Define about assets and liabilities, Accounting Basics

Assignment Help:

Q. Define about Assets and Liabilities?

Assets are feasible future economic benefits obtained or controlled by a particular entity as a result of past events or transactions.

Liabilities are feasible future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past events or transactions.


Related Discussions:- Define about assets and liabilities

Quickbooks help, I need the answers to the following questions in Quickbook...

I need the answers to the following questions in Quickbooks 2012, 1-write dividend checks, 2- sell fixed assets, 3-update the asset tracking report, 4-pay sales taxes and payrol

Replenishing the petty cash fund, Replenishing the Petty Cash Fund Debi...

Replenishing the Petty Cash Fund Debit every expense account, supplies, or drawing as needed. Credit to Cash. Petty Cash is only debited when fund is established or increased.

What were the equivalent units for conversion costs, Cargin Company uses th...

Cargin Company uses the FIFO method in its process costing system. The Assembly Department started the month with 15,000 units in its beginning work in process inventory that were

The amount on hand drops, A company uses 85 circuit boards a day in a manuf...

A company uses 85 circuit boards a day in a manufacturing process. The person who orders the boards follows this rule: Order when the amount on hand drops to 625 boards. Orders are

Show accumulated depreciation account with example, Q. Show Accumulated dep...

Q. Show Accumulated depreciation account with example? Micro Train credits the depreciation amount to an accumulated depreciation account which is a contra asset rather than di

Double entry, started in business with cash 16,000

started in business with cash 16,000

What is gross selling price, Q. What is Gross selling price? When a sal...

Q. What is Gross selling price? When a sale is on account it credits the Sales account as well as debits Accounts Receivable. The following entry records a USD 20000 sale on ac

Change in accounting method for inventory, Q. Change in accounting method f...

Q. Change in accounting method for inventory? Occasionally companies vary inventory methods in spite of the principle of consistency. Improved financial reporting is the merely

An accounting perspective business insight, An accounting perspective Busin...

An accounting perspective Business insight Accounting is essential for all three types of business organizations and every company must follow generally accepted accounting pri

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd