Which of the following statements are true with regard to assetaccounts?a. Assets are on the left side of the accounting equation.b. Assets are the right-side of the accounting equation.c. Assets are increased with debits Assets are increased with credits.d. Assets are decreased with debits Assets are decreased with credits.

The correct answer is:a. Assets are on the left side of the accounting equation. Understanding the…

Answered: Which of the following statements are…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 2EB: Consider the following accounts and determine if the account is an asset (A), a liability (L), or...

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Consider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payable
What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changes
List the classification of each of the following accounts as A (asset), L (liability), OE (owners equity), R (revenue), or E (expense). Write Debit or Credit to indicate the increase side, the decrease side, and the normal balance side.
In general terms, financial assets appear in the balancesheet at:a. Face value.b. Current value.c. Cost.d. Estimated future sales value.
Which of the following is considered an asset? A. Accounts Payable B. Accounts Receivable C. Sales Revenue D.Owner's Equity
In the balance sheet, assets are listed by ___? A. The importance of the asset B. their date of purchase C. the order of liquidity D. The value of the assets
The following are the typical classifications used in a balance sheet: Current assets b. Investments c. Property, plant, and equipment d. Intangible assets e. other assets f. Current liabilities g. Long-term liabilities h. Paid-in capital i. Retained earnings a. Required: For each of the following balance sheet items, use the letters above to indicate the appropriate classification category. (If the item is a contra account, select the appropriate letter with a minus sign.) 1. C Equipment 10. ſa Inventory ces 2. t Accounts payable 11. Patent 3. lа Allowance for uncollectible accounts Land (used in operations) a 12. 4. b Land (held for investment) 13. Accrued liabilities (due in 6 months) 5. g Notes payable (due in 5 years) 14. Prepaid rent (for the next 9 months) 6. Deferred revenue (for the next 12 months) 15. h Common stock 7. f Notes payable (due in 6 months) 16. Building (used in operations) 8. i vAccumulated amount of net income less dividends 17. a Cash 9. b Investment in XYZ…
Which of the following is an asset? a) Accounts Payable Retained Earnings c) Accounts Receivable d) Revenue
Accrued revenues would appear on the balance sheet as A. assets B. liabilities C. capital D. prepaid expensses
Analyze the following transactions and identify its effects on assets, liabilities, and capital. Write ? for increase, ? for decrease, NE for No effect and I/D if the effect is only in one major accounts. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.
Which of the following is the correct formula for calculating rate of return on total assets? A. (Net income minus− Interest expense) / Average total asset B. Total equity / Total assets C. (Net income + Interest expense) / Average total assets D. (Net income minus− Interest expense) / Total assets
The resulting amount when total liabilities are subtracted from total assets is known as Select one: O a. Total expenses O b. Net income or net loss Oc. Total revenue O d. Owner's equity

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