2/6 ASSET: Resources that provide benefits for a longer duration of time and continuously.
EXPENSES: Resource that has already provided the benefit and recorded in the books of accounts.
EXPENSES: Resource that has already provided the benefit and recorded in the books of accounts.
3/6 ASSETS: Cash, Inventory, Livestock
EXPENSES: Wages, Freight, Salary
TYPES OF ASSETS: Tangible, Intangible, Operating etc.
OFFERS VALUE FOR MORE THAN A YEAR MINIMUM
EXPENSES: Wages, Freight, Salary
TYPES OF ASSETS: Tangible, Intangible, Operating etc.
OFFERS VALUE FOR MORE THAN A YEAR MINIMUM
4/6 TYPES OF EXPENSES: Periodic expenses, Fixed expenses, Variable expenses
OFFERS VALUE FOR LESS THAN A YEAR
MAJOR DIFFERENCES BETWEEN ASSETS AND EXPENSES
1. COST - Monetary value invested in procuring or using something of value
OFFERS VALUE FOR LESS THAN A YEAR
MAJOR DIFFERENCES BETWEEN ASSETS AND EXPENSES
1. COST - Monetary value invested in procuring or using something of value
5/6 2. DURATION - The time limit for which either an Asset or an expense is of use.
3. ACCOUNTING PERIOD - by Global standards, a Period of One year wherein the inflow and outflow of everything in the business is recorded from an accounting purview.
3. ACCOUNTING PERIOD - by Global standards, a Period of One year wherein the inflow and outflow of everything in the business is recorded from an accounting purview.
6/6 Some more differences
4. Depreciation is levied on Assets
5. Expenses are usually only accounted for in one accounting period
Follow for more: instagram.com/bizwiser.lla/
4. Depreciation is levied on Assets
5. Expenses are usually only accounted for in one accounting period
Follow for more: instagram.com/bizwiser.lla/
โข โข โข
Missing some Tweet in this thread? You can try to
force a refresh
ใ
