Give the effects of the following transactions on ASSETS, LIABILITIES, OWNER’S EQUITY, REVENUES, AND EXPENSES.

Q: What goes under assets and what goes under liablilities for a balance sheet?  Wanting specific list…

A: A balance sheet is a financial statement that reports a company's assets, liabilities and…

Q: xplain what are contra asset accounts, where they are on shown on the financial statements and give…

A: Contra Asset: A contra asset is, well, a contra asset. All assets, in general, have a debit balance,…

Q: Which assets are included in the definition of current assets?

A: Current asset refers to the asset which can be easily converted to cash with a year. Current assets…

Q: What is owner Capital listed as a debit or credit

A: Solution: Owner capital is the amount of capital invested in business by owner. This is shown as…

Q: WHAT IS CONTRACTUAL LIFE OF ASSETS?

A: An asset is a resource of economic value which is own by an individual and a company and provides…

Q: distinguish between current and non-current assets, and current and non-current liabilitie

A: Any asset which is convertible in terms of cash within a time duration of one year is a current…

Q: Accrual Accounting - The Matching Concept How can expenses be recognized in the income statement…

A: The matching concept is a fundamental principle in accounting that requires the recognition of…

Q: Which one of the following is a current asset? 4 Creditors. Accruals. Machinery. Prepayments.

A: Current assets is the one which is easily convertible into cash or its equivalent. It includes cash,…

Q: Describe how debits and credits impact assets, liabilities , owner,s equity

A: The books of accounts are prepared as per the double accounting system. All the debits shall be…

Q: Describe the relationship between expense recognition and long-term assets

A: Two kinds of expense recognition are related to long-term assets; These are: Capital & Revenue.

Q: what should be reported as total assets

A: In a Merger, The purchasing entity acquires all the assets and liabilities of the dispersing…

Q: Explain accrued expenses in detail .

A: In the above question we have asked to explain accrued expenses which is as below.

Q: balance sheet lists v

A: First option is wrong because revenues, expenses, gains and distributions to owners are listed in…

Q: In the recording of depreciation expense, which account is credited?

A: Depreciation expense: Depreciation expense is a non-cash expense, which is recorded on the income…

Q: what type of account accumulated depreciation? and depreciation expense is and on what statement…

A: Accumulated depreciation is the total depreciation allocated to asset since the asset was used.…

Q: Define, explain, and provide examples of current and noncurrent assets, current and noncurrent…

A: Dear student, Since you have posted two different questions at a time, only one question ie the…

Q: Is there a certain order in listing the expense accounts of an income statement?

A: Yes, as per international financial reporting standards  the income statement  is to be prepared in…

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