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Accounting: assets questions reviwed and correctly answered.
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  • Accounting 101
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  • Accounting 101

Accounting: assets questions reviwed and correctly answered.

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Document information

  • August 29, 2024
  • 1
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • accounting assets questions reviwed and correctly

Written for

  • Accounting 101
  • Accounting 101

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Professorkaylee

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Accounting: assets questions reviwed
and correctly answered.

Asset ANS - Something you own or things of value



Asset accounts begin with ANS - Number one



Cash ANS - #1 asset



Petty cash ANS - Small amount of cash on hand for small expenses



Accounts receivable ANS - Person who owes company money



Supplies ANS - Something that will need to be replaced



Prepaid insurance ANS - Pay before you use it



Allowance for uncollectible accounts ANS - Asset used to estimate how much is expected not to get
back



Merchandise inventory ANS - How much merchandise you have in stock

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