Which of the following is not an asset account? A) Equipment B) Capital Stock C) Cash...
Which of the following is not an asset account?
|
|||
|
|||
|
|||
|
Homework Answers
Capital stock is the number of common and preferred shares that a company is authorized to issue, according to its corporate charter,
Whereas Equipment is a fixed asset while cash and receivables are current assets.
Thus the answer is B) as it is equity and not an asset
Add Answer to:
Which of the following is not an asset account?
A)
Equipment
B)
Capital Stock
C)
Cash...
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C....
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C. Equity--Capital D. Equity--Revenue E. Equity--Expense 12. Which of the following accounts does NOT have a normal balance? A. Cash--Balance 1,000 credit B. Bright, Withdrawals--Balance 1,000 debit C. Accounts payable--Balance 1,000 credit D. Rent expense--Balance 1,000 debit E. Prepaid Rent--Balance 1,000 debit 13. Which of the following account names is a liability account? A. Cash B. Unearned Revenue C. Accounts Receivable D. Furniture E. Prepaid...
15 Which of the following is considered an asset? A] Sales B] Accounts Receivable C Common...
15 Which of the following is considered an asset? A] Sales B] Accounts Receivable C Common Stock DI Accounts Payable [6 The first financial statement that is prepared is the: [A] Statement of Cash Flows. B Statement of Retained Earnings [C] Balance Sheet. D] Income Statement. 17] A type of asset in which a customer owes the company money would be a: [A] receivable. [B] payable. [C] sale. D] dividend 81 A T-account has a $698 credit balance. This account...
Treasury stock is classified as: A. An asset account B. A contra asset account C. A...
Treasury stock is classified as: A. An asset account B. A contra asset account C. A contra equity account D. A liability account Prior period adjustments are reported in the: A. Multiple-step income statement B. Balance sheet C. Statement of retained earnings D. Statement of cash flows Changes in accounting estimates are: A. Considered accounting errors B. Accounted for with a cumulative "catch-up" adjustment C. Extraordinary items D. Accounted for in current and future periods The Discount on Bonds Payable...
1. Cash is a. a current asset b. an asset c.not part of property, plant, and...
1. Cash is a. a current asset b. an asset c.not part of property, plant, and equipment d. all of the above 2. E Co, borrowed $20,000 from the lccal bank. What account should be credited on E Co.'s books? a. notes receivable b. notes payable accounts receivable d. cash 3. Which of the following accourts would not be on the books of a merchandising company? a. accounts receivable b. service revenue c. sales d. cost of goods sold Matching...
question 13,14,15,16 13. Which of the following is not an asset use transaction? A.Paying cash dividends...
question 13,14,15,16
13. Which of the following is not an asset use transaction? A.Paying cash dividends B. Paying cash expenses C. Paying off the principal of a loan D.Paying cash to purchase land 14. Which of the following cash transactions results in no net change in assets? A.Borrowing cash from a bank B. Issuing common stock for cash C. Purchasing land for cash D. Providing services for cash 15. Elektra Company purchases equipment for $1,200 and supplies for $400 from...
Cash, Accounts Receivable. Equipment, Notes Payable, Capital Stock, and Retained Earn- Prepare a summary of transactions...
Cash, Accounts Receivable. Equipment, Notes Payable, Capital Stock, and Retained Earn- Prepare a summary of transactions (see Part A of Exhibit 1.3). Use money columns headed ings. Determine balances after each transaction to show that the accounting equation balances. Reliable Lawn Care Service, Inc., a company that takes care of the lawns and shrubbery 31 An order was received week, which will be billed at $12,000. mary of nd balance 6) of personal residences, engaged in the following transactions in...
Which of the following would be considered an asset? O A. External stock portfolio O B....
Which of the following would be considered an asset? O A. External stock portfolio O B. Cash in the bank O C. Property, plant, and equipment O D. All of the above OE. Only A & B Which of the following would be considered a liability? O A. Prepaid insurance OB, Wages payable O C. Interest expense O D. All of the above O E. Only B&C
Identify the following as an asset (A), liability (L), or equity (E) by writing the letter...
Identify the following as an asset (A), liability (L), or equity (E) by writing the letter of the correct classification in the space provided. Account Classification A. Contributed capital B. Office equipment C. Accounts payable D. Common stock E. Cash F. Accounts receivable G. Wages payable H. Deferred revenue
Which ONE of the following is a liability? Capital Stock O Warranty Expense O Equipment o...
