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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.
Why losses are recorded on assets side in balance sheet as per company view?
Loss account has debit balance that is why all loses and assets are recorded in assets side same as all profits and liaibities are recorded at liabilities side
Unexpired expense should write in income statement or balance sheets?
Unexpired expense is current assets until used so it is part of assets of business and should be included in assets side of balance sheet.
What comes in debit side of balance sheet?
on the debit side of the balance sheet, we have the assets of a company. There are current assets and fixed assets and they should be equal to the Liabilities + the equity of a company.
Which part of balance sheet is Work in Process WIP recorded?
That would be just under stock in current assets.
The current assets section of the balance sheet should include?
goodwill
Do assets equal liabilities on condo balance sheet?
Yes, they should.
The Accumulated Depreciation's account balance is the sum of depreciation expense recorded in past periods true or false?
Yes. Accumulated depreciation is a contra asset account, which means it has an opposite balance from a normal asset account. It is used to reduce the balance whatever asset you are deprecating. When you total your assets on the balance sheet, you deduct the cost of Accumulated depreciation from your assets to get the true worth of your assets.
Is premises debit or cedit?
Premises are business assets so same like all other assets premises balance is debit balance as normal balance.
Asset accounts are listed in order of their liquidity?
The balance sheet lists assets in order of liquidity, from the most liquid assets (at the top) to the least liquid assets) at the bottom. Liquidity is how quickly the company can or expects to convert the asset into cash. The most liquid asset is, of course, cash. Therefore, the first asset account listed in the balance sheet is cash and cash equivalents.
What is the accounting principle that requires accounting information to be based on actual cost and require assets and services to be recorded initially at the cash or cash equivalent amount?
Cost principal
What can be amortized on the balance sheet?
Intangible assets are amortized on balance sheet same as tangible assets are depreciated.
