Explain the diff erence between liabilities and revenues?

Answers

  • Réponse publiée par: girly61
    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

  • Réponse publiée par: nicole8678
    a. increasing equity

    Explanation:

    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.

    #answerForTrees

  • Réponse publiée par: snow01

    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

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Explain the diff erence between liabilities and revenues?...