Answer:
Asset
Balance Sheet
Expense
Income statement
Explanation:
An asset is defined as a property of company, from which future economic benefits will arise, as for inventory in hand, the inventory can be sold in future and then future benefits will arise from such sale. Thus, it is an asset and assets are reported in balance sheet.
The expenses are the cost associated to earn the revenue, as when any inventory is sold the inventory is recorded as an expense called cost of goods sold, which is recorded in income statement.
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Answer:
standing
Explanation:
As the strategy is considered after the event, the new procedure and policies of action will take place in future scenarios. They will applied to make a better outcome than without it. This may or not repeat, it is not a "single-use" event. Employees must be prepared when the circumstance arrive to behave propertly in the future
Answer: A) Income Summary
Explanation:
The Income Summary account is used to compile temporary accounts before posting them to capital accounts. Revenues, Expenses and Cost of Goods are temporary accounts which will be compiled in the Income summary account.
The Income summary account has a debit and a credit side with income going on the credit side and expenses going on the debit side. If the credit side is higher than the debit side then profits have been made. The reverse is true.
