decreases in equity that represent costs of assets or services used to earn revenues are called:
decreases in equity that represent costs of assets or services used to earn revenues are called:
Homework Answers
Expenses is the correct answer
Decreases in Equity that represents costs of assets or services used to earn revenues are called Expenses.
An expense is the money spent or costs incurred by a business in their effort to generate revenues. Generally Expenses represent cost of doing business. An expense is the cost of an asset used by a company in its operations to produce revenues.
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decreases in equity that represent costs of assets or services
used to earn revenues are called:
business earned a profit and also lists 6) The financial statement that reports whether the the...
business earned a profit and also lists 6) The financial statement that reports whether the the revenues and expenses is called the: A) Income statement. B) Statement of cash flows. C) Statement of financial position. D) Statement of retained earnings. E) Balance sheet 7) When expenses exceed revenues, the resulting change in equity is called: A) Net loss. B) Net assets. C) A liability D) Negative equity E) Net income. 8) Decre ases in equity that represent costs of providing...
The acquisition of treasury stock: A. increases both assets and equity B. decreases both assets and equity C. increases...
The acquisition of treasury stock: A. increases both assets and equity B. decreases both assets and equity C. increases both assets and liabilities D. decreases both assets and liabilities E. does not effect total assets
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase;...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase; Assets Decrease B. Liabilities Increase; Equity Decreases C. Assets Increase; Liabilities Increase D. Assets Decrease; Equity Decreases E. None of the above 5.Collected cash from customer billed in transaction (4) directly above A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 6. Received $2,000 cash from customers for...
Bob's Cleaning Services performs services for its customers during March. Payments for the March services are...
Bob's Cleaning Services performs services for its customers during March. Payments for the March services are received in June. How does the transaction for the collection of cash from customers WA affect the accounting equation of Bob's Cleaning Services? A. assets increase and revenues increase B. assets increase and equity decreases C. total assets remain the same D. liabilities increase and assets increase
decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4...
decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4 (1 point) Accounting systems should record all economic events. O events that result in a change in assets, liabilities, or shareholders' equity items. only events that involve cash. only events that include revenues, expenses, and cash. Question 5 (1 point) When a liability decreases the account is credited and the normal balance is a debit balance.
Can you answer that for me and explain why? The assets of a company represent: Sales...
Can you answer that for me and explain why?
The assets of a company represent: Sales of goods or services to customers. Amounts owed to creditors. Investments by stockholders. Pre-paid expenses that will be used up in the future. The amount equal to the equity of the company.
Which of the following requires a credit? Multiple Choice Decreases in liabilities Decreases in stockholders' equity...
Which of the following requires a credit? Multiple Choice Decreases in liabilities Decreases in stockholders' equity Increases to assets Increases to liabilities 2. true or false Under the five-step revenue recognition model, a contract can be written, verbal, or implied. 3.When cash is received in advance of a performance obligation being satisfied, a(n) ______ called _________ is recorded.
-Explain the difference between assets, liabilities, owners equity, revenues and expenses.
-Explain the difference between assets, liabilities, owners equity, revenues and expenses.
38 Other liabilities .......$ Other assets .......... Expenses ............ Stockholders' equity .... 3 Revenues ......... .......
38 Other liabilities .......$ Other assets .......... Expenses ............ Stockholders' equity .... 3 Revenues ......... .... $ 23 Cash 26 Accounts payable. New Navy Company Trial Balance December 31, 2018 Balance (in millions) Debit Credit Account Title Other assets 26 Expenses Stockholders' equity Revenues Cash Accounts payable Total
Performing services on account will increase assets and increase owner’s equity. increase assets and increase liabilities....
Performing services on account will increase assets and increase owner’s equity. increase assets and increase liabilities. increase liabilities and increase owner’s equity. increase assets and decrease owner’s equity.
business earned a profit and also lists 6) The financial statement that reports whether the the revenues and expenses is called the: A) Income statement. B) Statement of cash flows. C) Statement of financial position. D) Statement of retained earnings. E) Balance sheet 7) When expenses exceed revenues, the resulting change in equity is called: A) Net loss. B) Net assets. C) A liability D) Negative equity E) Net income. 8) Decre ases in equity that represent costs of providing...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase; Assets Decrease B. Liabilities Increase; Equity Decreases C. Assets Increase; Liabilities Increase D. Assets Decrease; Equity Decreases E. None of the above 5.Collected cash from customer billed in transaction (4) directly above A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 6. Received $2,000 cash from customers for...
Bob's Cleaning Services performs services for its customers during March. Payments for the March services are received in June. How does the transaction for the collection of cash from customers WA affect the accounting equation of Bob's Cleaning Services? A. assets increase and revenues increase B. assets increase and equity decreases C. total assets remain the same D. liabilities increase and assets increase
decreases an asset $800; decreases a liability $800. has no effect on total assets. Question 4 (1 point) Accounting systems should record all economic events. O events that result in a change in assets, liabilities, or shareholders' equity items. only events that involve cash. only events that include revenues, expenses, and cash. Question 5 (1 point) When a liability decreases the account is credited and the normal balance is a debit balance.
Can you answer that for me and explain why?
The assets of a company represent: Sales of goods or services to customers. Amounts owed to creditors. Investments by stockholders. Pre-paid expenses that will be used up in the future. The amount equal to the equity of the company.
38 Other liabilities .......$ Other assets .......... Expenses ............ Stockholders' equity .... 3 Revenues ......... .... $ 23 Cash 26 Accounts payable. New Navy Company Trial Balance December 31, 2018 Balance (in millions) Debit Credit Account Title Other assets 26 Expenses Stockholders' equity Revenues Cash Accounts payable Total
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