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What is the role of math in accounting?
accounting is basic math so you kind of need it to do accounting
Is accounting a science or a art?
Accounting can be considered both an art and a science. This is because accounting is a very complex task for most people.
What is the scope of statistics in accounting?
The scope of statistics in accounting is very broad and the two of them are correlated. Most of the accounting procedures will depend on statistics.
What is the important of stastistics to accounting?
What is the Important of statistics to Accounting?
What is importance of mathematics in accounting?
The importance of Mathematics in accounting is that different accounting activities require the use of Mathematical principles. Mathematics will therefore help accountants to effectively solve various accounting problems easily.
What is liability economics?
what is meaning of liability in accounting
Is tax paid on purchases an asset or liability?
Tax paid on purchases are considered a liability. Anything paid to another is considered a liability for businesses because they are spending money.
What is the term liability in Accounting?
A liability in Accounting is basically a debt that a business owes.If a business purchases equipment, supplies, buildings, etc, on account that money owed by the company is a liability. There are usually two classes of liabilities in Accounting, Short-Term (Current) or Long-Term.ST (Current) Liabilities are debts that will be paid off by the company in one year or less.LT are debts that will take longer than one year to pay off. These can include mortgages on buildings the business uses or payments for equipment such as vehicles.
How does an increase in liability affect the debit or credit side of the accounting equation?
An increase in liability will affect the credit side of the accounting equation.
In accounting are wages considered liability or equity?
It is an asset.
What is the classification of mortgage in accounting?
non current liability
How are liabilities affected by debits and credits in accounting?
In accounting, liabilities are affected by debits and credits based on the type of transaction. When a liability increases, it is recorded as a credit, and when a liability decreases, it is recorded as a debit. This helps maintain the balance in the accounting equation.
What is Basic Accounting formula?
asset = liability + owner's equity
Is purchases a credit or debit?
Purchases are personal account nature and as a basic accounting rule debit what comes in and credit what goes out so purchases has debit balance as normal balance.
Is current account a liability?
Any liability the company reasonably expects to have paid in full in one year or less (or one accounting period) is a current liability.
Which is a current liability account?
Any liability the company reasonably expects to have paid in full in one year or less (or one accounting period) is a current liability.
On the bank's accounting records customers' accounts are normally shown as?
Liability
