You have an asset account A worth 4000$  attached to a liability account B that is also worth 4000$. You perform a debit operation on the asset account for 500$ and repeat the same operation for the liability account what are the likely balances of both accounts ?

A company's balance sheet shows the following data. Cash = 60 units Stock's = 50 units Fixed Assets = 150 units Loan amount = 80 units Wages to the employees = 10 units Insurance Premiums = 1 unit Accounts payable = 1 unit Which of the following is the Shareholder's Equity of the company?

You are a seller selling some kind of product. At the end of the accounting year, you are left with some closing stock. What will you do to show it in the final accounts?

J is a service based company . J Bought a piece of real estate for 2000$ to set up their offices, the asset has an appreciation of 4% per annum .If the company pays 1%  extra as tax every year for the piece of real estate,What will be the value recorded for the asset on its financial statement after a period of two years?

Cost of the printing press: 60000 dollars Cumulated depreciation of the printing press 15000 dollars Assume that the printing press depreciates at 10% per annum What could be the total year end adjustment that would need to be done due to depreciation? (in dollars)

A good of Rs. 8000 was sold for Rs. 9200. Depreciation provision to date was Rs. 400; and commission paid to selling agent was Rs. 300. There were two workers that were paid wages for removing the machine which was Rs. 45 per worker. What is the net profit from the sale of good?

A ____________ is the right to use property owned by someone else.

A trial balance prepared at the end of the accounting period after adjusting entries are made is called a/an _________________.

At the beginning of the year, XYZ Company reported Accounts Receivable of $39,000. During the year, the company had credit sales totaling $288,000. At year end, the Accounts Receivable balance was $8,000 higher than the beginning balance. How much cash was collected on the accounts during the year?

Which of the following would cause the accounting equation to be out of balance?

A residual claim of owners having certain preferences relative to other owners' claims is called __________________.