Question: The difference between long-term assets and short-term assets are: Group of answer choices long-term assets are closed out short-term assets are closed out short-term assets

The difference between long-term assets and short-term assets are:

Group of answer choices

long-term assets are closed out

short-term assets are closed out

short-term assets utilize contra accounts

long-term assets utilize contra accounts

none of the above are true

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Following are the income statement and balance sheet for Intel Corporation. Compute Intels net operating assets (NOA) for year-end 2005. Group of answer choices $29,107 million $30,978 million...

Q:

Following are the income statement and balance sheet for Intel Corporation. Income Statement Year Ended Dec $1 (in millones) 2005 2004 2003 Net Revenue 38,826 34,209 30,141 Cost of Sales 15,777...

Q:

What is the fix assets turn over for 2020? Group of answer choices 4.5132 1.2367 0.9751 2.5786 4.0000 Flag this Question Question 254 pts What is the profit margin for 2020? Group of answer choices...

Q:

The double-entry accounting system means Group of answer choices Each transaction is recorded with two journal entries. None of these answer choices are correct. The dual effect of each transaction...

Q:

Question 1 pts Which of the following statements is correct? Group of answer choices The payment of a cash dividend reduces profit for the period. Providing services to a customer on credit does not...

Q:

please answer me these questions with bold correct option 1:Which one of these accounts appears on the right-hand side of a balance sheet? Group of answer choices Accumulated retained earnings...

Q:

Calvin and his wife Susie live in Watterson, California which is a moderate sized town between Sacramento and Chico. They have been pretty successful in their financial lives over the years and own a...

Q:

1. Generally, capital assets are assets held for investment or personal purposes. Group of answer choices True False 2. Capital losses must be seperated into Short Term and Long Term categories....

Q:

Question 18 2pts If the market rate is 8% and the contract rate on a bond is 6% then the bond will sell at a premium. Group of answer choices False True Flag this Question Question 19 2pts Short-term...

Q:

Calculate the Depreciation part of the Cash Flow Statement for the year 2021 - (make sure the sign on your number is correct for if cash is coming into or going out of the business). Group of answer...

Q:

An existing partnership reports the following capital accounts: $92,000 86,000 75,000 Eggert, capital Frank, capital Gigoly, capital The three partners share income as follows: Eggert, 40 % ; Frank,...

Q:

Give the effect of the transaction on the assets and owner's equity account: The owner invested laptops for her business Zoe Company. Give the effect of the following transactions on the assets of...

Q:

( 2 0 pts ) Translate the following ER diagram into a minimal storage relational design. Be sure to explain why it's a minimal storage design. ( No credit without a valid explanation. )

Q:

Which of the following are problems with identifying users of ABC? Multiple select question. ABC means different things to different organizations. Organizations will announce the discontinuance of...

Q:

Have you ever ignored what someone said because the persons nonverbal behavior seemed to contradict the verbal message? Were you able to determine if the nonverbal communication was accurate?

Q:

C Do you believe that uniforms reduce stereotyping by class and status in society? Explain your answer.

Q:

A What other items, besides clothing, nonverbally communicate information about a high school student?