Classify Each of These Items as an Asset (A), Liability

question 193

Short Answer

Classify each of these items as an asset (A), liability (L), or equity (E)
_____1. Accounts receivable
_____2. Accounts payable
_____ 3. Share capital-ordinary
______4. Supplies
_____ 5. Utiities expense
______6. Cash
_____ 7. Nate payable
______8. Equipment

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Definitions:

Exit Statement

A formal declaration made upon leaving a position or situation, often summarizing experiences or reasons for departure.

Constructive Action

Positive and intentional behavior aimed at improvement or solving a problem.

Ethics Competency

The capacity to understand and apply ethical principles and standards to one’s professional behavior and decision-making.

Operational Efficiency

The ability of an organization to deliver products or services to its customers in the most cost-effective manner while maintaining quality.