What is an asset, an expense, a liability, revenue and
equity?
- 3 Answers
- 5265 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 |
in tally how to enter cheque receipts and cheque payments
Explain fictitious assets?
Equipment A has a cost of Rs.75,000 and net cash flow of Rs.20000 per year for six years. A substitute equipment B would cost Rs.50,000 and generate net cash flow of Rs.14,000 per year for six years. The required rate of return of both equipments is 11 per cent. Calculate the IRR and NPV for the equipments. Which equipment should be accepted and why?
What is aggregate Liabilities ?
0 Answers Bangladesh Securities and Exchange Commission BSEC,
We purchase goods worth rs. 25000 from shyam co. in credit. We paid him 20000 and rest we refuse to pay. What is the journal entry for it. This is not discount received.
What is Contingent Liability?
4 Answers State Bank Of India SBI,
What do you mean by prepration of Balance sheet? how to explain this with example, please tell me if anybody knows this.
what the three thing that can not make accounting statement balance?
payment voucher for advance salary
Tell me,as per companies which section P&L Account and balance sheet will be prepared
what is the role mis
how to deduct tds on income from other sources with examples
Audit 
