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Assets prepayments become revenues when they expire?
true
Acrued revenues would appear on the balance sheet as what?
Accrued Revenues are those revenues which have earned by the company but not yet recieved. Accrued revenue is shown under current assets in balance sheet
Types of intangible assets?
1 - Goodwill 2 - market related intangible assets 3 - Customer related intangible assets 4 - Contract related intangible assets 5 - Artistic related intangible assets 6 - Technology related intangible assets
What is the appropriate order for a company's chart of accounts?
assets, liabilities, stockholders' equity, revenues, expense
What is net income assets minus liabilities or revenues minus expenses?
Net Income is revenue minus expenses. Assets minus liabilities is Net Worth.
In a firm where assets are the major cost how is profit maximized?
By increasing revenues or the cost of the assets.
Assets prepayments become revenues when they expire?
true
Acrued revenues would appear on the balance sheet as what?
Accrued Revenues are those revenues which have earned by the company but not yet recieved. Accrued revenue is shown under current assets in balance sheet
Types of intangible assets?
1 - Goodwill 2 - market related intangible assets 3 - Customer related intangible assets 4 - Contract related intangible assets 5 - Artistic related intangible assets 6 - Technology related intangible assets
What is the appropriate order for a company's chart of accounts?
assets, liabilities, stockholders' equity, revenues, expense
What is net income assets minus liabilities or revenues minus expenses?
Net Income is revenue minus expenses. Assets minus liabilities is Net Worth.
In accounts why do you charge depreciation in profit and loss account?
Depreciation is charged to profit and loss because that amount of expense has incurred by using related fixed assets for generating revenues so these are also expenses in sence.
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
Decreases in retained earnings that represent costs of assets or services used to earn revenues are called what?
expenses
What is the usual order of accounts in the general ledger?
Assets, Liabilities, Owner's Capital, Drawings, Revenues, and Expenses
What are the five classifications of accounts?
The five classifications of accounts are assets, liabilities, owner's equity, revenues, and expenses. Assets represent what a company owns, liabilities represent what a company owes, owner's equity represents the owner's investment in the business, revenues are the income generated from business activities, and expenses are the costs incurred to generate revenue.
How big is the U.S Forest Service?
In 2001 the organization reported $8.5 billion in assets and revenues of $1.4 billion.
