Homework Answers
Answer: An asset has future value, while an expense is used up in the current perod.
All assets are investments for the company and hence have future value. Expenses once incurred are gone and is fully used up for the current period.
Expenses are shown in the income statement and assets are shown under balance sheet.
Companies should incur required expenses to run business and invest only in assets required.
Assets or expenses may be purchased or incurred in cash or on account.
Assets are permanent and expenses are temporary.
Both assets and expenses have debit balances.
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What is the primary difference between an asset and an expense? Multiple Choice An expense shows...
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The trial balance includes which of the following column titles? Multiple Choice asset, liability, owner’s equity debit, credit revenue, expense permanent, temporary
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a b. C d. Expenses paid in cash before they are used or consumed. The difference...
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C. 5200 difference between the debit and credit comes of the United Trial Balance D. 5200...
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Question 1 Complete the following statements. In a period in which a taxable temporary difference reverses,...
Question 1 Complete the following statements. In a period in which a taxable temporary difference reverses, the reversal will cause taxable income to be In a period in which a deductible temporary difference reverses, the reversal will cause taxable income to be accounting income. accounting income. 3@@ @ @ If a $56,000 balance in the Deferred Tax Asset account were calculated using a 25% rate, the underlying temporary difference would amount to $ Deferred taxes L recorded to account for...
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If liabilities are $53,000 and assets are $173,500, then equity equals: Multiple Choice $120,500 $173,500 $226,500 $53,000 If the liabilities of a business increased $83,000 during a period of time and the equity in the business decreased $34,000 during the same period, the assets of the business must have: Multiple Choice Decreased $117,000 Decreased $49,000 Increased $49,000 Beta Corporation purchased $160,000 worth of land by paying 16,000 cash and signing a $144,000 mortgage. Immediately prior to this transaction the corporation...
Please help! Multiple Choice Question 61 Your answer is incorrect. Try again. What is the difference...
Please help!
Multiple Choice Question 61 Your answer is incorrect. Try again. What is the difference between FIFO (first in, first out) and LIFO (last in, first out) accounting? FIFO refers to the practice of firms, when making sales, assuming that the inventory that came in first (at a higher price) is being sold first During a period of rising prices, LIFO implies that a firm is selling the higher cost, newer inventory first, leaving the lower cost, older inventory...
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset account. A revenue account. Auditors primarily express an opinion on the: Multiple Choice Accuracy of financial statements. Quality of a company's management. O Soundness of a company's future. O O Fairness of financial statements. The assumption central to much of GAAP that in the absence of contrary information, a business entity will continue indefinitely is defined as the: Multiple Choice Going concern assumption. Entity...
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
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The asset/liability approach emphasizes: Multiple Choice A close relation between the balance sheet and the statement of cash flows. The distinction between net assets and gross assets. All of these answer choices are correct. Whether amounts on the balance sheet meet the definitions of assets and liabilities Type here to search O II E
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Please help!
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