What type of account is Unearned Revenue (asset, liability, stockholders' equity, revenue, or expense) and what is its normal balance, respectively?A.asset, debitB.expense, debitC.liability, creditD.revenue, credit 相关知识点: 试题来源: 解析 C.liability, credit 1. **未实现收入的本质**:未...
百度试题 结果1 题目What type of account is Unearned Revenue (asset, liability, stockholders’ equity, revenue, or expense) and what is its normal balance, respectively?相关知识点: 试题来源: 解析 Liability, credit 反馈 收藏
What type of account is a "sales discount"? a. Liability b. Expense c. Contra-revenue d. Contra-asset Sales: When recording sales data into the accounting system an account must check to see if any sales discounts were given out. A merchandising compa...
What is the purpose of the Income Summary account? What type of accounts normally have debit balances and credit balances? What are the two primary interrelationships between the balance sheet and the income statement? What type of account is prepaid expense?
At the end of each recording period, a company should properly estimate the dollar amount for each of its accrued expenses, and then record it as an expense account with a corresponding payable/accrued expense liability. The format of the journal entry is shown below: ...
In simple terms, cost of goods sold (also called cost of sales), or COGS, is the cost of a product to its seller. Elaborating a bit more, cost of goods sold is the cost (borne by the seller) of procuring, producing, or manufacturing products that are sol
So let’s dive into how to do expense analysis as a little health check for your business account. Here’s What We’ll Cover: What Is Expense Analysis? Types of expenses to track How to Analyze Your Business Expenses Step-by-Step
What is a contra expense account? What is a fixed expense? What is a variable expense? Is the reversal of a previous year's accrued expense permanent? Related In-Depth Explanations Accounting Basics Bookkeeping Income Statement Mark the Question as Read Advance...
Prepaid insurance is considered a business asset, and is listed as an asset account on the left side of the balance sheet. The payment of the insurance expense is similar to money in the bank, and the money will be withdrawn from the account as the insurance is "used up" each month or...
In the books of accounts, the arrangement doesn’t affect the business’ profitability because the company is yet to acquire the asset and does not yet receive the benefits of the asset. The company charges the outcome of the transaction to the profit or loss account over a given timeframe...