6. What are the essential characteristics of an asset? 7. What is an operating cycle? 8. What is a current asset? 9. What is a noncurrent asset? 10. What is a liability? 11. What are the essential characteristics of a liability? 12. What is a current liability? 13. What is a noncurrent liability? 14. What are the elements comprising the equity?

Q: What are Contingent Liabilities?  Give an example.  What are the factors that determine the reason…

A: A liability, the occurrence of which is uncertain that is it may or may not occur is known as a…

Q: normal balance of asset, liability, and equilt

A: The balance sheet shows the financial position of the company that including the assets,…

Q: Which of the options is an example of liability?

A: Liability is something a company  or person owes, usually a sum of money.  It denotes an obligation…

Q: contingent liabilities? Which two conditions have to be met in der to report a contingent liability…

A: The foundation for determining investor returns and analyzing a company's financial structure is the…

Q: 1.Define liabilities in your own words. 2.What are the essential characteristics of an accounting…

A: Solution:- 1)Definition of liability as follows under:- Liabilities are debts of a company or…

Q: 1. Give an example of an asset and a liability.

A: The asset and liabilities are two important concepts for firms, banks, individuals, and other…

Q: What are the advantages of matching the maturities of assets and liabilities? What are the…

A: Matching the maturities of assets and liabilities refers to matching the similar category of assets…

Q: Define both current liabilities and current assets. In what ways are they related?

A: Maintaining an appropriate balance between current assets and current liabilities is crucial for a…

Q: Define current liabilities.

A:

Q: Can you please describe contingent liabilities and how to account for and/or report

A: Contingent liabilities are defined as liabilities that occur in the future. These liabilities are…

Q: What is the difference between liabilities and assets?

A: The balance sheet represents the financial position of the business with assets and liabilities at…

Q: he Revaluation Reserve Account should be accounted for as part of a. Assets b. Liability c.…

A: Equity - Equity is a that portion of company's balance sheet that includes amount invested by the…

Q: What is the difference between fully secured liabilities, partially secured liabilities, and…

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: What happens if liability exceeds assets? What will happen and what does it mean?

A: The difference between the assets and the liabilities is said as the net worth. If the assets are…

Q: Debits Credits Cash 22500 Marketable securities 55000 Accounts receivable 30000 Allowance for…

A: current Assets : It is asset which is expected to be used, Consumed within a year. it includes cash…

Q: What is Asset and Liabilities?

A: The balance sheet is the financial statements of the business which displays the assets and…

Q: What Are Liabilities and Equity?

A: includes assets, liabilities, equity (equity), short-term loans, long-term loans, and other relevant…

Q: Where do current assets and current liabilities come from?

A: Current Assets = Cash + Supplies + Prepaid Insurance Current Liabilities = Creditors + Salary…