Which of the Following Is an Asset Account

Prepaid insurance has been paid in advance and the balance sheet as of the date of expiration of an insurance premium. Daniela3244 daniela3244 10232020 Business High School answered Which of the following is not an asset.

All Of The Following Are Asset Accounts Except In 2022 Learning Objectives Accounting Accounts Payable

Which of the following is NOT a current asset.

. Accounts receivable Please select the best answer from the choices provided A B. Up to 25 cash back Which these following are identified with 1 an asset 2 a liability or 3 owners equity. Which of the following is an asset account.

C liabilities and revenues. An asset account is a general ledger account used to sort and store the debit and credit amounts from a companys transactions involving the companys resources. C special drawing rights.

Colleen establishes a 529 Plan and makes gifts to the 529 Plan. All other choices are liabilities and not assets. This is a Most important question of gk exam.

Prepaid expenses are initially recorded as assets but their value is. MCQs Chapter 1 Introduction to Accounting have been prepared by our team of best accountancy teachers. Assets accounts generally have a debit balance.

Tangible Assets Tangible assets are any assets that have a physical. The balances in the asset accounts will be summarized and reported on the companys balance sheet. Acash Baccounts receivable Caccounts payable Dfurniture and equipm Get the answers you need now.

3 Which of the following is an asset account. In other words assets are items that a company uses to generate future revenues or maintain its operations. Options is.

B Accounts Payable 3. C Service Revenue 4. Which of the following is a form of asset included in the official reserves account.

Colleen has low basis securities that she can liquidate to give James cash. Unearned insurance 2 See answers Advertisement Advertisement gabacapulcoowrcw3 gabacapulcoowrcw3 Answer is c prepaid insurance. Generally the asset account balances are debit balances and are increased with a debit entry and decreased with a.

What is an Asset Account. Loan from A it is basically a long term liability. 4 A companys asset mix is determined by Dividing each asset item on the balance.

An asset is defined as a resource that is owned or controlled by a company that can be used to provide a future economic benefit. Loan of A is definitely is not an asset its a liability and recorded on credit site of the Balance Sheet. If a firm records prepaid expense items in an expense account when they pay for them their adjustment at the end of the period to record the unexpired portion would include a debit to.

Which of the following is a financial asset. Asset accounts including Cash Accounts Receivable Inventory Investments Equipment and others. A assets and liabilities B equity and assets C liabilities and revenues D assets and expenses.

All Multiple choice questions have been provided with solutions and have been prepared based on the expected pattern in upcoming board exams. Loan from Mr. This type of asset account is referred to as contra because normal asset accounts might include a debit or positive balance and contra asset accounts can include a credit or negative balance.

Which of the following account groups normally has a credit balance. A Asset b Revenue c Liability d Expense 3 The Cost of Goods Sold accounts proper. 4- Loan from Mr.

Accounts payable Notes payable Taxes payable Inventory. Register now or log in to answer. Colleen has an IRA she wishes to give to James.

A as loan we owe is either a short or long term liability not an asset. Our answer is prepaid expenses because a prepaid expense is a type of asset on the balance sheet that results from a business making advanced payments for goods or services to be received in the future. Generally the balance sheet accounts are permanent accounts except for the owners drawing account which is a balance sheet account and a temporary account.

B Accounts payable is not an asset. Ο Ο Ο с D. A revenue stream B.

Acash Baccounts receivable Caccounts payable Dfurniture and equipment 1 See answer Advertisement Advertisement daniela3244 is. A contra asset account is a type of asset account where the account balance may either be a negative or zero balance. Prepaid rent is an _____ account and has a normal _____ balance.

A Salaries Expense 2. Which of the following is the most appropriate asset for Colleen to give to her nephew James so that he can start saving for his childrens education. 1 The Equipment accounts proper classification is.

Assets are divided into various categories for the purposes of accounting taxation and to measure the value or financial health of an entity. Examples of permanent accounts are. A liquid asset C Accounts payable D.

Which of the following is an asset account. Which of the following is a type of liability. Equipment Accounts Receivable Accounts Payable Prepaid Expenses 3.

Uncollectible Accounts Expense is a contra asset account. Which of the following generally is NOT considered to be a liability. A Revenue b Liability c Expense d Asset 2 The Supplies accounts proper classification is.

Question Goodwill account is a a Personal Account. Accounts payable is a liability and is an amount of the companys value owed to outside parties at a future date. Shares in a demat account 4.

Which of the following is an asset account. Intangible Assets List Top 6 Most Common Intangible Assets Intangible Asset Asset Accounting And Finance Pin On Assets. Register now or log in to answer.

Which of the following accounts is NOT an asset account.

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