The correct answer is (d) Expense
The outflow of assets resulting from the sale of products and services is called EXPENSE
An expense is the reduction in value or outflow of an asset as it is used to generate revenue.Expenses are summarized and charged in the income statement as deductions from the income before assessing income tax.
QUESTION 18 The outflow of assets resulting from the sale of products and services is called...
Question 13 2 Points Identify the following accounts of Advanced Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit. Fees Earned A Asset B) Liability C Owner's Equity D Revenue E Expense F Debit G Credit
Question 13 2 Points Identify the following accounts of Advanced Services Co. as asset, liability, owner's equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit. Fees Earned A Asset B) Liability C Owner's Equity D Revenue E Expense F Debit G Credit
Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit. Wages Expense a) Assets b) liability c) Owner's equity d) Revenue e) Expense f) debit g) Credit
A smaller bank specializing in consumer-oriented banking services is called a(n) __________________. A. community bank B. money center bank C. central bank D. FDIC E. superregional bank 7. The difference between a commercial bank’s average rate earned on loans and its average rate paid on deposits is called the: A. charge-off rate. B. net operating income. C. return on assets. D. money market rate. E. interest rate spread. 8. Measured by asset size, _________________________ represent the largest group of depository...
22) Plant assets are defined as: A) Held for sale. B) Tangible assets used in the operation of business that have a useful life of less than one accounting period. C) Current assets. D) Tangible assets that have a useful life of more than one accounting period and are used in the operation of a business. E) Intangible assets used in the operations of a business that have a useful life of more than one accounting period. 23) Salvage value...
Select the correct statement from the choices listed below. Revenue is a decrease in assets resulting from operating activities. Dividends are decreases in assets incurred for the purpose of producing revenue. A company incurs expenses when it borrows money. Net income is an increase in equity resulting primarily from operating activities. a. b. C. d.
QUESTIONS Debt securities sold to investors that must be repaid at a particular date some years in the future are called A. bonds payable B. accounts payable C. notes receivable D. taxes payable QUESTION 9 The cost of assets consumed or services used is also known as A. a liability B. an asset o C. a revenue D. an expense QUESTION 10 Debts and obligations of a business are referred to as O A. assets B. liabilities C. equities D....
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
29. Losses on the sale of long-term assets for cash: A. Are the excess of the book value over the cash received B. Are recorded as a credit. C. Are reported on a net-of-tax basis if material. D. Are the excess of the cash received over the book value. 30. Which of the following best describes the objective of depreciation? A. To allocate the cost of a long-term asset to an expense over its service life. B. To estimate the...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question 1) Which of the following statements is TRUE for a proprietorship? 1)_ A) The business records include the proprietor's personal finances. B) For accounting purposes, a proprietorship is separate from the proprietor C) Legally, a proprietorship is separate from the proprietor. D) All statements are correct. 2) Revenues are: A) increases in retained earnings resulting from delivering goods or services to customers B) decreases in...