Accounting: One more.?

Question

I know I have been asking a lot of questions toniht but I have a final tomorrow in a class that doesnt really have a book. We have a section of the test that has a place for us to say if an entry made financial statements go up, down or Now effect. For ex. if the Net income, Assets, Liab., and SH eq. I know what to do for a lot of them but I still have some questions about a few. For ex. Depreciation and Depletion ( not really sure what they effect), Amortization exp. Goodwill, depsopit refunable and cost.
I know that expenes lower net income and sh eq. but is that for every expenes?

Answer 1

An accounting course without a book? Hmmm...looks like things have changed over the years! Anyway, I hope this isn't too late for the test.

Depreciation, depletion, and amortization expenses all increase accumulated depreciation, accumulated depletion, or accumulated amoritization. All of those are contra-asset accounts, so they would decrease net assets.

Refundable deposits are liabilities or assets, not expenses. If you give someone a deposit, its an asset. If a customer gives you a deposit, its a liablilty. Their increase or decrease changes assets (usually cash).

I'm not quite following the other parts of the question, so I'll need to pass on those.

I would recommend that in the future you also post your own answers and reasons. Getting critiques of your answers (even if they're wrong) is a good learning tool, but just getting the answers won't help you understand the subject matter.

Good luck on the test.

Answer 2

Your question is too garbled to compose a coherent answer.