Question

loose tools liability h ki asset​

Answer 1

Answer:

Loose tools in accounting are also known as current assets, and will be typically found on any balance sheets that may be produced for your business. ... This term is used to describe how straightforward it would be to transform prepaid insurance and existing stock within your business into physical cash.

Explanation:

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Answer 2

Answer:

Loose tools are the current assets of an orgainsation and shown on asset side of balance sheet. Answer: LOOSE TOOLS SHOULD BE CLASSIFIED AS A CURRENT ASSET AS IT IS NOT TO STAY PERMANENTLY IN BUSINESS AND SHOWN IN THE BALANCE SHEET.

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