Newbie Question Sorry Bank Assets CC Liabilty

Hi Guys
Please be gentle with me as i start me question marathon :)

It is a newbie question sorry but why is a Bank Acct an Assets but Credit Card is a Liability???

Posted by Thorrrr on Apr 25, 2014 3:44 PM BST

Hi Thorrr,

No problem I love newbie questions! The answer is: Because usually a bank account represents money your bank owes you, while a credit card account represents money you owe the bank.

Cheers,

Posted by Mark McLaren (Solar Accounts) on Apr 28, 2014 3:52 AM BST