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Is Bank deposit an asset or a liability?
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Is Bank deposit an asset or a liability?
The deposit itself is a liability owed by thebank to the depositor. Bank deposits refer to this liability rather than to the actual funds that have been deposited. When someone opens a bank account and makes a cash deposit, he surrenders legal title to the cash, and it becomes an assetof the bank.
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Is Bank deposit an asset or a liability?
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