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If you bill a customer for services performed does that increase your assets?
Wiki User
∙ 10y ago
yes.
Wiki User
∙ 10y ago
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How does receiving a bill to be paid next month for services rendered affect the accounting equation?
assets increase; liabilities increase
An increase in total assets means?
An increase in total assets means an increase in equity. Equity is tock or any other security representing an ownership interest.
How does rendering of services on account affect the accounting equation?
Rendering services on account increases accounts receivable, as well as equity (retained earnings) For example, a company has provided cleaning services for an amount of $200; the customer is allowed a three week credit assets = liabilities + equity accounts receivable (assets): increases with +200 retained earnings (equity): increases with + 200 +200 = +200
When the owners invest cash in a business do assets increase?
yes the will increase
What is the meaning of surplus on revaluation of fixed assets?
While in the process of revaluation of assets and liabilities, if the value of some assets increase more than the decrease in the value of some fixed assets then the difference of this increase and decrease if positive is called surplus on revaluation of fixed assets.
What are assets received for services performed?
Revenue
How does receiving a bill to be paid next month for services rendered affect the accounting equation?
assets increase; liabilities increase
2 Revenues represents a. an outflow of assets resulting from the sale of goods or services b. assets received from selling products or services c. assets used or consumed in selling products or?
assets received fro selling products or services
An increase in total assets means?
An increase in total assets means an increase in equity. Equity is tock or any other security representing an ownership interest.
How does rendering of services on account affect the accounting equation?
Rendering services on account increases accounts receivable, as well as equity (retained earnings) For example, a company has provided cleaning services for an amount of $200; the customer is allowed a three week credit assets = liabilities + equity accounts receivable (assets): increases with +200 retained earnings (equity): increases with + 200 +200 = +200
When does the net asset value increase?
Assets increase over liabilities
What is increased when equipment is purchased on credit?
Increase in Assets & increase in Liabilities
When the owners invest cash in a business do assets increase?
yes the will increase
What is the meaning of surplus on revaluation of fixed assets?
While in the process of revaluation of assets and liabilities, if the value of some assets increase more than the decrease in the value of some fixed assets then the difference of this increase and decrease if positive is called surplus on revaluation of fixed assets.
If a company purchase equipment on account will the assets increase decrease or stay the same?
If the equipment is purchased on credit (on account) then the net assets will stay the same as the assets will increase by the same amount as the liabilities
How does rendering of services for cash affect the accounting equation?
cash assets increase Equity increases as sales revenue increases and net income increases. No effect on Liabilities and Expenses
Is paying cash for a dividend an increase or a decrease to your assets?
stock dividends what impact on total assets
