should i have only 2 COA as per the standard like US GAAP and IFRS or should i have COA based on country location.
If balancing account is not assigned to company & is assigned to department wat will be the effects
what is debit balance report in SAP?. how do you describe DB report in brief.
What Is Differ tax,
Explain things that fall under intangible asset?
Explain me do you think accounting standards are mandatory and why?
What is account in accounting?
What GP resew of balance sheet taking.
Under what type of account do the unearned revenues fall?
What is account payee cheque? Expand ctc cheque?
Tell me what do you think is bank reconciliation statement?
what are the extraordinary items?
under which head should be the p & l appropriation a/c should be opened in tally 9? and how to preapare and display it?
pls let me know double entry of 'LEASING"