Which of the Following Is Not an Asset Account
Descriptions of asset accounts. Fixed Assets are long term tangible assets which consists of land building machinery etc.
Century 21 Accounting C 2009 South Western Cengage Learning Lesson 8 1 Recording Adjusting Entries Accounting Pe Lesson Plan Examples Lesson Accounting Period
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. Types of contra asset accounts. A company might use a combination of different types of asset accounts and the following six types of contra asset accounts can be used in conjunction with these fixed and current asset accounts. Equipment Accounts Receivable Accounts Payable Prepaid Expenses 3.
Identify the statement below that is correct. Which of the following accounts is NOT an asset account. Generally the asset account balances are debit balances and are increased with a.
Which of the following accounts is NOT an asset account. 2 Which of the following is not an asset account. An asset purchased on account is not recorded in the purchase journal.
B Unearned Revenue is increased with a debit. A Notes Payable B Cash C Building D Accounts Receivable 3 ABIC Corporation records business transactions in dolla. A Equipment B Capital Stock C Question.
Accounting questions and answers. Which of the following is not an asset held by commercial banks. Cash Cash is the most liquid asset a company can own.
Yes the money you keep in your savings account is considered an asset and therefore can be added to your net worth. A Bills of exchange. Up to 20 cash back 1.
In fact since an asset is anything of monetary value that you own any cash you keep on hand whether in a. The left side of a T-account is the credit side. Debit supplies credit cash.
Debit supplies credit accounts payable. D Accounts Payable is increased with a credit. The Fish Tale Across the Wall Tenths and Hundredths Parts and Whole Can you see the Pattern.
Accounts payable Notes payable Taxes payable Inventory. ACash bAccounts Payable cBuilding dEquipment. Which of the following accounts is NOT an asset account.
Which of the following statements is correct. Which of the following is not an asset account. The balances in the asset accounts will be summarized and reported on the companys balance sheet.
TCO A A real asset is. C Rent Expense is increased with a credit. 5 Money market fund.
D Money lent at short notice. Post comments photos and videos or broadcast a live stream to friends family followers or everyone. References Multiple Choice Difficulty.
D Accounts Payable is increased with a credit. 1 Easy Learning Objective. Correct option is B Bank balance is an amount which is lying in firms bank account.
Cash Cash includes currency coins checking account balances petty cash funds and customers checks that have not yet been deposited. Which of the following is an asset account. A company is likely to have a separate general ledger account for each checking account petty cash fund etc.
Which of the following is not an asset accounta. Debits decrease asset and expense accounts and increase liability equity and revenue accounts. An owners equity is not.
Which of the following is not an asset. An asset account is a general ledger account used to sort and store the debit and credit amounts from a companys transactions involving the companys resources. Which of the following is not an asset.
But many are of opinion to record all credit transactions in multi-column purchase journal. Under the company its own shares. TCO A Of the following assets which is not considered a financial asset.
The following are brief descriptions of some common asset accounts. 5 Corporate bonds Common stock Options Vacation home 2. Which of the following journal entries would be recorded.
Which of the following is not an asset account. It is as good as cash balance. A Prepaid Expenses are decreased with a debit.
The left side of a T-account is the debit side. Accounts Receivable Accounts Receivable is an asset that arises from selling goods or services to someone on credit. Register now or log in to answer.
Your business purchased office supplies of 2500 on account. Which of the following are is not a fixed asset. 02-C4 Define debits and credits and explain double-entry accounting.
Acquired 500 worth of supplies on credit. View solution View more. B Current account deposits.
Prepaid insurance has been paid in advance and the balance sheet as of the date of expiration of an insurance premium. Bank balance is part of current assets. It includes any form of currency that can be readily traded including coins checks money orders and bank account balances.
CLASSES AND TRENDING CHAPTER. View solution Which of the following asset is not an example of Intangible Fixed Assets. Which of the following generally is NOT considered to be a liability.
Current assets are short term assets which can be converted in to cash on need basis. An asset is any commodity or item that has the potential of yielding returns for business owners in the future. Which of the following accounts is not a liability account.
Debit cash credit supplies. The standard format of Journal does not include Assets column. C Credit balances with the Reserve Bank.
Dont hesitate to ask questions and start discussions whenever you need professional advice. WINDOWPANE is the live-streaming social network and multi-media app for recording and sharing your amazing life. Increases in stockholders equity as a result of selling services or products to customers are known as.
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