What are loose tools and explain its treatment in final accounts?
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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.
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Loose tools in accounting are also known as current assets. One may find it in the balance sheets that may be produced for the business.
This term is used to describe the effects of transforming prepaid insurance and existing stock within the business into physical cash. Expected cash, stocks or interest received are some of the examples. Loose tools always come under current asset.
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