Author: Obotu Agape Oguche

A business may no longer be in need of an asset that it owns or probably the asset has gone

The amount that is left after a business has paid all expenses, is known as profit. There are factors that

There are several financial metrics that investors and analysts use to evaluate the financial health of a company. The profit

What is the deferred revenue journal entry? Deferred revenue is recorded in the books, under accrual accounting, when a company

In accounting, losses are recorded and shown in one of two financial reports, depending on the type of loss. The

What type of account is prepaid rent? You can make an advance payment for goods or services such as rent

Merchandise inventory is what type of account? Merchandise inventory on the balance sheet includes all goods in stock (finished goods

Is sales discount an expense? Trade discounts and sales discounts are the two main types of discounts in accounting that

Is goodwill debit or credit? Goodwill is a kind of intangible asset that may arise when a company buys another

Is notes payable asset or liability? In business, a party may purchase a piece of equipment on credit or borrow

Notes payable is what type of account? A business owner may purchase a piece of equipment on credit or borrow

Profitability indicators are a class of financial ratios that are used to assess the ability of a business to generate

Is notes payable debit or credit? Notes payable is a liability account on the balance sheet of a business that

Supplies expense is what type of account? Supplies are incidental items that companies purchase to use in the near future.

Is notes receivable debit or credit? Many businesses sell goods or render services to customers on credit. After the sale,

Is supplies expense debit or credit? Supplies are incidental items that are purchased with the expectation to be consumed in

Accounting is a process whereby the financial transactions of a business or organization are recorded, classified, and summarised systematically. This

Is accounts receivable an asset or revenue? Some businesses sell goods or services to their customers on credit. That is,

Is depreciation expense debit or credit? When companies purchase assets for their business, they try to consider how long these

Is accounts receivable a current asset? Some customers or clients can purchase goods or services from businesses on credit. On