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

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: The accounting equation is expressed as ________.A. Assets + Liabilities = Owner’s EquityB. Assets –…

A: Accounting equation is one of the important concept used in accounting. Three elements of accounting…

Q: Which one of the following represents the expanded basic accounting equation? Assets = Liabilities +…

A: solution : the correct answer is Assets + owners drawings + expenses = liabilities + owners capital…

Q: The accounting equation may be expressed as(a) Assets = Liabilities - Owner's Equity.(b) Assets =…

A: The different accounts in business balance sheet are described as assets, liabilities and owner's…

Q: listing the assets in order of liquidity ( balance sheet)?

A: Balance sheet is the financial statement which shows financial position of the business by showing…

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: Classify each of the following items as assets (A), liabilities (L), or equity (EQ). Accounts…

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

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: Classify each of the following items as assets (A), liabilities (L), or equity (EQ). Owner, Capital

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: Match the account type (Asset, Liability, Equity, Revenues Expenses) with the account name.…

A: Asset - generally asset is a resource that fetches cash inflow into the organization. it is not…

Q: describe the elements of the balance sheet: assets, liabilities, and equity

A: Balance sheet is an important financial statement. It contains three elements. Those are assets,…

Q: Give a financial description of the Balance S

A: Balance Sheet : It is the sheet which shows the Assets, Liabilities and Equity and shows Assets =…

Q: Which of the following accounts is an asset? Select one: a Service revenue b. Prepaid expenses C.…

A: Generally asset represents the valuable thing owned by an entity. In accounting, an asset is the…

Q: Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts…

A: Asset accounts means account related to resources of the business that it owns. It can be current…

Q: What type of accounts are Interest * ?Receivable and Fees Receivable Equity Asset Liability O…

A: Revenue is the amount generated through the normal course business operation. It can be calculated…

Q: Describe the elements of the Statement of Financial Position. Also, differentiate Current and Non…

A: Financial statement is prepared from the trial balance which include :- Profit and loss and…

Q: The account type and normal balance of Prepaid Expense are a.revenue, credit b.liability, credit…

A: Prepaid expenses normally have a debit balance and considered assets.

Q: Compute for the total current assets, non-current assets, current liabilities, non-current…

A: Assets, Liabilities and Equity are three important elements of the balance sheet of the business

Q: Financial system is important in balances the total financial assets to total liabilities. Explain.

A: A financial system is a collection of entities that allow the exchange of funds, such as banks,…

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: Define the terms assets and liabilities and give examples of each

A: Assets means anything which is owned by business and used in business. Liabilities means which the…

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

A: a) Asset accounts : Assets are the resources held by company from which future economic benefits are…

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: What are the accounts in which capital and debts are monitored and which pay the remainder? A) Cost…

A: What are the accounts in which capital and debts are monitored and which pay the remainder?

Q: The accounting equation can be expressed asa. Assets = Liabilities − Equity.b. Assets + Liabilities…

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

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

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

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

A: Assets are anything of significant worth that is possessed by people, organizations, and governments…

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 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: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Insurance…

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

Q: Accrued revenues would appear on the balance sheet as A. assets B. liabilities C. capital D.…

A: As per revenue recognition principle,  revenues earned during a period should be recognized as…

Q: Classify each of the following either as Asset, Liability, Equity, Revenue, or

A: The classification of items as Assets [ a property of any kind used for…

Q: Which one of the following accounts is the most liquid? Select one: a. Building. b. Inventory. c.…

A: Liquid accounts signify the short term assets or current assets.

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

A: Introduction: Assets: Asset means having Economic value to the resource. Assets are of two types: 1…

Q: Classify each item as an asset, liability, or stockholders' equity. Accounts payable Cash Equipment…

A: Liabilities is amount payable which occurs due to past events or transactions.They can be current or…

Q: Define and explain the relationship between Assets, Liabilities, Equity, Revenues and Expens

A: Corporation - An organization that has been registered as a corporation under a corporation act has…

Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: Recognition of Assets, Expense, Income, Liability, Income and withdrawal is given below,

Q: are prepaid expenses and accounts receivable are assets

A: Businesses sell their products on credit. The credit sales are Accounts Receivable or Sundry…

Q: For each ofthe following accounts, identify whether that item is an asset, liability, or equity…

A: Definition: Assets: These are the resources owned and controlled by business and used to produce…

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: 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: assets, liabilities and equity accounts.

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

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

A: Owners’ equity: It is a owner's value and amount invested by an individual in the firm. It is…

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