Of the Following, Which Is NOT Reported on the Balance

question 66

Multiple Choice

Of the following, which is NOT reported on the Balance Sheet?

• A)cash
• B)equipment
• C)Depreciation Expense
• D)account payable

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Definitions:

Debits

Entries that are made on the left side of an account, representing an increase in assets or expense accounts or a decrease in liability, equity, or revenue accounts.

Credits

Accounting entries that increase liabilities or decrease assets, representing the opposite of debits in the double-entry bookkeeping system.

Highly Leveraged

Describes a company or investment that has a high level of debt relative to equity, indicating a potentially higher risk and return profile.

Debt

An amount of money borrowed by one party from another, under the condition that it is to be paid back at a later date, usually with interest.