Provide an example of a transaction that would increase one asset account but not change the amount of the total assets.

Q: Which of the following accounts is an asset? Select one: O a. Accounts payable O b. Salary expense…

A: STEP 1 An asset is something or attribute that creates future economic cash flows or benefit arising…

Q: Which should be subtracted from the net income when using the indirect method? A. Loss on sale of…

A: A cash flow statement is a financial statement that summarizes the cash and cash equivalents…

Q: Why is depreciation provided on non-current assets? a. so that the business entity concept is…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: xplain what are contra asset accounts, where they are on shown on the financial statements and give…

A: Contra Asset: A contra asset is, well, a contra asset. All assets, in general, have a debit balance,…

Q: Assets that are NOT expected to provide benefits for a number of accounting periods are called…

A: Solution: Assets that are NOT expected to provide benefits for a number of accounting periods are…

Q: Which of the following accounts is an asset? Select one: a Service revenue b. Prepaid expenses C.…

A: Generally asset represents the valuable thing owned by an entity. In accounting, an asset is the…

Q: Is depreciation a permanent account or temporary account? Explain?

A: Depreciation refers to the process of allocating the total cost of an asset (except land) to expense…

Q: True or false. Assets is equal to the sum of liabilities and owners equity

A: Assets are the rights and resources that are being held by the business. It includes current assets,…

Q: What is the normal balance for an asset account?

A: Assets means the resources owned by business for the use in furtherance of business.

Q: As the usefulness of the property and equipment asset account of an entity expires, O A liability is…

A: Asset Account Expires: This occurs when a cost is totally consumed or when a benefit is received in…

Q: Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts…

A: Asset accounts means account related to resources of the business that it owns. It can be current…

Q: provide an example of a transaction that would: increase one asset account but not change the amount…

A: Increase in one asset account but not change the amount of total assets.Transaction: Purchase of…

Q: Accounting The account "Net-Assets: Resources Released from Restriction" is used to: A) Reduce…

A: Correct option with proper explanation are as follows

Q: When depreciation expense is recorded each period, what account is debited?

A: Depreciation expense is the same of the other normal business expenses which is listed in the…

Q: Purchase of equipment on account increases which of the following?

A: First option is wrong because the purchase of equipment on account not only increases asset, but…

Q: As prepaid assets are used to generate revenue, an adjustment is necessary to reduce the previously…

A: Prepaid assets are those assets which consists of advance payments for goods and services that are…

Q: On a company's balance statement, why are fixed assets depreciated?

A: Fixed asset:  It can be defined as a tangible asset that is used by the business in its production…

Q: Which item would not be classified as an operating expense?     a)  Interest expense.   b)…

A: Operating Expenses Operating expenses are those expenditures that a business incurs to engage in…

Q: Indicate the effect that each transaction/event listed here will have on the financial ratio listed…

A: Transaction/Event Explanation a. Purchased inventory on account. Purchases of inventory on…

Q: If assets are valuable resources and asset accounts have debit balances, why do expense accounts…

A: As per golden rules of accounting: In case of nominal accounts, all expenses and losses are to be…

Q: A. Explain the matching concept by incorporating the terms ‘recognized’, revenue recognition…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Accumulated Depreciation is: Multiple Choice A contra-asset account A liability An expense account A…

A: Depreciation expense is the amount a firm's assets are depreciated for a single month, whereas…

Q: What part of the A=L +SE does expenses and revenues under and are they CR or DR balances? Expenses…

A: The accounting equation shows that sum of all assets= sum of liabilities + sum of owner's…

Q: Explain why depreciation expense is added back to net income and why an increase in inventories is…

A: A Cash flow statement is a financial statement that provides summarised information regarding cash…

Q: Choose the correct statement below: A. Unearned income is income earned and already collected. B.…

A: The deferred expenses are the expenses incurred but not yet due for payment. The deferred revenue is…

Q: To capitalize an expenditure is to: Multiple Choice Debit an expense account. Credit an expense…

A: Explanation: Capitalization of expense: Capitalization of expense refers to adding the amount…

Q: Why depreciation on fixed assets is not recorded in receipts and Payment Account?

A:

Q: How do the asset, revenue and expense accounts differ?

A: The assets and liabilities are posted in the balance sheet that shows the financial position of the…

Q: Which does not belong to the group? A. Capital maintenance approach B. Transaction approach C.…

A: The question is multiple choice question. Which does not belong to the group.

Q: Which of the following is not an asset account? cash O prepaid expense O accrued expense accrued…

A: The asset will be having a debit balance and liabilities will be having a credit balance. Incomes…

Q: Give an example of a transaction that results in: a.    A decrease in an asset and a decrease in a…

A: Transaction analysis: Transaction analysis is an economic event that causes impact on the value of…

Q: For some of the fixed assets of a business, the balance in Accumulated Depreciation is equal to the…

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its…

Q: When an asset is purchased on account, the credit side of the entry is to a liability account an…

A: Introduction:- The following golden rules used in accounting as follows under:- Personal:- Debit…

Q: -1) Write down at least two examples for : Asset Liability Capital or Owners Equity Revenue Expense

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: 2. Which of the following is not an asset? a. Work in Process b. invertory c. Accounts Payable d.…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Est-ce que certains expenses, like salary or depreciation, may become assets? Explain

A: In accounting, the balance sheet is one of the financial statements that summarizes a company's…

Q: For each of the following transactions or adjustments, indicate the effect of the transaction or…

A: Accounting equation is based on the concept of the double entry system where it assumes that each…

Q: An increase in an asset account is a:  A. Debit entry to the asset account B. Credit entry to the…

A: Assets are those tangible and intangible things in the business which the business has right to use…

Q: Which of the following is true regarding unearned revenue? Assets are increased when unearned…

A: The revenue or income which is received even before the providence of services or selling of goods…