Furniture a. asset
b. liability
c. equity
d. revenue
e. expense

Answers

  • Réponse publiée par: 09389706948
    FURNITURE

     a. Asset

    In business it is considered as asset because it is an equipment used in a business.

    For example:

    Restaurant: ( Furniture used in restaurant such as tables,chairs, cabinets)

    All tangible assets owned by the business and used for business is called an asset under fixed asset.

    Accounting Values or Elements

    A.Assets: Defined as the economic resources which are owned by a business and are expected to benefit future operations.

    What is an asset read more on:

    B.Liabilities: Debts or financial obligations of the business to its creditors and refer to the claims of creditors against the assets of the business.

    C.Owner’s equity: Known as the rights or claims of the owner over the assets of the business.

    Assets: the first element of accounting equation.

    Classification of Assets

     Current Assets: This includes cash and other assets which can easily be converted into cash, sold, or consumed during normal business operation.

     Plant or fixed assets: a non-current asset that is more or less permanent in nature, not for sale and exclusively for business use only and has physical existence.

    Current Asset Accounts Include:

    1.Cash

    2.Accounts Receivable

    3.Inventory

    4.Notes receivable

    5.Interests receivable

    6.Allowance for bad debts

    7.Merchandise Inventory

    8.Prepaid Expenses

    9.Supplies on hand

    Fixed Asset Accounts Include:

    1.Land

    2.Building

    3.Equipment

    4.Delivery Equipment

    5.Accumulated depreciation

    6.Tools

  • Réponse publiée par: Jelanny

    A. assets

    Explanation:

    it is classified in current assets and it serves as a buffer between manufacturing and order fulfillment.

  • Réponse publiée par: RoseTheShadowHunter

    ACCOUNTS RECEIVABLE

    Assets: Defined as the economic resources which are owned by a business and are expected to benefit future operations.

    Assets: the first element of accounting equation.

    Classification of Assets

     Current Assets: This includes cash and other assets which can easily be converted into cash, sold, or consumed during normal business operation.

     Plant or fixed assets: a non-current asset that is more or less permanent in nature, not for sale and exclusively for business use only and has physical existence.

    Current Asset Accounts Include:

    1.Cash

    2.Accounts Receivable

    3.Inventory

    4.Notes receivable

    5.Interests receivable

    6.Allowance for bad debts

    7.Merchandise Inventory

    8.Prepaid Expenses

    9.Supplies on hand

    Fixed Asset Accounts Include:

    1.Land

    2.Building

    3.Equipment

    4.Delivery Equipment

    5.Accumulated depreciation

    6.Tools

    Answer: a

    Why Account receivable is an asset?

    Because this is an amount owed to a seller by a customer.This is current asset because it can be easily converted into cash on time.

    What is the difference between account receivable and account payable. read more on:

    What is mean of asset read more on:

  • Réponse publiée par: aimeedelacruz24

    Liability

    Explanation:

    Retained Earnings is always considered as liability to the firm.

  • Réponse publiée par: girly61

    Subject Economics

    The correct answer among the four given choices is letter b. Notes payable is classified as a liability. This can fall under current liabilities if the note is to be payable within the normal operating cycle of the business which is within 1 year. However, notes payable will be classified under non-current liabilities if this will be paid in a long term period or more than 1 year.

    LIABILITY

    In accounting, liability is the payables, debts or obligations of a business to settle for another company or entity. Liabilities have two main categories:

    1. Current Liabilities

    -these are payables or debts which are short-term payables that needs to be paid or settled by the business within a year or in the normal operating cycle of the business.

    Some Examples of Current Liabilities Accounts Payable Interest Payable Income Tax Payable Accrued Expenses Short-term loans 2. Non-Current Liabilities

    -these are payables or obligations that are long-term liabilities that can be settle after a year or more than a year.

