Listed Here Are a Number of Accounts: Merchandise Inventory, Land

question 42

Essay

Listed here are a number of accounts: Merchandise Inventory, Land, Common Stock, Accounts Payable, Insurance Expense, Equipment, Cash, Cost of Goods Sold, Buildings, Retained Earnings, Supplies, Long-term Debt, Sales, Accounts Receivable.
Required:
Which of the accounts listed above are not assets? How would you categorize each of these nonasset accounts?

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Definitions:

Implicit Followership Theories

Individual beliefs or assumptions about the traits and behaviors that characterize followers, affecting leadership interaction and expectations.

Power Distance Orientation

A cultural dimension that describes the extent to which less powerful members of organizations and institutions accept and expect power to be distributed unequally.

Social Exchange Theory

A sociological and psychological theory that suggests human relationships are formed by the use of a subjective cost-benefit analysis and the comparison of alternatives.

Immediacy

The degree of physical or psychological closeness or availability between people, often increasing perceived warmth and friendliness.