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Description: Which of these accounts is an asset?A. Common StockB. SuppliesC. Accounts PayableD. Fees Earned

Business

Accounting

Which of these accounts is an asset? A. Common Stock B. Supplies C. Accounts Payable D. Fees Earned

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 15MC: Which of these accounts is an asset? A. Common Stock B. Supplies C. Accounts Payable D. Fees Earned

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Concept explainers

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

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Which of these accounts is an asset?
A. Common Stock
B. Supplies
C. Accounts Payable
D. Fees Earned

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