1 answer

Determine if the items listed should be classified in a bank's T-chart as an asset, a...

Question:

Determine if the items listed should be classified in a banks T-chart as an asset, a liability, or neither. Asset Liability
Determine if the items listed should be classified in a bank's T-chart as an asset, a liability, or neither. Asset Liability Neither an asset or a liability Answer Bank bonds deposits loans reserves operating expenses of a bank income from ATM fees

Answers

(i) Assets:

- Bonds

- Loans

- Reserves

(ii) Liabilities:

- Deposits

(iii) Neither:

- Operating expenses

- Income from ATM

[Income and expenses belong to income statement, not in balance sheet as assets or liabilities]

.

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