Which of the Following Accounts Would Be Considered an Asset

Generally the balance sheet accounts are permanent accounts except for the owners drawing account which is a balance sheet account and a temporary account. Match each account type with its description Account Classifications Descriptions 1.

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Cash short-term investments accounts receivable inventories prepaid expenses.

. The Land account is an asset. Prepaid accounts are also called prepaid expenses and are considered assets. Answered May 14 2016 by Dr-Doom.

Accumulated Depreciation a contra-asset account. Accounts Receivable Accounts Receivable is an asset that arises from selling goods or services to someone on credit. Allowance for Doubtful Accounts a contra-asset account Accrued RevenuesReceivables.

Assets held in foreign countries are considered assets. Allowance for doubtful accounts. Retained Earnings 1000.

Which of the following is considered an asset. Common stock Retained earnings Which of the following is one of the principles upon which the matching concept is based. Which of the following statements is the best definition of the Chart of Accounts.

There are four types of asset accounts. Check all that apply Multiple select question. The examples of considered assets are.

The Land account is increased on the left side of its T-account. Examples of permanent accounts are. Investment accounts can contain a variety of securities including.

Mutual funds and other types of stock market investments. Owners claims to resources. It is a list of all ledger accounts which exist in a business and includes an identification number assigned to.

It is reported on the left side of the accounting equation and is increased when equipment is purchased. Check all that apply Supplies Building Accounts receivable Cash 15. Prepaid Insurance Prepaid Rent Supplies and Accounts Receivable are all asset accounts.

Check all that apply accounts receivable building cash supplies. Asked May 3 2021 in Business by biancaluuser. B No related questions found.

Net Family Assets include the following. Current assets long-term assets restricted assets and unrestricted assets. A Revenue b Liability c Expense d Asset 2 The Supplies accounts proper classification is.

A company might use a combination of different types of asset accounts and the following six types of contra asset accounts can be used in conjunction with these fixed and current asset accounts. All of the following accounts would be considered assets EXCEPT for. Which of the following accounts would be considered a prepaid expense or prepaid asset account.

Asset accounts including Cash Accounts Receivable Inventory Investments Equipment and others. Business Accounting QA Library The following is considered an Asset Account. The net income reported on the income statement for the.

At the beginning of 2006 Oslo Co. For checking accounts use the average balance for the last six months. The Land account is used to record the costs of land purchased by the business.

Asked May 14 2016 in Business by Icould. List each account title and its amount from the general ledger. Had the following account balances.

Sales of products or services. The following information applies to Questions 26 - 29. It includes any form of currency that can be readily traded including coins checks money orders and bank account balances.

For savings accounts use the current balance. Money in the bank property stocks and bonds. Which of the following accounts would be considered an asset.

When a receivable is converted into cash after more than one year instead of being recorded as a current asset its recorded as a long-term asset. Investment accounts can turn into cash within a couple weeks or months and are therefore firmly liquid assets. Accounts receivable can be considered a current asset because its usually converted to cash within one year.

Which of the following accounts would be considered an asset. When preparing a trial balance there are certain steps that need to be followed. During 2006 the following cash events occurred.

A Asset b Revenue c Liability d Expense 3 The Cost of Goods Sold accounts proper. Revenue recognition Unit of measure. The following can be considered assets.

Cash or Checking Account d. Here are some examples of asset accounts. 1 The Equipment accounts proper classification is.

The correct order of presentation in a classified balance sheet for the following current assets is. Accounts receivable All of these are considered assets. Compute the total of debit balances and.

Cash accounts receivable inventories prepaid insurance. Certificates of deposit checking and savings accounts brokerage accounts actual cash and Treasury notes are all examples of cash and cash equivalents. Costs of selling products or services.

Place the following steps in the correct order. Any structure that is permanently attached to a piece of property or land. Cash held in savings and checking accounts safe deposit boxes homes etc.

Asset accounts are accounts that track the value of an organizations tangible and intangible assets. Cash Cash is the most liquid asset a company can own. Resources of a company.

Accounts receivable All of these are considered assets.

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