Which of the following is an accrued liability? * Unearned subscriptions revenue Current portion of long-term debt payable O wages payable Rent revenue
Q: Which of the following is a contra-liability account? a. Taxes Payable b. Accumulated Amortization…
A: Contra liability account is one that is debited for the explicit purpose of offsetting a credit to…
Q: b.bond payable c.two-year note payable
A: Current liabilities are a company's short-term financial commitments due within a year or during a…
Q: Wages payable is classified as : a. Current asset b. Long term liability c. Fixed asset d. Current…
A: Current Assets: Current assets can be sold in the near future and cash can be generated from the…
Q: The payment of a liability
A: The liability is the amount due to be paid by the business to its creditors.
Q: Which of the following is most likely to be reported as an accrued liability? Multiple Choice…
A: Accrued liability is a sort of obligation of an entity that the entity has not paid yet. In other…
Q: Interest payable is shown on the? A)income statement B)balance sheet as a long term liability…
A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells…
Q: Which of the following best describes Accrued Liabilities?a. Long-term liabilities.b. Current…
A: Accrued liabilities are also known as outstanding liabilities. It means those liabilities which are…
Q: Which of the following liabilities is created when a company receives cash for services to be…
A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…
Q: 3. A liability created for receiving cash for future services to be provided is termec Oservice…
A: The accrual basis accounting records the revenue and expenses as soon as they are incurred…
Q: Typically, the estimated amount available for short-term payments in a statement of affairs…
A: Statement of accounts: It is the periodic statements summarizing all the account activity of the…
Q: Outstanding rent is Select one: a. Long term liability O b. A revenue C. A current liability O d. A…
A: Outstanding rent come under the head of Current Liability within the record. Outstanding rent are…
Q: Accrued expenses (accrued liabilities) are: C . expenses that have been reported on the income…
A: An accrued expense is an expenditure reported in the time in which the expense is incurred that is…
Q: How are anticipated administrative expenses reported on a statement of financial affairs?a. As a…
A: The administrative expenses are incurred in the day-to-day operations of the company. These are…
Q: Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees…
A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses…
Q: Unearned revenues are a. Earned and recorded as liabilities before they are received. O b. Earned…
A: 12. Unearned revenue is the revenue that is received by the company but not yet earned by the…
Q: What kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd.…
A: The correct option is option “a”. Unearned revenue is not classified as an asset, owners' equity,…
Q: Which of the following is an amount for products or services purchased on account? Oaccounts payable…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term…
A: Wages payable: Wages company should pay them to employees but not paid by the company.
Q: Liabilities are classified on the balance sheet as current or O a. unearned. O b. deferred. O c.…
A: Liability can be defined as the amount owed by the firm to external parties. It is a payable amount…
Q: Unearned Rent Revenue is a. Debited when rent is received in advance b. Revenue account c. Reported…
A: Current liabilities means those liabilities which will be paid in cash in near future generally one…
Q: Interest payable is shown on the Oincome statement as an operating exp Obalance sheet as a long-term…
A: Interest payable is a liability account, shown on a company's balance sheet, which represents the…
Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…
A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…
Q: How would each of the following items be reported on the balance sheet? Item Reported on…
A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…
Q: What is the difference between accrued liabilities an unearned Revenue accounts?
A: Accrued Liabilities :— An expenses of a Business or an Organization incurred during a specific…
Q: Which of the following accounts should normally be classified as a current liability? Multiple…
A: Current Liability are amount payable by the company with in 12 month.
Q: 17-Which of the following is a contra-liability account? a. Accumulated Amortization b. Taxes…
A: Conntra liability account are those liabilities where the balance is debit balance.
Q: Money received from customers for products to be delivered in the future is recorded as: C . revenue…
A: Cash received from the customers will be considered as an asset. Whereas a liability will be created…
Q: Which of the following is a liability created when a company receives cash for services to be…
A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…
Q: Define the following items: Unearned revenue Inventory Notes payable
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…
Q: Under which of the following categories would Accounts Receivable appear? A. long−term assets…
A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…
Q: The practice of recording advance payments from customers as a liability is an example of applying…
A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…
Q: Which of the following accounts is a liability? Accounts Receivable Service Revenue Unearned…
A: Accounts receivables is the amount of money not yet paid by the customers on the goods purchased…
Q: A deposit received is reported as a * A.liability B.current asset C.investment D.revenue
A: Deposit received means amount of money received from vendors or suppliers as deposit.
Q: Unearned rent revenue is reported on: O A. O B. OC. Expenses section in the income statement…
A: The revenues that are received by the business but not earned yet are said to be Unearned revenue.
Q: Discount on Note Payable should be classified as a a. current asset b. contra account to Notes…
A: SOLUTION- IT HAS DEBIT BALANCE BECAUSE IT IS A CONTRA ACCOUNT TO NOTES PAYABLE ACCOUNT (A…
Q: Choose the correct. How are anticipated administrative expenses reported on a statement of financial…
A: Statement of financial affairs: Statement of financial affairs refers to a statement of assets and…
Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An…
A: The correct answer is d. An asset
Q: Unearned rent revenue is reported on: OA Expenses section in the income statement O B. O OD.…
A: unearned rent revenue is the rent amount received during the year but the rental income is related…
Q: amortized debt premium should be reported on the balance sheet of the insurer as a Group of answer…
A: The bonds are issued at premium or discount to face value of bond. The issuer has to pay the premium…
Q: How are gain contigencies reported in the financial statements?
A: A gain contingency A gain contingency is a possible gain arising from past events but whose…
Q: Short-term Borrowings appear in a Company's Balance Sheet under the head......... Select one: a.…
A: Answer
Q: Which are the total interest expense in the statement of profit or loss?
A: Interest expense is the finance cost which is deducted from operating profit i.e. earnings before…
Q: Which of the following accounts is a liability? a. Accounts Receivable b. Service Revenue c.…
A: Liability refers to state of being liable or taking legal possession of something.
Q: Advanced collections from customers prior to the performance obligation being satisfied is accounted…
A: 1) Advanced collections from customers prior to the performance obligation being satisfied is…
Q: The alternative treatment in reporting Subscription Receivable is a. deduction to Current Assets…
A: Subscription receivable is a revenue receivable that is an asset for the company.
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- what of the following is the correct calculation for interest cover : a- total debt / interest payable b- interest payable / total debt c- operating profit / interest payable d- interest payable / operating profitالسؤال 17 ?On a certain long term debt, principal and interest is due for payment. This will be recorded under which one of the following type of expenditure Debt service expenditure O Capital outlay expenditure.b O Revenue expenditure CO Operating expenditure.d OWhich of the following creates a taxable temporary- difference? I. Prepaid expenseII. Estimated liabilities Ill. Unearned incomeIV. Installment receivable Choices: I, II, and IV II and IV I, II and III I and IV
- Typically, the estimated amount available for short-term payments in a statement of affairs (financial statement) a.Carrying amount b.Current fair value c.Zero d.Net realizable valueAccounts payable is a Select one: A. current liability B. current asset C. long-term liability D. long-term assetWhich of the following is a contra-liability account? a. Taxes Payable b. Accumulated Amortization c. Discount on Notes Payable d. Notes Payable
- For assets acquired on credit or by installment, the cost or fair value is equal to: A. cash purchase priceB. invoice priceC. installment priceD. list priceWhich item below is not a current liability? Select one: O O a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debtCurrent Liabilitites: Trade Accounts Payable, Short-term Notes Payable, Salaries Payable, Unearned Revenue. Non-Current Liabilities: Long-term Notes Payable, Long-term Loans Payable, Mortgage Payable.