Which ONE of the following is a liability? Capital Stock O Warranty Expense O Equipment o Wages Payable Which of the following journal entries represents an increase in equity correctly? A) Cash XXX Common Stock XXX B) Common Stock XXX Cash XXX XXX C) Retained Earnings Accounts Payable D) Retained Earnings XXX XXX Rent Expense XXX E) More than one of the above F) None of the above CA OB Ос OD Ο Ε OF
31) Common Stock is a separate account in the A) equity B) asset category of the...
31) Common Stock is a separate account in the A) equity B) asset category of the accounting equation C) liability D) revenue 32) The time period concept states that A) expenses incurred during a period should be matched against the revenues of the period B) companies should record revenue when it has been eamed ©) all expenses should be recorded when they are incurred during the period D) financial statements can be prepared for specific periods 33) Adjusting entries are...
Chapter 2-Recording Business Transactions 11. What type of account is cash? A. Asset B. Liability C. Equity--Capital D. Equity--Revenue E. Equity--Expense 12. Which of the following accounts does NOT have a normal balance? A. Cash--Balance 1,000 credit B. Bright, Withdrawals--Balance 1,000 debit C. Accounts payable--Balance 1,000 credit D. Rent expense--Balance 1,000 debit E. Prepaid Rent--Balance 1,000 debit 13. Which of the following account names is a liability account? A. Cash B. Unearned Revenue C. Accounts Receivable D. Furniture E. Prepaid...
15 Which of the following is considered an asset? A] Sales B] Accounts Receivable C Common Stock DI Accounts Payable [6 The first financial statement that is prepared is the: [A] Statement of Cash Flows. B Statement of Retained Earnings [C] Balance Sheet. D] Income Statement. 17] A type of asset in which a customer owes the company money would be a: [A] receivable. [B] payable. [C] sale. D] dividend 81 A T-account has a $698 credit balance. This account...
1. Cash is a. a current asset b. an asset c.not part of property, plant, and equipment d. all of the above 2. E Co, borrowed $20,000 from the lccal bank. What account should be credited on E Co.'s books? a. notes receivable b. notes payable accounts receivable d. cash 3. Which of the following accourts would not be on the books of a merchandising company? a. accounts receivable b. service revenue c. sales d. cost of goods sold Matching...
question 13,14,15,16
13. Which of the following is not an asset use transaction? A.Paying cash dividends B. Paying cash expenses C. Paying off the principal of a loan D.Paying cash to purchase land 14. Which of the following cash transactions results in no net change in assets? A.Borrowing cash from a bank B. Issuing common stock for cash C. Purchasing land for cash D. Providing services for cash 15. Elektra Company purchases equipment for $1,200 and supplies for $400 from...
Cash, Accounts Receivable. Equipment, Notes Payable, Capital Stock, and Retained Earn- Prepare a summary of transactions (see Part A of Exhibit 1.3). Use money columns headed ings. Determine balances after each transaction to show that the accounting equation balances. Reliable Lawn Care Service, Inc., a company that takes care of the lawns and shrubbery 31 An order was received week, which will be billed at $12,000. mary of nd balance 6) of personal residences, engaged in the following transactions in...
Which of the following would be considered an asset? O A. External stock portfolio O B. Cash in the bank O C. Property, plant, and equipment O D. All of the above OE. Only A & B Which of the following would be considered a liability? O A. Prepaid insurance OB, Wages payable O C. Interest expense O D. All of the above O E. Only B&C
Which ONE of the following is a liability? Capital Stock O Warranty Expense O Equipment o Wages Payable Which of the following journal entries represents an increase in equity correctly? A) Cash XXX Common Stock XXX B) Common Stock XXX Cash XXX XXX C) Retained Earnings Accounts Payable D) Retained Earnings XXX XXX Rent Expense XXX E) More than one of the above F) None of the above CA OB Ос OD Ο Ε OF
31) Common Stock is a separate account in the A) equity B) asset category of the accounting equation C) liability D) revenue 32) The time period concept states that A) expenses incurred during a period should be matched against the revenues of the period B) companies should record revenue when it has been eamed ©) all expenses should be recorded when they are incurred during the period D) financial statements can be prepared for specific periods 33) Adjusting entries are...
Most questions answered within 3 hours.
-
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 59 minutes ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 35 minutes ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 13 minutes ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 1 hour ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 1 hour ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 1 hour ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 2 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 2 hours ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 3 hours ago -
The manufacturers of Oriental Spice Sauce are concerned that the
sodium levels in their product vary...
asked 3 hours ago -
PLEASE DON'T ANSWER IF YOU CAN'T ANSWER ALL OF THE QUESTIONS. I
DESPERATELY NEED HELP
Consider...
asked 3 hours ago -
DO NOT ANSWER IF YOU ARE UNSKILLED IN THIS AREA! TYPE OR WRITE
EACH ANSWER CLEARLY!!...
asked 3 hours ago