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
Owner’s EquityClassification 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.
Revenue from fees
In accounting, sales revenue is the amount of money gained from selling products to customers. It is classified as a revenue and will cause the increase of equity as it will cause the inflow of money to the business. This will increase the amount of cash in asset and the in effect, will also increase the equity of the business.
Yung martial law ni marcos is sobrang daming taong namatay samantalang si pres. duterte gumawa sya ng sarili nyang martial law para sa ikakaayos at ikatatahimik ng bansa