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View Full Version : Is motor vehicle a current liability ?


JaayMinaj
Mar 24, 2011, 03:49 AM

ebaines
Mar 24, 2011, 08:04 AM
A liability is something you owe to somebody else - it's an obligation to pay for something like a bill that's payable to another company, or a loan you've taken out. An asset is something of economic value that you own - like cash, or inventory, or a machine. So what do you think a motor vehicle is? And for extra credit - what if you had taken out a loan to pay for half the value of the car?