Classify the Following as an Asset, Liability, Revenue, or Expense

question 78

Essay

Classify the following as an asset, liability, revenue, or expense.
(1) Uneaned revenue
(2) Office equipment
(3) Wages payable
(4) Salary expense
(5) Dividends payable
(6) Art fees eamed.
(7) Prepaid rent
(8) Accountsreceivable
(9) Income tax expense
(10) Office supplies

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Definitions:

Division of Labor

The assignment of different parts of a manufacturing process or task to different individuals in order to improve efficiency and productivity.

Specialization

The process of focusing on a narrow area of expertise or production to increase efficiency and output.

Individual Level

Refers to analysis or effects observed at the level of individual agents, such as persons or firms, within a larger system.

Abilities of Resources

The skills, knowledge, and competencies that economic resources like labor, capital, and land possess.