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Is one of the fixed asset accounts from Office Equipment Land Delivery Equipment or Building will not have a related contra asset account?
LAND
The office equipment account is classified as?
The office equipment account is classified as an asset. Office equipment is an account that is amortized each year to show a devaluation for tax purposes.
Is Office Equipment is an example of a current asset account?
No, office equipment is not considered a current asset account; it is classified as a long-term asset or fixed asset. Current assets are typically cash or other assets expected to be converted into cash or used up within one year, such as inventory or accounts receivable. Office equipment, on the other hand, is used over a longer period and is depreciated over its useful life.
Is office equipment is an example of current assets?
No, office equipment is not considered a current asset; it is classified as a long-term asset or fixed asset. Current assets are typically assets that are expected to be converted into cash or used up within one year, such as cash, inventory, and accounts receivable. In contrast, office equipment is used for operations over a longer period, making it a capital expenditure.
Is equipment an asset or liability?
Asset
Is one of the fixed asset accounts from Office Equipment Land Delivery Equipment or Building will not have a related contra asset account?
LAND
The office equipment account is classified as?
The office equipment account is classified as an asset. Office equipment is an account that is amortized each year to show a devaluation for tax purposes.
What class of fixed asset does a fire extinguisher belong?
office equipment
Is equipment an asset or liability?
Asset
Is equipment liability or asset?
Asset
Is equipment considered a revenue or asset?
Equipment is an asset for business which is usable in business to generate revenue.
When coding an invoice in the amount of 5100 which includes 4500 for new office equipment and 600 for installation what amount if any would you code to the asset account Equipment?
5100
Is rented equipment considered an asset?
Rented Equipment is not an asset. If there is a refundable security deposit, that amount would be posted as an asset. The rental payments are usually posted to Equipment Rental Expense and no further accounting is necessary.
What is plant asset Discuss the three types of plant asset?
Property, plant, and equipment
Is equipment an asset?
Provided you own it yes.
Characteristic of a fixed asset is that it is?
A characteristic of a fixed asset is that it is used in the operation of a business. Examples of fixed assets include office equipment, computers, and machinery.
What is a greatest asset in an office?
The staff.
