Accounting

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 land debit or credit? One of the assets that companies consider very valuable is land, this is because it

What type of account is retained earnings? Retained earnings (RE) are reported on the balance sheet of companies while the

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 accounts payable a current liability? Accounts payable is a major concern for every company that has had reason to

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

Reporting bad debt expense on income statement allows companies to accurately and completely report their financial position. Every company, at

Is a decrease in accounts payable debit or credit? Debits and credits are the bases upon which the double-entry bookkeeping

Is accounts payable an asset or liability? When companies make purchases, they either pay in cash immediately or receive the

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

A statement of retained earnings is a financial statement that shows how much net income or net profit a company

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

Is purchase debit or credit? Purchase is an expense that is included on the income statement within the cost of

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

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