it is urgent  A promise received from a business's customers to pay for goods and services that they received from the business is called a(n):     Accounts Receivable   Accounts Payable   Revenue   Expense

Q: 11-Which of the following is an example of Expense of a Merchandise Business? a. Accounts receivable…

A: Expenses means the amount spent on running the business.

Q: A law firm has billed their clients for services performed. They subsequently received payments from…

A: The journal entries are prepared to record the monetary transactions of the company.

Q: which of the following transactions will result in the increase and decrease in liability? a.…

A: Liability is increased when the amount is borrowed when the liability is paid it is decreased by…

Q: Which of the following statements is TRUE? * O A business should credit Revenue when the business…

A: When a donation is received it is not shown as a revenue instead as receipts. A business should…

Q: Revenue is recorded when services have been performed or products have been delivered to customers.…

A: Introduction: Accounting Principals are created in order to increase the precision of financial data…

Q: 1.The chart of accounts is a listing of the accounts presently having balances in the general…

A: The accounting is process of identifying, recording, analysing and preparing the financial…

Q: Which of the following is an example of liability of a business? a. prepaid insurance. b. cash. c.…

A: UNEARNED REVENUE : It is the revenue received in advance by a person or company before the delivery…

Q: company that receives money in advance of performing a service:   Group of answer choices:

A: Money received in advance for performing a service : Money received from a customer for services to…

Q: According to concept of accounting, financial or business transaction is recorded: a ) when cash is…

A: in accounting is recording business transactions and arranging and preparing and storing bussiness…

Q: Describe the impact of each of these external transactions on the accounting equation. a. Receive a…

A: Basic accounting equation is Assets = Liabilities + Capital

Q: Every business transaction is recorded by a debit to a balance sheet account and a credit to an…

A: Journal Entries: Journal entries are the first step in the accounting cycle. Journal entries are the…

Q: Choose the letter of the best answer. Write the chosen letter on a separate sheet of paper. 1. These…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source Document:   A source document is a document which supports every transaction that has entered…

Q: s loans money to another party or sells goods or services to another party on account or has…

A: The right answer is all the above

Q: Which of the following business events would not be recorded in the accounting records? Group of…

A: Option A, B and D are business events which are required to be recorded in accounting records,…

Q: Identify the items from the following list that are likely to serve as source documents. a. Sales…

A: Source documents captures key information required for preparing books of accounts. Source documents…

Q: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: The amount to be paid by the business to the supplier who supplied the material on credit is a.…

A: When Company purchased goods and services on credit from the supplier then it needs to be paid back…

Q: Which of the following cannot be considered an expense for the business? O Cost of goods sold O…

A: Expenses of the business means all expenditures that are made in routine day to day activities of…

Q: A company receives cash from a customer. The company does not perform the services the customer has…

A: 6) Correct option is 'Liability'   Reason :- Journal entry would be :- Cash (Dr)…

Q: Tomi See, CPA, has billed her clients for services performed. She subsequently receives payments…

A: Journal Entry to be passed on receipt of payment against services provided on account   Account…

Q: Using the double entry system together with the accounting equation, determine what is debits and…

A: Accounting equation of business has three important elements. These are assets, liabilities and…

Q: Which of the following statements is TRUE? * A business should credit Revenue when the business…

A: Accounting principles mean some generally accepted rules and guidelines arising out of assumptions…

Q: The liability created by a business when it purchases coffee beans and coffee cups on credit from…

A: Option (2) Accounts Payable is the correct answer

Q: When recognizing revenue, a company has a performance obligation when it agrees to receives cash…

A: Solution: When recognizing revenue, a company has a performance obligation when it agrees to…

Q: Which statement is true regarding the cash basis of accounting? a. Revenues are reported in the…

A: Cash basis refers to a major accounting method that recognizes revenues and expenses at the time…

Q: It is the amount collected by the business in advance from the customers before the business…

A: A. Bank overdraft is facility by the bank to borrow the amount of money B. Outstanding expenses is a…

Q: If an owner makes a withdrawal of cash from the business bank account, then there has been a…

A: Withdrawals from business decreases asset and owner's equity.

Q: The current assets of FDN Company's Statement of Financial Position would have the following: Trade…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: The entry recorded by a law firm after providing services previously recorded as Deferred Revenue…

A: Introduction: Payments made as earnings for services and goods that will be delivered or performed…

Q: Which one of the following is not a nominal account? A. purchases account B. sales account C.…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: Which of the following is not an event that concerns the accounting of the company? A) Paying wages…

A: The accounting of a company is concerned with the funds that is paid and received and increase or…

Q: The accounts of customers who have not yet made payment for the goods or services provided by the…

A: The payment that is not paid yet by the customers, is called an asset for the business.

Q: Revenue is earned when ​ ________.   A. the business has received cash from the customer   B. the…

A: The revenue recognition concept says that the business should recognize the revenue when the…

Q: All of the following about expense recognition principle are false, except: O a. Business requests a…

A: As per the accrual basis of accounting, we need to record the transaction when it occurred,…

Q: What is the amount to be collected by the business from customer who receive the product or services…

A: Option a. Accounts payable is a liability which represents that an asset is purchased on account and…

Q: THE AC AFFECTE Instructions: Identify the ACCOUNTS TITTLES that are affected by the transactions…

A: Solution: Given problem have a list of transactions and we have to write account title affected in…

Q: The amount business owes to others is known as: Revenue Expense Liabilities Assets

A: The different accounts in business balance sheet are described as assets, liabilities and owners'…

Q: Which business transactions would result in the following journal entry Dr. Supplies Cr. Accounts…

A: Journal entries: Journal entries are the way we capture the activity of our business .

Q: Which of the following journal entry is True when the business received cash for services provided?…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Consider the following statements. For each one of them state whether the statement is true or false…

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: All of the following about expense recognition principle are false, except: O a. Business buys a…

A: from the given following options  O a. Business buys a building.O b. Business requests a loan from a…

Q: How does receiving a payment from a customer on account affect the accounting equation?

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: What is the normal balance for the following accounts? (Highlight the answer) (For example:…

A: Financial Statement Items: Financial Items means, for the Relevant Period, the aggregate amount of…

Q: 1-Accounting software is related to which system of accounting? a. Manual Individual customer…

A: A Creditor of the business uses the financial statement for Evaluating the risks of granting credit…

Q: A business provider services to a customer on credit.Which of the following is correct: A.Assets…

A: Lets understand the basics. When business provider provide goods or services to customer on credit…