For each of the following accounts, indicate whether it is a balance sheet account or an income statement account.
-Furniture and Fixtures
A)Balance sheet account
B)Income statement account

Question

Quizplus · Accepted Answer

Furniture and fixtures are assets that are expected to provide benefits over their useful life and therefore are classified as a balance sheet account. Income statement accounts, on the other hand, reflect the company's revenue and expenses during a specific period of time.

For Each of the Following Accounts, Indicate Whether It Is