Which of the following is NOT a liability? A. accounts payable B. unearned revenue C. accumulated depreciation D. long-term debt Accounts: There are many accounts in an accounting system, and these are displayed through the chart of account...
Loans: The second asset category, the most important one for all banks, is loans. Loans are the primary source of interest revenue. While a loan is a liability for the borrower, it is an asset for the bank, for the lender. This asset includes loans to consumers (home loans, personal ...
A bank loan repayment is likely referring to the loan principal balance (or part of the principal balance) that the borrower is paying the lender (bank). When the principal payment is made, the borrower’s liability Notes Payable or Loans Payable is decreased and the bank’s asset Notes Rec...
What is a bank loan? What is loan forgiveness? What is a forgiven loan? What is combined loan-to-value? What does the lender usually go off of to create the loan amount? What is a hard money loan? What is a savings and loan?
About the loan, house mortgage, sales and purchase, which of the following is true? A. A、 B should assume the liability for the breach of contract to the bank. B. B、 C should pay back to the bank. C. C、 If C pays back to the bank, he could claim the repayment from A. ...
A home equity loan is a loan taken out against the equity in your home. Equity is the difference between the current market value of your home and the amount you still owe on your mortgage.
This will usually void the liability protections you normally get when establishing your business as an LLC. Once you sign a personal guarantee, you are personally liable for paying back the loan if your business fails. If you default, the lender can come after your personal property and ...
A current liability is: An obligation that will be due within one year of the date of the company’s balance sheet, and Will require the use of a current asset or will create another current liability However, if a company’s normal operating cycle is longer than one year, current liabil...
For example, a loan is a liability, but if used to purchase a revenue-generating asset, it’s the means to growth. Every company carries some form of liability on their balance sheet. Calculating Net Worth Net worth comes from subtracting liabilities from assets. If the number is positive...
Bank statements can also be used when filing your income tax return. When used with receipts and other business records, bank statements can help you calculate deductions to lower your tax liability. The Bottom Line On Bank Statements Bank statements are important for businesses because they track...