For Each of the Following Accounts Indicate (A) the Type

question 167

Essay

For each of the following accounts indicate (a) the type of account (Asset, Liability, Equity, Revenue, Expense), (b) the debit and credit effects, and (c) the normal account balance.
Example

Analyze workforce demographics and trends.

Identify the reasons and benefits of outsourcing.

Acknowledge the increasing demand for environmentally friendly business practices.

Differentiate between sectors contributing to annual output in developed countries.

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Definitions:

Cash Equivalents

Short-term, highly liquid investments that are easily convertible into a known amount of cash and close to their maturity.

Commercial Paper

An unsecured, short-term debt instrument issued by corporations, typically for the financing of accounts receivable, inventories, and meeting short-term liabilities.

U. S. Treasury Bills

Short-term government securities issued by the United States Department of the Treasury with maturity periods of one year or less.

Internal Control Environment

The overall structure, policies, and procedures implemented by a company to ensure the integrity of financial reporting, compliance with laws, and effective operations.