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

Taking a physical inventory in periodic inventory procedure, Q. Taking a ph...

Q. Taking a physical inventory in periodic inventory procedure? Taking a physical inventory in periodic inventory Procedure Company personnel determine ending inventory cost by

Stocks, Please help journalize: -On January 1, 2017 Harmony issued 1,500 sh...

Please help journalize: -On January 1, 2017 Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700. -On January 1, 2017 Harmony also issued 2,000 shares of common s

Determine in brief about the sales activity, Determine in brief about the S...

Determine in brief about the SALES ACTIVITY Just as merchandizing businesses follow specific procedures to process and record purchases, they follow numerous procedures to proc

I am doing a report on finding the major challenges, I am doing a report on...

I am doing a report on finding the major challenges in the future of my university with regards to their revenue and expenses. I have to discuss the main financial obstacles face

What is invoice, Q. What is invoice? An invoice is a document prepared ...

Q. What is invoice? An invoice is a document prepared by the seller of merchandise as well as sent to the buyer. The invoice contains the details of a sale such like the number

Cash equivalents and investments, Q. Cash equivalents and investments? ...

Q. Cash equivalents and investments? Cash as well as cash equivalents consist of cash on hand and marketable securities with original maturities of three months or less. SFA

What do you mean by depreciable asset, Q. What do you mean by depreciable a...

Q. What do you mean by depreciable asset? A depreciable asset is a manufactured asset such like a building, vehicle, machine or piece of equipment that provides service to a bu

General-purpose financial statements, Q. General-purpose financial statemen...

Q. General-purpose financial statements? Accountants prepare general-purpose financial statements at usual intervals to meet many of the information needs of external parties a

Computer based process solutions for accounts, Process Solutions provides a...

Process Solutions provides a computer-based document processing service. The accountant has produced the following analysis.   Standard Modifi

Generate the cash flow of companies, Rondo plc, a sports apparel manufactur...

Rondo plc, a sports apparel manufacturer with a cost of capital of 13.75%, is looking to expand its activity and is considering two possible countries to open a sales subsidiary. R

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