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Explain the diff erence between liabilities and revenues?
Ask: Explain the diff erence between liabilities and revenues?
LIABILITIES AND REVENUES
Liabilities: debts or financial obligations of the business to its creditors and refer to the claims of creditors and refer to claims of creditors against the assets of the business.
Liabilities is one element of a balance
Elements of a Balance Sheet
Assets
Liabilities
Owner’s Equity
Classification of Liabilities
- Current Liabilities
- Long term Liabilities
Current Liability Accounts
- Notes Payable
- Accounts Payable
- Interest Payable
- Unearned Income
- Other payable: Include rent payable, salaries payable , etc.
Long-term liability accounts
- Long-Term notes payable
- Mortgage payable
What is revenue?
Revenue- This is the amount you earned (or your sales), and any interests you have earned from those sales.
a. Service Revenue- Revenues earned by performing services for a customer or clients.
b. Sales- Revenues earned as a result of sale of merchandise.
Income Accounts
Service Income
Revenue from fees
Sales
Rent Income
Interest Income
Explain the diff erence between assets and expenses?
Ask: Explain the diff erence between assets and expenses?
Subject Economics
Answer:
Difference between Assets and Expenses
In simple terms of accounting, assets are the any resources with value owned by the business or an entity while expenses are the cost of business operation or the money spend to cover the normal operation of a business or an entity.
Assets are reported in the balance sheet of a business or an entity while expenses are reported in the income statement of a business or an entity.
ASSETS
In accounting, assets are any resources with value owned by the business, company, entity or person. These are legally owned by the business or entity. Assets have two categories, these are:
- Current Assets
- Non-current Assets
1. Current Assets
-these are assets that can be readily converted to cash in a normal operating cycle of a business. The normal operating cycle of business is within 12 months or 1 year period.
Some Examples of Current Assets
- Cash and cash equivalents
- Accounts receivable
- Inventory
- Prepaid Expenses
- Marketable Securities/ Short-term Investments
2. Non-current Assets
-these are the long-term assets or long-term investments that have a longer useful life that is usually more than 1 year. Not easily convertible to cash.
Some Examples of Non-Current Assets
- Land
- Property, Plant and Equipment
- Trademarks
- Long-term Investments
- Goodwill
- Other Assets
All fixed assets and intangible assets fall under the category of non-current assets.
Further related topics about assets and liabilities brainly.ph/question/2444697
What is the opposite of assets brainly.ph/question/1576108
Expenses
-are the money spent or cost incurred due to operation of business activities. In simple terms, these are the cost of doing business. Expenses are presented in the income statement and shown as a deduction from the revenue to compute the business profit.
Expense can be classified in 2 categories:
- Operating Expense
- Non-operating Expense
1. Operating Expenses
-these are the expenses related to selling goods and services in operating the business to generate revenue. This expense account mainly includes the Selling, General and Administrative expenses.
Examples of Operating Expenses
- Cost of Good Sold
- Payroll Expense
- Advertising Expense
- Rent Expense
- Office supplies
- Utility Expense
- Marketing
- Insurance
- Property Taxes
- Legal fees
- Travel costs
2. Non-Operating Expenses
-these are expenses that are not related to the cost due to the operation of the business to earn revenue. It may be incidental and indirect expenses that the business need to settle.
Examples of Non-operating Expense
- Interest expense
- Derivatives expense
- Loss on disposition of assets
- Obsolete inventory charges
- Restructuring expense
- Lawsuit settlement expense
A related topic about information on the difference between revenues from expenses https://brainly.ph/question/2444256
Code: 11.11.3.8.
What is the diff erence between a corporation and a
Ask: What is the diff erence between a corporation and a cooperative?
Answer:
The corporation is a legal entity separate from its owners who are called the shareholders while a cooperative is formed by a group of people, called the members, who voluntarily gathered to create the cooperative for social, economic or any specific purposes.
Explanation:
A corporation is a type of business entity that is formed by 5 or more individuals. The advantages of a corporation include shareholder’s limited liability, its perpetual existence, and the ability of shareholders to transfer their ownership interest in the corporation. Each shareholders contribute investment to put up a corporation and the profits that will be derived from its operations will then be shared to each of them depending on their agreement. It may be an equal share in the profits or losses or in proportion to their invested capital.
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A cooperative is formed voluntarily by interested individuals in pursuit of a specific goal. It has an open membership as long as the person is interested in joining the cooperative and that the person will fulfill his/her obligations. The cooperatives elect a set of people to manage its operations including putting up an income-generating project or charitable works.
What is the diff. between effective & effecient?
Ask: What is the diff. between effective & effecient?
Effective is in terms of usefuless and efficient is in terms of how good it is done
What is the diffeerence between a revolver and a pistol?
Ask: What is the diffe
erence between a revolver and a pistol?
Explanation:
Yarn sana maka tulong ..KUNG dikaya sang ayon nyan wag nyo nalang i sulat ( Reminder)
diff between sang n sung?
Ask: diff between sang n sung?
Sangsung samsung is so excited for me and I will be happy with you and I will know what if I get it done with
What's the diff. between skills and talents?
Ask: What’s the diff. between skills and talents?
Skills are the things you learn , like you can learn the skill of writing. Or etc.
Talents are the things you are good at at birth.
Your welcome.
A skill is the ability to carry out a task with determined results often within a given amount of time, energy, or both.while the talent is a group of aptitudes useful for some activities.
what is the diff. between carbohydrates and protiens?
Ask: what is the diff. between carbohydrates and protiens?
Answer:
difference between carbohydrates and proteins is that monosaccharides or simple sugars are the monomers of carbohydrates while amino acids are the monomers of proteins. Carbohydrates and proteins are two types of macromolecules.
Explanation:
What is the diff between your and you're?
Ask: What is the diff between your and you’re?
Answer:
They are not the same in spelling
Explanation:
But they are the same in meaning
Answer:
Your is possessive while you’re is a contraction for the words you are.
Explanation:
What is the diff between gumamela & bandera española
Ask: What is the diff between gumamela & bandera española
Answer:
what is the Respiratory
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