Adam company's operating expenses (excluding depreciation expense) were $80,000 and its balance in prepaid insurance decreased by $5,000. cash paid for operating expenses was: $80,000-$5,000= $75,000.
What is balance?
- The actual amount of the account. A bank or credit card account.
- In banking and accounting, the balance is the unpaid (or unpaid) amount of the account.
- In accounting, a "balance" is the difference between the total debits and total credits posted to an account during an accounting period.
- A balance sheet is especially important because it informs you and other stakeholders about your financial situation.
- Keeping this information up to date will help you make better management decisions.
- Additionally, it helps improve operational efficiency, borrowing, and overall financial health.
- There are three types of scales: Symmetrical, asymmetrical, radial.
- The human figure in this figure is symmetrically balanced. It is the same on the left and right sides of the central axis.
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