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What account types is a prepaid expense account?
A prepaid expense account is an asset, thus not a temporary account either.
Is a purchase discount account an asset or liability?
It is a contra asset account; thus, an ASSET
Is a cheque account an asset?
The account itself is not an asset, but any money credited to the account is.
Is bank account an asset?
Yes, bank account is an asset (provided it is not a loan or credit card account). Since a Bank account is a place where we deposit and keep money, it can be considered an asset. (And this is only as long as you have cash in your account. If your account balance is 0 it is not an asset)
What is the journal entries for disposal of fixed asset?
cr asset account for cost price dr accumulated depreciation for asset depreciation cr asset sale account dr/cr profit/loss on asset account
The transaction would increase an asset account and increase a liability account?
The transaction would increase an asset account and increase a liability account?
Does an escrow account count as an asset when applying for medicaid?
does an escrow account count as an asset when the person has medicaid
A debit to an asset account indicates a n?
A debit to an asset account indicates an increase in that asset. In accounting, asset accounts are increased with debits and decreased with credits. This means that when a debit entry is made, it reflects an acquisition or enhancement of the asset. For example, if cash is received, the cash account (an asset) is debited to show the increase.
What type of account is accumulated depreciation and how is it reported in the financial statements?
Accumulated depreciation is a contra-asset account and show in the asset section of the Balance Sheet. It is called contra-asset account because contrary to any asset account Acc. Dep. is a credit type of account. The offset of Accumulated depreciation is to Debit the expense account Depreciation.
Is account revenue an asset?
No, it is an owner's equity account.
What is the nature of account receivable?
Account receivable is an asset
What is the journal entry for purchase of an asset?
[Debit] Asset Account xxxx [Credit] Cash / bank account xxxx
