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State whether each of the following is an asset or a liability. a. Loan from Muthoot Finance b. Prepaid Insurance c. Amount owing to supplier d. Accrued wages​

User Mahakala
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Answer:

See below

Step-by-step explanation:

Assets are items of value that belongs to a business or a person. They are acquired through buying either on cash or credit. Assets can be inherited or received as presents. Assets are in the form of money, properties, or property rights

Liabilities are debts a business or person owes to third parties. They are unpaid obligations that should be settled when they become due or on-demand.

a. Loan from Muthoot Finance: Liability, money owed to Muthoot finance

b. Prepaid Insurance: Asset, Money paid for unused services.

c. Amount owing to a supplier: Liability, debt to the supplier

d. Accrued wages​ : Liability, Money owed to employees

User Kissi
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