Author: Joy Sunday Zaleng

Are expenses liabilities? Expenses and liabilities both represent a cash outflow that is either incurred in the current period as

Is utilities expense debit or credit? Usually, businesses (as well as individuals), incur costs when they make use of things

Are drawings debit or credit? In a business, there are situations whereby owners withdraw part of the business capital. It

Is capital debit or credit? Every business requires capital for its startup as well as its sustenance. In other words,

For any company to remain in business, making sales is vital as this is what every company should be thinking

Service revenue asset or liability? Businesses generate income from the services they complete to an individual or another entity. Accounting

Effective inventory management is essential for the business success of wholesalers, retailers, and distributors. Oftentimes, these companies have considerable amounts

Is prepaid expense an asset? Oftentimes, businesses incur a type of expense known as a prepaid expense where a company

What type of account is sales returns and allowances? Although goods are sold to customers, not all customers are satisfied

Unearned revenue is what type of account? There are situations whereby companies receive payment from customers for goods or services

Is dividends an asset? Companies make distributions to their shareholders out of their net income otherwise known as retained earnings.