The deferred expenses that will not become expenses within one year of the date of the balance sheet will be reported in the long-term asset section of the balance sheet under the classification of other assets.
Prepaid expenses are expenses that have been paid in advance yet will be used as an expense in the future. It is simply an expense that has already... Learn more about this topic: Categories of Business Expenses from Chapter 6/ Lesson 5 ...
Prepaid expenses appear: a. as an expense on the income statement. b. as an asset on the balance sheet. c. as a liability on the balance sheet. d. as a reduction to retained earnings.Which of the following describes the classificat...
Balance Sheet: The Balance Sheet is one of the four core financial statements under the GAAP framework. The Balance Sheet has three main sections of reported items: Assets, Liabilities, and Shareholders' Equity. Answer and Explanation:1 The ...
Question: How would each of the following be classified on the balance sheet? a. Cash b. Depreciation expense - Building c. Prepaid rent d. Unearned services revenue The Balance Sheet: The balance sheet consists of many diffe...
Prepaid Expenses refer to the amount of money in which the business is paying for goods and services received in the future. It is the item recorded...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts ca...
The account classification for owner's capital is: a. asset. b. liability. c. equity. d. revenue. e. expense. Is Interest Revenue an asset, a liability to an equity? Which of the following types of accounts have a normal debit balance? A) Assets and Expenses B) Liabilities and...
What is the normal balance of accumulated depreciation? a. Debit b. Credit What type of entry will decrease the normal balances of the accounts prepaid insurance and prepaid expenses, and insurance expense? Is the Accounts Payable account classified as an asset, a liability,...
In accounting and bookkeeping an account refers to assets, liabilities, equity, revenue, and expenses that are increased or deceased with debits and credits. Assets, liabilities, and equity accounts flow to the balance sheet. Revenue...
B. It is a liability account that has a normal credit balance. C. It is a liability account that has a normal debit balaWhich item would not appear on a Balance Sheet? a) Interest Payable b) Retained Earnings c) Prepaid expenses ...