    Some Examples of Non-Current Liabilities Bonds Payable Long-term Notes Payable Deferred Tax Liabilities Mortgage Payable

    Further topics about assets and liabilities

    What is the opposite of assets  

    For related topics about accounting equation

    Code: 11.11.3.8.

  • Réponse publiée par: Jelanny

    Subject Economics

    answer

    The correct answer among the given choices is letter c. Additional Paid-in Capital (APIC) is under shareholders equity in the balance sheet.

    Additional Paid-in Capital

    -refers to the value of share capital above its stated par value. APIC can be

    created whenever the company issues new shares and can be reduces when the company repurchases its issues shares.

    Normally, the entry for having the APIC is:

    Debit - Cash

    Credit - Common Stock (at par value)

    Credit- APIC ( excess of par value)

    Shareholdres Equity

    -In the balance sheet, this consists of:

    Share CapitalRetained EarningsAdditional Paid-In CapitalTreasury Shares

    For related topics about equity and liability

    Code: 11.11.3.8.

  • Réponse publiée par: snow01

    Subject Economics

    The correct answer among the listed choices is letter a. Prepaid expenses normally falls under the category of current assets since these are prepayments that will be generally used up within a year.

    ASSETS

    In accounting, assets are any resources with value owned by the business, company, entity or person. These are legally owned by the business or entity.  Assets have two categories, these are:

    Current AssetsNon-current Assets1. Current Assets

    -these are assets that can be readily convertible to cash in a normal operating cycle of a business. Normal operating cycle is within 1 year.

    Some Examples of Current AssetsCash and cash equivalentsAccounts ExpensesMarketable Securities/ Short-term Investments2. Non-current Assets

    -these are long-term assets or long-term investments that have a longer useful life that is usually more than 1 year. These are not easily convertible to cash.

    Some Examples of Non-Current AssetsLandProperty, Plant and EquipmentTrademarksLong-term InvestmentsGoodwillOther Assets

    All fixed assets and intangible assets fall under the category of non-current assets.

    Further related topics about assets and liabilities

    What is the opposite of assets

    For related topics about fundamental accounting equation

    Code: 11.11.3.8.

  • Réponse publiée par: Axelamat

    Subject Economics

    The correct answer amont the given choices is letter b. Unearned Revenue is money already received from the customer or client for service or product that has yet to perform or deliver. In accounting initial entry, cash is normally debited and unearned revenue is credited since it is a liability that the business need to provide yet a service or product. Unearned Revenue will be reverse once the service or product is already done or delivered to the customer.

    LIABILITy

    In accounting, liability is the payables, debts or obligations of a business to settle. This an obligation of the company to settle to another company. Liabilities have two main categories:

    1. Current Liabilities

    -these are payables,obligations or debts which are short-term payables that needs to be paid or settled by the business within a year.

    Some Examples of Current LiabilitiesAccounts PayableInterest PayableIncome Tax PayableAccrued ExpensesShort-term loans2. Non-Current Liabilities

    -these are payables, debts or obligations that are long-term liabilities that can be settle after a year or more than a year.

    Some Examples of Non-Current LiabilitiesBonds PayableLong-term Notes PayableDeferred Tax LiabilitiesMortgage Payable

    Further related topics about assets and liabilities

    What is the opposite of assets

    For related topics about fundamental accounting equation

    Code: 11.11.3.7.

  • Réponse publiée par: janalynmae
    A. Asset

    Explanation:

    Assets are the resources that a company owns.

    Prepaid expense is categorized as an asset because what you bought is not yet used by the company and can only be used on the following months or years. A good example of this is the prepaid rent.

    #answerForTrees

  • Réponse publiée par: shannel99
    B. Liability

    Explanation:

    In accounting, liabilites are the resources that a company owes to another business or people.

    Unearned revenue is categorized as a liability because you have already received the payment while not yet giving the product or services.

    #answerForTrees

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Furniture a. asset b. liability c. equity d. revenue e. expense...