Purchase of equipment on account increases which of the following?
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Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Equipment
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Q: Which of the following is true regarding unearned revenue? Assets are increased when unearned…
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- Property, Plant, and Equipment is considered why type of asset? A. current assets B. contra assets C. tangible assets D. intangible assetsWhich one of the following category outstanding expenses belong to? a. Intangible asset b. Current liability c. Non-current asset d. Current assetWhich one of the following category outstanding expenses belong to? a. Intangible asset b. Current liability c. Non-current asset d. Current asset fast
- Included AssetExcluded temporary expense accountIncluded permanet account - LiabilityIndicate whether each of the following statements is true or false. Insurance on equipment purchased, while the equipment is in transit, is part of the cost of the equipment. Assets under construction for a company’s own use do not qualify for interest cost capitalization.Ac Amortization Expense of Right of Use Asset Select one or more than one: a. Normal balance is DR b. Normal balance is CR c. It is an asset account d. It is a contra-account of Active and. It is a Debt account (liability) F. It is a contra-account of Debt g. It is a Capital account (equity) h. It is an account of the Statement of Income and Expenses
- Which is not an expense? A. costs of goods sold or services rendered B. loss on disposal of a noncurrent asset C. write-off of a worthless intangible D. use of entity resources E. answer not givenWhich of the following items may be classified as nonoperating revenues and expenses? Multiple Choice Loss on the sale of equipment. Interest revenue. All of the other answers are classified as nonoperating revenues and expenses. Interest expense.Which of the following is correct when recording the disposal of equipment for a gain? Group of answer choices A)A debit to a gain account. b)A credit to the equipment account for the asset's net book value. C)A debit to accumulated depreciation for the depreciation accumulated to the date of disposal. D)A credit to cash. e)None of the above
- hich one of the following category prepaid expenses belong to? a. Current asset b. Intangible asset c. Non-current asset d. Current liabilityWhich of the following is not included in the computation of profit or loss? Interest Expense on Plan Assets Actuarial Gains or Losses Settlement Gains or Losses Interest Expense on Asset CeilingResidual interest in the asset of an entity that remains after deducting its liabilities is? a. Liabilities b. Expense c. Owner’s Equity d. Assets