Which of the following statements is (are) accurate regarding equipment purchased within a business? (Check all that apply.)
Equipment is reported on the left side of the accounting equation.
Equipment purchases are reported on the balance sheet.
Equipment cost is initially recorded as an asset and as it is used and gets worn down, the cost is gradually expensed.
Equipment purchases are expensed, in their entirety, in the period in which they occur.
Equipment is an asset.
Homework Answers
Equipment is an asset purchased by the company.
It is held for long period of time and is reported in balance sheet as assets under the head long term assets .
As it is used and gets worn down , the cost is gradually expenses in the form of depreciation.
The accounting equation is : Assets = liability + Equity
thus, left side is assets and it includes equipment.
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