question 5\na mortgage is an example of a liability.\ntrue\nfalse\nquestion 6\nwhich of the following is not…

question 5\na mortgage is an example of a liability.\ntrue\nfalse\nquestion 6\nwhich of the following is not an expense?\nadvertising\nequipment\noffice supplies\ndepreciation

question 5\na mortgage is an example of a liability.\ntrue\nfalse\nquestion 6\nwhich of the following is not an expense?\nadvertising\nequipment\noffice supplies\ndepreciation

Answer

Question 5

Brief Explanations:

A liability is an obligation that a company or individual owes. A mortgage is a debt obligation for the property owner to the lender. So, it meets the definition of a liability.

Answer:

True

Question 6

Brief Explanations:

  • Advertising is a period - related expense as it is incurred to promote business in a particular period.
  • Office Supplies are consumed in the normal course of business operations and are expensed (either when used or over a short - term period).
  • Depreciation is an expense that allocates the cost of a long - term asset (like equipment) over its useful life.
  • Equipment is a long - term asset. It is capitalized (recorded as an asset on the balance sheet) and then depreciated over its useful life. The cost of equipment itself is not an immediate expense.

Answer:

Equipment