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Assets purchased for resale are recorded in which of the following accounts?
Wiki User
∙ 13y ago
Merchandise Inventory
Wiki User
∙ 13y ago
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A chart of accounts lists accounts in the following order?
assets liability owners' equity income expense account
Which of the following accounts are temporary accounts that must be closed at the end of the year?
Assets, liabilities and capital Revenues, expenses and withdrawals
Fixed assets should initially be recorded on the balance sheet?
Fixed Assets are things of value that are expected to maintain their value to the entity for more than a year. All Assets are Balance Sheet accounts so yes, they should initially be recorded on the Balance sheet.
What is the difference between Accounts Payable and Accounts Receivable?
Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. Accounts payable are liabilities. Accounts receivable are assets.
What is an account that has a debit balance?
Debits accounts normally comprise: Assets (in the balance sheet) Expenditure (in the income statements). Within assets may be that account such as value of a building lower than purchased thus a debit acct.
A chart of accounts lists accounts in the following order?
assets liability owners' equity income expense account
Which of the following accounts are temporary accounts that must be closed at the end of the year?
Assets, liabilities and capital Revenues, expenses and withdrawals
Are revenue and expense accounts real accounts?
No real accounts are for business possessions like assets and stock revenue and expense items are recorded in the nominal also named the general ledger. Personal accounts are for debtors and creditors accounts.
Fixed assets should initially be recorded on the balance sheet?
Fixed Assets are things of value that are expected to maintain their value to the entity for more than a year. All Assets are Balance Sheet accounts so yes, they should initially be recorded on the Balance sheet.
What is assets trade?
Net Trading Assets = Accounts Recievable + Inventory - Accounts Payable
What is net trading assets?
Net Trading Assets = Accounts Recievable + Inventory - Accounts Payable
What is the difference between Accounts Payable and Accounts Receivable?
Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts receivable are amounts a company has a right to collect because it sold goods or services on credit to a customer. Accounts payable are liabilities. Accounts receivable are assets.
What is an account that has a debit balance?
Debits accounts normally comprise: Assets (in the balance sheet) Expenditure (in the income statements). Within assets may be that account such as value of a building lower than purchased thus a debit acct.
Is accounts receivable a current or non current assets?
Current assets
What importance is accorded intellectual capital by generally accepted accounting principles?
such accounts as patents, copyrights, franchises, and goodwill appeared under the intangible assets balance sheet caption, in the instances where the company purchased such assets from other entities
Are accounts receivable liquid assets?
Accounts receivables is a liquid asset
What account would increase with a decrease in the inventory account?
The following will increase: Expense and Revenue Accounts Cost of Goods Sold - Credited Sales Revenue - Credited Balance Sheet Accounts Assets Accounts Accounts Receivable or Cash depending on payment terms will be debited
