Examlex

Solved

For Each of the Following, Identify in Column 1 the Category

question 122

Essay

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement that the account in which the account balance is reported, and in Column 4 the account's nature (temporary/permanent).
-For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement that the account in which the account balance is reported, and in Column 4 the account's nature (temporary/permanent). -


Definitions:

Expenses

Expenses are the outflows or the utilization of assets or incurring of liabilities during a period in the course of generating revenue.

Cash

A liquid asset representing currency or its equivalents that can be used immediately in transactions without any conversion or delay.

Services Rendered

The provision of work performed by one party for another in exchange for compensation.

Earning Revenue

Earning revenue refers to the total amount of money earned or income generated from a company's normal business activities before any costs or expenses are deducted.

Related Questions