Help please, 92. The normal balance of asset account is. A. O Credit balance B.Debit balance C. Cash balance D. Neither debit nor credit balance
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Help please, 92. The normal balance of asset account is.
A. O Credit balance
B.Debit balance
C. Cash balance
D. Neither debit nor credit balance
Step by step
Solved in 3 steps
- All of the following are monetary items, except: a. Accounts payable b. Accounts receivable c. Administration costs paid in cash d. Loan repayment at face valueAssets that can be easily converted into money without loss of value are Select one: O A. liquid. O B. liabilities. O C. transactions balances. OD. currencies.Which of the following sentences is Not correct: Monetary unit assumption states that only transaction data that can be expressed in terms of money are recorded. Bookkeeping is the same as recording. The use of correcting entry is an optional step. None of these.
- (a)Explain, using practical example the effect of accruals figures on the preparation of a financial statement. (b)Suggest Four reasons why there might be difference between the balance on the receivable ledger control account and the total list of accounts receivable ledger balances. (c)Explain, using practical example how Capital expenditure should be capitalizedIn Asset method, Prepayment accounts must be recorded on a.) Debit b.) Credit c.) Both d.) Neither Debit not CreditWhich one of the following options is correct about current assets Select one: a. Current assets are long term assets b. Current assets are not recorded inside the balance sheet rather in the notes section. c. Account receivable & cash are current assets d. Current assets are depreciable.
- 16 - Which of the following is the account where the increases are recorded to the receivable side and the decreases to the debit side?A) Asset AccountsB) Passive AccountsC) Accounts ReceivableD) Expense AccountsE) Passive regulating accountsWhat is the impact on the accounting equation when an accounts receivable is collected?A. both sides increaseB. both sides decreaseC. only the Asset side changesD. the total of neither side changes1. For Total current assets (on the Balance Sheet), use an Excel function to calculate the value. 2. For Total fixed assets (on the Balance Sheet), use operation signs to calculate the value. 3. As the CFA for Filler Construction, you notice the given Balance Sheet is suspiciously missing accounts that have an opposite normal balance of otheraccounts in their same category. a. What are these types of accounts called? b. add the following accounts where they should be listed: Allowance forDoubtful Accounts of $50, Accumulated Depreciation of $3450, and Treasury Stock of $450. Note: ensure these values are properly visually denoted ashaving the opposite normal balance. 4. Now you see that it is mising required formatting for a U.S. public company's external financial statement! Add in the required underlines where neededand change the number formatting to meet requirement.5. What is a first "check" to determine if this Balance Sheet is balanced? 6. What are two financial ratios that can…
- Consider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes PayableConsider the following accounts and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Receivable B. Sales Revenue C. Land D. Unearned RevenueWhich of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debit