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How can one effectively increase an asset account?

Reed Keeling ∙

Lvl 10

∙ 2mo ago

Updated: 2/15/2025

One can effectively increase an asset account by acquiring more assets, such as cash, investments, or property, through activities like saving money, investing wisely, or generating income.

AnswerBot

∙ 2mo ago

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Q: How can one effectively increase an asset account?

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What is asset management decision?

Hi, Asset management decision is that decision taken to manage the overall assets of a company. Company runs on assets and managing the assets effectively is one of the vital operation that the management has to do. Taking combine decision of the superior authorities regarding assets that how to manage and fit each company's asset is known as assets management decision. Thanks

Fictitious asset and its advantage?

A fictitious asset is one that doesn't have a resale value. A prepayment, such as a gift card balance, is a fictitious asset.

You know that a bank can take money from one's account if they owe on a credit card but can that bank withdraw funds from a different bank's checking or savings account to pay off said credit card?

If the accounts are held by the same customer - then yes ! The alternate account is an asset - and can be plundered to pay off your debt

How can community groups open and manage bank accounts effectively?

Community groups can open and manage bank accounts effectively by first researching different banks to find one that offers suitable account options. They should gather necessary documentation, such as identification and organization paperwork, and appoint authorized signatories. Regularly monitoring the account, keeping accurate records, and implementing internal controls can help ensure the account is managed effectively.

How can one navigate and bypass day trading rules effectively?

To navigate and bypass day trading rules effectively, one can consider strategies such as swing trading, focusing on longer-term investments, or using a cash account instead of a margin account. It is important to understand and comply with the rules set by regulatory bodies to avoid penalties or restrictions.

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Related Questions

If Total asset increase return on equity increase or decrease?

Increase in total assets generates increase in either one of liablity account or ultimately an equity account.

Can a increase in one asset increase another asset?

Since both sides of the balance sheet (the Assets side and the Liabilities/Owners' Equity side) must have equal totals, an entry showing an increase in an asset must be balanced with an corresponding increase in a liability or a decrease in another asset.Generally, an increase in an asset (e.g., the acquisition of a new asset) means that either we have decreased another asset (e.g., cash) to pay for it, or we have incurred debt to acquire the asset (thereby increasing our liabilities).1) increase in one asset - corresponding decrease in another asset (e.g. we pay cash for new asset)2) increase in one asset - corresponding increase in a liability (e.g., we acquire an asset on credit)

Which one of the fixed asset accounts will not have a related contra asset account?

land

What will increase one asset and decrease another asset?

There are many transactions that do this. If you receive a payment on account from a customer, you increase Cash and decrease Accounts Receiveable. If you pay for raw materials or merchandise with cash, you increase Inventory and decrease Cash. You can also increase Fixed Assets and decrease Cash if you buy an asset with cash. Moving product from Raw Materials to Finished Goods Inventory is another example. Moving excess cash to an investment account does the same thing. When you make a sale, you decrease Inventory and increase Accounts Receivable.

Which one of the fixed asset accounts listed below will not have a related contra asset account?

land

One way of decreasing the equity of a business is to increase an asset?

no, increase liability

Is a savings account an current assets?

if saving account for more than one fiscal year then it is long term asset otherwise current asset.

What will increase one asset and decrease another asset with no effect on liability or owner s equity?

Purchase an asset on cash will increase the purchased asset while reduce the cash amount and no impact on liability or equity section.

What will increase asset and decrease liability?

This is a difficult question to answer. I've been going through all transactions I can think of but none that will increase an asset and decrease a liability in the same transaction. Receiving cash payment for an account receivable will increase the asset of cash, but it also decreases the asset of AR. The purchase of equipment or supplies will do increase supplies or equipment but will either decrease the asset of cash or if bought on account will increase liability by increasing an account payable. Remember there's always an equal debit and credit with any transaction. The term debit or credit doesn't indicate which of the accounts are used. You can debit and credit on both sides of the accounting equation in one transaction. Assets increase by receiving money, supplies, property, or equipment, when any of these are increased with a debit then an opposite credit MUST occur. If you receive money for a purchase the asset of Cash increases, but then so does the Owners Equity account of Revenue. (this doesn't have anything to do with liabilities.) A liability is something your company owes, to decrease a liability a company makes a pay out in some form (usually cash), this will also decrease your assets (not increase).

Where is the retirement of an asset recorded?

The "retirement" or "disposal" (as it's usually listed as) is recorded in a couple of different ways depending on how the asset is disposed of. One entry that will not change regardless of how the company disposes of the asset is the account related to said asset. For example, if the company is disposing of a truck, the one account entry that will not change will be Equipment-truck, this account will be credited for the balance. The fact that the fixed asset account has a debit balance, we now credit the account to bring it to a zero balance and remove the truck from our records. Company's may choose to dispose of, sale, or trade the fixed asset. Disposing of the fixed asset does not involve the exchange of money or another asset. Selling of the asset involves receiving cash for the asset. Trading involves receiving another asset in exchange for the asset the company is disposing of. This transaction will affect the balance sheet as it affects the assets of a company.

My bank asked if I want to open a current accounts what does this mean?

A current accounts is one of the two primary components of the balance of payments, the other being capital account. This type of account is used to increase the country's net foreign asset.

Which one of the fixed assets accounts will not have a related contra asset account?

land

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