Which of the Following Accounts Is Not an Asset Account

See Contra account. The balances in the asset accounts will be summarized and reported on the companys balance sheet.

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Which of the following accounts is not an asset.

. Generally the balance sheet accounts are permanent accounts except for the owners drawing account which is a balance sheet account and a temporary account. The following information applies to Questions 26 - 29. 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.

Equipment Accounts Receivable Accounts Payable Prepaid Expenses 3 Which of the following generally is NOT considered to be a liability. Acash Baccounts receivable Caccounts payable Dfurniture and equipment. Which of the following is NOT a current asset.

Which of the following journal entries would be recorded. Which of the following accounts is NOT an asset account. ABC follows the accrual basis of accounting and its accounting year ends on December 31.

Debit supplies credit cash b. Which of the following accounts is NOT an asset account. C preparing a summary of account balances D finding the account number in the chart of accounts 9 Basic steps in the recording process include all of the following except A transfer the journal information to the appropriate account in the statement of financial position.

Which of the following accounts is not a liability account. All of the following are asset accounts except. Cash Cash is the most liquid asset a company can own.

I am not afraid of an army of lions led by a sheep. Asset accounts including Cash Accounts Receivable Inventory Investments Equipment and others. A contra asset account is a type of asset account where the account balance may either be a negative or zero balance.

Which one of the following is not a current asset account a Cash b Marketable short-term securities. Accounts Receivable Accounts Receivable is an asset that arises from selling goods or services to someone on credit. Which of the following is not an asset.

Increases in stockholders equity as a result of selling services or products to customers are known as a. Accounts payable Notes payable Taxes payable Inventory. TCO A A real asset is.

Register now or log in to answer. But will combine the amounts and will report the total as Cash. During 2006 the following cash events occurred.

Ask not what your country con do for you-ask what you can do for your country. Accounts Payable is NOT an asset. It includes any form of currency that can be readily traded including coins checks money orders and bank account balances.

- 1919395 edmalynannfanipbj15s edmalynannfanipbj15s 14102018. Repaid 2000 of debt. Had the following account balances.

The novel does deal with the. At the beginning of 2006 Oslo Co. Acquired 500 worth of supplies on credit.

5 Types of accounts. All of the following are liability accounts except. I am afraid of an army of sheep led by alon 9.

Prepaid insurance has been paid in advance and the balance sheet as of the date of expiration of an insurance premium. Generally the asset account balances are debit balances and are increased with a. Up to 25 cash back 1.

Assets is cash accounts recievable supplies prepaid rent equipment under your balance sheet. Increases in stockholders equity as a result of selling services or products to customers are known as. Which of the following accounts is NOT an asset account.

1 Notes Payable 2 Accounts Payable 3 Wages Payable ALL 3 of them Increases in stockholders equity as a result of selling services or products to customers are known as. Incurs cleanup expense of 500 on December 30 The supplier s invoice states that the 500 is due by January 10 and ABC will pay the invoice on January 9. Which of the following is not an asset.

Equipment By signing up youll get. Which of the following accounts is NOT an asset account. ACash bAccounts Payable cBuilding dEquipment.

B analyze each transaction for its effect on the accounts. 5 Corporate bonds Common stock Options Vacation home 2. 5 Money market fund.

Which of the following accounts is a liability account. Although businesses have many accounts in their books every account falls under one of the following five categories. Which of the following accounts is NOT an asset account.

Provided services to customers for 8000. Which of the following accounts is not a liability account. Furnishing and Equipment c.

TCO A Of the following assets which is not considered a financial asset. There are six types of account or accounting pillars used in recording economic activity in a systematic way. 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.

Examples of permanent accounts are. Cash A company is likely to have a separate general ledger account for each checking account petty cash fund etc. An Account is basic building block of accounting.

The following are brief descriptions of some common asset accounts. Revenue or income Familiarize yourself with and learn how debits and credits affect these accounts. Which of the following is an asset account.

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