Which of the following is a contra-liability account? a. Notes Payable b. Discount on Notes Payable c.

Q: Accounts receivable is

A: Account  Receivable is classified as an  Correct answer :- A.  An Assets

Q: Interest earned is a [A] personal account [B] real account [C] nominal account [D] Intangible real…

A: Real account: A real account is used to record material assets of a business. Nominal Account: A…

Q: Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c.…

A: Nominal account includes all of a company's income statement items and the balance of owner's…

Q: Match each account or description on the left with the appropriate classification on the right. v…

A: The contra-liability represents those accounts created by the management to set off the liability…

Q: Name three accounts typical of the liability side of a Balance Sheet. In what side would you enter…

A: A balance sheet or statement that describes a company's assets, liabilities, and shareholders'…

Q: 3.  which of the following transactions will result in the increase and decrease in liability? a.…

A: A) Payment of a loan involves cash payment which is an asset account. Due to this, both asset and…

Q: “Credit card” (with an outstanding balance) would be which type of account? a.Proprietary…

A: Introduction: Credit card is a source of short term financing which is unsecured in nature. As these…

Q: Which one of the following statement is TRUE? a. Cash is non-current asset b. Outstanding expenses…

A: Current assets are all those assets that are realizable to cash within one year such as accounts…

Q: EA11. Identify whether each of the following transactions would be recorded with a debit (Dr) or…

A: Accounting is a process of recording transactions and preparing financial statements for the firm.…

Q: Which of the following is an amount for products or services purchased on account? A)accounts…

A: Account payable is the account related to products or services purchased on account. Unearned…

Q: Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts…

A: Asset accounts means account related to resources of the business that it owns. It can be current…

Q: What type of accounts are Interest * ?Receivable and Fees Receivable Equity Asset Liability O…

A: Revenue is the amount generated through the normal course business operation. It can be calculated…

Q: S1: The initial measurement under PFRS 17, is the sum of the fulfillment cash flows and the…

A: IFRS 17:-It is the standard which deals which insurance contract, here it make sure that entity…

Q: Net Income is calculated as follows: NI = NII – Burden - PL + SG-T Where, bank burden (non-interest…

A: Formula: NI = NII - Burden - PL - + SG - T NI stands for Net Income.

Q: nterest payable, retained earnings, and sales revenue have a balance whereby credits normally exceed…

A: Entry ledger have a balance of debit , credit or nil balance. Every assets and expenses are having…

Q: Which of the following is the account where the increases are recorded to the receivable side and…

A: Company sell products on credit and these selling create customers on credit so these are to be…

Q: 1. Which T-account is incorrect? a. Depreciation Expense b. Interest Receivable c. Capital Stock d.…

A: The T-accounts are prepared as debit on left side and credit on right side.

Q: Estimated discount on property taxes is considered to be assets contra account .a FALSE .b TRUE

A: Property taxes are the amount of obligations or dues to the authorities for holding property of any…

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: When a liability is paid, which account should be credited? A, Cash B.Accounts payable

A: Cash (money or coins) is legal tender that may be used to exchange products, debts, or services. It…

Q: 6. Discount on Note Payable should be classified as a a. current asset b. contra account to Notes…

A: The Discount on Notes Payable account should be reported as an asset on the balance sheet. balance…

Q: What is an account receivable? O a. Sales O b. Asset O c. Income O d. Creditors

A: Following is the answer to the given question

Q: A credit is used to increase which of the following accounts? a. Dividends. b. Insurance Expense. c.…

A: Credit: It refers to an entry that is recorded on the right side of the account. It implies an…

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: Question 7 What is the impact on the accounting equation when an accounts receivable is collected? O…

A: Accounts Receivables comes under the head of current assets in the Balance sheet .

Q: The entry to write off an account receivable under the allowance method willT ( A. increase total…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: debit interest payable, credit cash debit loans payable, credit accounts payable debit cash, credit…

A: Journal book is the book in which the company will record the transactions in a chronological…

Q: which is an example of prepaid expense? A. unearned fees B. supplies C. unearned subscriptions…

A: Prepaid expense:   Expenses of future period are paid in advance. These expenses are called prepaid…

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: Which of the following groups of accounts increase with credits? O a. Accounts Receivable, Prepaid…

A: In an accounting system, journals are made up of one or more debits and credits. To add or decrease…

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: Expired cost shown in: O a. Balance Sheet as a liability O b. Balance Sheet as an asset O c. Profit…

A: Net profit means the difference between the income and expenses. Financial statement means the…

Q: Classify the following into assets and liabilities a) Building b) Мachincry c) Creditor di Debtor e)…

A: Assets are the items that will provide economic benefit to the business in the future, while…

Q: In which of the following types of accounts are increases recorded by credits?   Question 8 options:…

A:

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: Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current…

A: Advance is the money which is given by one party (customer) in advance to the other party (other…

Q: We credit Dividends Payable on: a. Payment date. b. Record date.c. Declaration date. d. Never.

A: Dividend is the return earned by the shareholders upon the investment made into the company. It is…

Q: ACCOUNTS Ex. Accounts Payable Accounts Receivable Cash Interest Payable Acain, Capital Notes Payable…

A: Introduction: Balance sheet: All Assets and liabilities are shown in balance sheet. It tells the net…

Q: Which of the following is an example of a prepaid expense? a.Unearned Subscription Revenue…

A: Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…

Q: 24) Which account would be reported on the income statement? A. Interest Expense B. Notes Payable C.…

A: Income statement refers to the one of the financial statements of the company which is being…

Q: (Choose the correct alternati Column I Column II A Current Account Surplus i. Receipts Payments C…

A: The current account surplus is excess of receipt over the payments.

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.