Homework Answers
| ANSWER | ||||||||||
| Out of the 5 options Mentioned 4 are correct:- | ||||||||||
| Correct Options are | ||||||||||
| 1.) | Equipment cost is initially recorded as an asset and as it is used and gets worn down, the cost is gradually expensed. | |||||||||
| 2.) | Equipment purchases are reported on the balance sheet. | |||||||||
| 3.) |
Equipment is reported on the left side of the accounting equation. |
|||||||||
| 5.) | Equipment is an asset. | |||||||||
| Explanation | ||||||||||
| Options | ||||||||||
| 1 | Correct | Depriciation is charged based on the useful life of the asset and it is expensd each year based on useful life. | ||||||||
| 2 | Correct | Equipments are recorded on the asset side of the balance sheet as Fixed Assets | ||||||||
| 3 | Correct | Equation is Asset = Labilities + Equity. Therefore Equipmen being the asset is recorded on the right side of the equation. | ||||||||
| 4 | Incorrect | No. As equipment is Used through number of years so it is not expensed during the year it is purchased. | ||||||||
| 5 | Correct | Equipment is an asset, as it is a valuable thing to a company and benefits are realised. | ||||||||
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