Accounting 230 wsu - Study guides, Class notes & Summaries

WSU Accounting 230 Exam 3 Questions With Correct Answers Recording an expenditure as an asset if it increases future benefits; if it only increase benefits during the current period then we label it as an expense. - answerWhat does the term "capitalize" mean? Land, land improvements, buildings, equipment, and natural resources. - answerWhat is included in Plant, Property, and Equipment? The long term asset at its cost, plus all expenditures necessary to prepare the asset for use. - ...

What are operating activities? - correct answer Transactions related to the primary operations of the company; providing products to customers, utilities, taxes, advertising, wages, rent, and maintenance. What are financing activities? - correct answer Transactions involving external sources of funding. Creditors that loan money. What are investing activities? - correct answer Purchase and sale of long-term investments; land, buildings, equipment, and machinery. How do you calcula...