Examlex
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).
-
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.
Q4: Cost of Goods Sold is calculated on
Q12: Incidental costs or assessments that should be
Q32: Calculate the cost of goods sold under
Q59: Goods that are consigned to another party:<br>A)
Q85: Notes Payable is a formal promise to
Q96: A tractor costing $160,000 is depreciated using
Q105: Rental Income is what type of account?<br>A)
Q111: Describe and contrast the procedures for estimating
Q123: When the adjustment is made for depreciation,
Q132: On January 1, 201X, Maxwell Company bought