provide the two names of (a) assets accounts (b) liability accounts and (c) equity accounts

Q: According to generally accepted accounting principles, whatis the balance sheet valuation of each of…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Land

A: Asset represents resource of the business. Liability represents obligation of the business to the…

Q: Another name for the balance sheet is thea. statement of operations.b. statement of profit and…

A: The correct option is option “d”.   d. statement of financial position.

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Wages Payable

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: choose the right answer Of the following account types, which would be increased by a debit?…

A: I assumed the first MCQ as first question And next MCQ as second question.

Q: Enter the number for the item that best completes each of the descriptions below. 1. Asset 2. Equity…

A: Accounting Process:   The Accounting process is a series of activities or processes that start with…

Q: The accounting equation may be expressed as a.Assets = Expenses - Liabilities b.Assets -…

A: The equation where assets are equal to liabilities is called an accounting equation, in this…

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: What is the list in which all accounts to be used in accounting transactions are systematically and…

A: Accounting means the record and summary of all the business transaction and calculate the profit of…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. Cash

A: Assets, liabilities, and equity are balance sheet elements.

Q: order in which financial statements should be prepared is

A: It is pertinent to note that business transactions move from recording financial transactions in…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Equipment

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: Which of the following equations is the standard basic accounting equation? Assets minus owner's…

A: Accounting equation means the relation between the assets , liabilities and owner equity. Assets…

Q: ) IDENTIFY THE REPORTING FINANCIAL STATEMENT (IS Income Stmt) OR S Balance Sheet). ) IDENTIFY…

A: Nature  of Accounts : According to Traditional Approach there are three types of accounts that are:…

Q: Which of the following normally have a debit balance? Liability accounts Equity or capital accounts…

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances.Their…

Q: Which of these accounts can be found in the post-clo: O Assets and liabilities O Assets,…

A: Post-closing trial balance show the all debit and credit balance of assets and liabilities and…

Q: 1) Are Gains and Losses considered Element accounts of Revenue and Expenses?2) Do they have DR and…

A: Dear student, as you have not mentioned the question number to be answered, so we are answering you…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: We have to classify given account as an asset (A), liability (L), or equity (EQ) account.

Q: Based on the balance sheet that given, calculate and explain the A. Liability ratio B. Asset ratio…

A: Ratio analysis is very important technique of analysis and review. Various types of ratios are…

Q: Which one of the following can the accounting equation can be rewritten as? A Assets + profit –…

A: Given the following options: Assets + profit – drawings – liabilities = closing capital Assets –…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: Prepaid rent is the advance rent paid for the future period.

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Account: It can be defined as a record that is maintained in the accounting system to track the…

Q: (See chart below for the account titles) Identify or classify the different account titles as to…

A: Current assets: It refers to the assets that are used for less than 1 year and can be easily…

Q: Identify the financial statement(s) that the following items appear on. a)interest expense, b)…

A: The Financial Statements consists of: 1- Profit & Loss Account (Income Statement) 2- Balance…

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: In financial accounting, The financial statements of balance sheet accounts are classified into…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Accounts…

A: Asset is a resource from which a entity expects  future economic benefits from its use. Liability is…

Q: Amounts owed by the company are referred to as a. Expenses. b. Dividends. c. Liabilities. d. Assets.

A: Expense is an income statement item.  Dividend is a statement of retained earnings item. Assets and…

Q: The order in the accounts are listed in the chart of accounts is   a. assets, liabilities, revenues,…

A: The order for chart of accounts should be same as they are presented in the financial statements. It…

Q: The four financial statements are as follows: Income statement, Owner’s equity statement, Balance…

A: Financial Statements: Financial statements are those statements which depicts an entity's financial…

Q: The Income Statement Debit column of the worksheet contains A. expense account balances B. asset…

A: Worksheet is a 10 column account or sheet which first shows unadjusted general ledger balances, then…

Q: The costs of doing business are classified as:a. assets.b. liabilities.c. revenues.d. expenses.

A: The correct option is option “d”. d. Expenses

Q: From the list below, identify the components that appear on the statement of financial position a)…

A: Answer

Q: All of the following are current assets excepta. prepaid expenses.b. accounts payable.c.…

A: Definition: Current assets: The assets which could be converted into cash within one year like…

Q: In the trial balance the balances of accounts are classified as follows, except one statement: a.…

A: Trial balance is the list of all ledger accounts which is written in the debit or credit side…

Q: State the rules of debit and credit as applied to (a) asset accounts, (b) liability accounts, (c)…

A: Rules of debit and credit means there are some accounting principles that needs to be followed while…

Q: Which of the following is not a proper representation of the accounting equation? Equity = Assets…

A: Total assets should always equal the total of liabilities and equity.

Q: Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts.

A: Assets, liabilities, and equities are the three sections of the balance sheet.

Q: Which of the given series have the same normal balances in the Accounting Equitation? Select one:…

A: Normal balance is the side of the account where the balance of the account is found. An account can…

Q: Included on the balance sheet are   a.assets, income, and expenses. b.assets, liabilities,…

A: All the incomes and expenses are written off in the income statement and do not appear in the…

Q: Define below accounting terms

A: Equity is the amount of total internal and external funds contributed by shareholders of the…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is