Homework Answers
1. Asset: an asset is any resource owned by the business. Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset.
2. Liabilities: a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.
3. Owners' equity: equity is the difference between the value of the assets and the value of the liabilities of something owned.
4. Revenue: revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers.
5. Expenses: an expense or expenditure is an outflow of money to another person or group to pay for an item or service, or for a category of costs.
Motor Vehicle = Asset
Furniture = Asset
Bank Loan = Liability
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Match each account type with the most appropriate definition: Asset Choose... Liabilities Choose... Owners Equity Choose......
Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is...
Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is paired with another account and acts to reduce its book value. [Choose The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue. [Choose [Choose] A journal entry that transfers net income or loss to the Retained Earnings account When revenue minus expenses is a...
Determine the normal balance for each of the follow Bank Account Asset Owners Equity Accounts Payable...
Determine the normal balance for each of the follow Bank Account Asset Owners Equity Accounts Payable Liability Accounts Receivable Check Determine the normal balance for the following Prepaid Insurance Interest Payable Unearned Income Owners Drawings Sales Revenue Rent Expense
indicate whether the account is an Asset, a Liability, an Owners Equity, a Revenue, or an...
indicate whether the account is an Asset, a Liability, an Owners Equity, a Revenue, or an Expense account. Computers Amounts that customers owe the company Land Owe on account Accrued expenses Retained earnings Trademarks Cost of goods sold Providing goods to customers Salaries to employees Equipment Interest payable Owe the bank Investments Common stock Advertising Cash Dividends paid Items held to sell to customers Providing services to customers Prepaid insurance expense
Question 8 15 pts Match each definition with the appropriate term. An account that is paired...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
Complete these tasks for each account shown: Above each, indicate the account type (Asset, Liability, Equity,...
Complete these tasks for each account shown: Above each, indicate the account type (Asset, Liability, Equity, Income, or Expense). Label the debit and credit side of each T. Indicate the normal balance of each account by entering "NB" on the appropriate side of the T. . Account type: Expense Account type: Income Bank Service Charge Job Income Debit Credit Debit Credit NB NB Account type: Asset Account type: Liability Checking Accounts Payable Debit Credit Debit Credit NA NB Account type:...
these are the definentions Question 8 15 pts Match each term with the appropriate definition Contra-amet...
these are the definentions
Question 8 15 pts Match each term with the appropriate definition Contra-amet Carrying value Deferral adjustment ✓ Choose An account that must have a zero balance after closing entries have been made. Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits. An account that remains on the books year after year When revenue minus expenses is a negative number. Checks that debits equal credits...
3. Next to each account, write or type the account type (asset, liability, equity, income, or...
3. Next to each account, write or type the account type (asset, liability, equity, income, or expense). • Bank Service Charges • Construction Income • Company Checking Account • Loans Payable • Machinery & Equipment • Common Stock
Match each definition with its related term by selecting the appropriate term in the dropdown provided....
Match each definition with its related term by selecting the appropriate term in the dropdown provided. There should be only one definition per term (that is, there are more definitions than terms). (Select "None of these are correct" if there is no Term for the "Definition".) Term Definition A. Report the long life of a company in shorter periods. B. Record expenses when incurred in earning revenue. The time it takes to purchase goods or services from suppliers, sell goods...
Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account....
Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. A a. Store Supplies b. Prepaid Rent C. Furniture d. Common Stock e. Loan EQ f. Unearned Revenue 9. Equipment h. Note Payable i. Office Supplies A
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra...
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
Question 8 15 pts Match each definition with the appropriate term. [Choose) An account that is paired with another account and acts to reduce its book value. [Choose The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue. [Choose [Choose] A journal entry that transfers net income or loss to the Retained Earnings account When revenue minus expenses is a...
Determine the normal balance for each of the follow Bank Account Asset Owners Equity Accounts Payable Liability Accounts Receivable Check Determine the normal balance for the following Prepaid Insurance Interest Payable Unearned Income Owners Drawings Sales Revenue Rent Expense
indicate whether the account is an Asset, a Liability, an Owners Equity, a Revenue, or an Expense account. Computers Amounts that customers owe the company Land Owe on account Accrued expenses Retained earnings Trademarks Cost of goods sold Providing goods to customers Salaries to employees Equipment Interest payable Owe the bank Investments Common stock Advertising Cash Dividends paid Items held to sell to customers Providing services to customers Prepaid insurance expense
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
Complete these tasks for each account shown: Above each, indicate the account type (Asset, Liability, Equity, Income, or Expense). Label the debit and credit side of each T. Indicate the normal balance of each account by entering "NB" on the appropriate side of the T. . Account type: Expense Account type: Income Bank Service Charge Job Income Debit Credit Debit Credit NB NB Account type: Asset Account type: Liability Checking Accounts Payable Debit Credit Debit Credit NA NB Account type:...
these are the definentions
Question 8 15 pts Match each term with the appropriate definition Contra-amet Carrying value Deferral adjustment ✓ Choose An account that must have a zero balance after closing entries have been made. Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits. An account that remains on the books year after year When revenue minus expenses is a negative number. Checks that debits equal credits...
Match each definition with its related term by selecting the appropriate term in the dropdown provided. There should be only one definition per term (that is, there are more definitions than terms). (Select "None of these are correct" if there is no Term for the "Definition".) Term Definition A. Report the long life of a company in shorter periods. B. Record expenses when incurred in earning revenue. The time it takes to purchase goods or services from suppliers, sell goods...
Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. A a. Store Supplies b. Prepaid Rent C. Furniture d. Common Stock e. Loan EQ f. Unearned Revenue 9. Equipment h. Note Payable i. Office Supplies A
Match the account to the proper element: a. Asset (including Contra Accounts) b. Liability (including Contra Accounts) c. Owners' Equity (Increase d. Owners' Equity (Decrease) Accrued Expenses Notes Payable Rent Expense Inventory Wages Payable Accumulated Depreciation Retained Earnings Land Accrued Revenue Accounts Payable Prepaid Expense Fees Earned Supplies Dividends Accounts Receivable Depreciation Unearned revenue Cash Common Stock
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