Which of the following is not one of the major groups that make up the balance of payments? O a. capital account O b. current account C. profit account d. financial account

Q: ) POINT OUT THE MAJOR DIFFERENCES OF  BALANCE SHEET (B/S), INCOME STATEMENT (I/S) AND CASH FLOW…

A: Financial statements are the reports that shows entity's financial position and information such as…

Q: Which of the following accounts is an asset? Select one: O a. Accounts payable O b. Salary expense…

A: STEP 1 An asset is something or attribute that creates future economic cash flows or benefit arising…

Q: Which of the following statements is true regarding accrual accounting? Multiple Choice Revenue is…

A: Accrual accounting: Accrual accounting is a accounting method which says the entity should record…

Q: Which of the following accounting procedures are INCORRECT? I) Asset An increases, Debit & A…

A: Debit entry will increase an asset or expense account and decreases a liability or equity account…

Q: Which of the following types of information is not found in financial statements? * O Profits O…

A: Financial statements refers to a set of documents prepared by a company for every year of…

Q: Which of the following is not shown in a balance sheet? O a. Current assets O b. Liability O C.…

A: The balance sheet shows the financial position of the entity and it shows the resources controlled…

Q: d. Unearned Income 2. Which of the following is an element of a statement of comprehensive income?…

A: (1.)  Revenues is an element of a statement of comprehensive income. Therefore, the option (b)…

Q: choose the right answer Of the following account types, which would be increased by a debit?…

A: I assumed the first MCQ as first question And next MCQ as second question.

Q: What is the main objective of financial accounting? Choose the correct. [A] profit and loss account…

A: Financial statements:   It refers to the end reports that summarises the business activities for a…

Q: Which of the following types of information is not found in financial statements? * O Profits…

A: Financial Statements shows the financial performance and financial position of the company which…

Q: Which of the following accounts has a balance whereby credits normally exceed debits? Rent Expense…

A: Assets and Liabilities - Assets are the resources of the organization and Liabilities are the…

Q: Which of the following accounts is an asset? Select one: a Service revenue b. Prepaid expenses C.…

A: Generally asset represents the valuable thing owned by an entity. In accounting, an asset is the…

Q: Which of the following accounts would appear only in an accrual basis accounting system, and which…

A: Cash basis of accounting system :  In cash basis of accounting system , the accounts are recorded…

Q: Accounts that normally have a credit balance are… lag stion © A. Expenses, capital & liabilities B.…

A: The normal balance is the balance side that increases the value of an item. And the opposite side of…

Q: Which among the following accounts will increase with a debit? a. Service revenue b. Capital c.…

A: Debit and credit terms has been used in accounting for various purpose.

Q: Which of the following is an element of a statement of comprehensive income? a. Notes Payable b.…

A: (3) The statement of comprehensive income represents the financial statement that shows the net…

Q: Which of the following accounting procedures are INCORRECT? I) Asset An increases, Debit & A…

A: Accounting procedures states the recording and reporting of the financial statements so that they…

Q: Which of the following is not one of the major groups that make up the balance of payments? O a.…

A: A balance of payments account is an account of a corporation through which the corporation measures…

Q: 2) expense, (3) loss as used for financial reporting in conformity with GAAP. In your explanation,…

A: 1. Cost:  Cost is the amount that is given in consideration of goods that are either received or are…

Q: Which of the following normally have a debit balance? Liability accounts Equity or capital accounts…

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances.Their…

Q: Which if the correct Journal Entry for 'Income Received in Advance' O a. Income A/c Debit, To…

A: Journal entry/; A journal entry is a record of the business transactions within the accounting books…

Q: Which of the following is not an asset account? cash O prepaid expense O accrued expense accrued…

A: The asset will be having a debit balance and liabilities will be having a credit balance. Incomes…

Q: Which of the following accounts is an owners equity account ? A.Account payable B.Prepaid expenses…

A: Owners Equity Account It is the owners' investment in an asset after all liabilities have been…

Q: D) going concern?example  E) periodicity?example  F)Revenue recognition principle? Example…

A: The accounting principles seem to be the basic rules and procedures that businesses must adhere to…

Q: Which of the following is in accordance with generally accepted accounting principles? Select one:…

A: Generally accepted accounting principles improves the clarity,  consistency and communication of the…

Q: ve 2 S4-6 Using the worksheet to prepare financial statements Answer the following questions:…

A: Financial statements are prepared to show the financial performance and position of the organisation…

Q: Which of the following is true of accrual basis accounting and cash basis accounting? a. Accrual…

A: Definition:   Accrual basis: Accrual basis is a method of accounting. In this method recording of…

Q: What is the impact on the accounting equation when a payment of account payable is made?A. both…

A: Accounting equation of the business has three elements, these are Assets, Liabilities and Equity.…

Q: Which one of the following is not related to financial statements? a-Profit & Loss Account…

A: Financial statements are referred as the records of the business operations and financial…

Q: Answer the following questions: Requirements 1. What type of normal balance does the Owner, Capital…

A: In accounting, all assets and expenses normally have debit balances, all liabilities, income and…

Q: WHich of the following is not a major element of the accounting equation. cashflow, expenses,…

A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…

Q: c) Where do expenses belong in the accounting equation? How does an increase in an expense affect…

A: Please see Step 2 for required information.

Q: Please tell me if the following are an asset, liability or equity account and if they are real or…

A: Following account are classifed as asset, liability , equity, Real and Nominal accounts are shown…

Q: Which of the following is NOT TRUE about the basic and additional financial statements a) Revenues…

A: Financial statements are records of a corporation in written form that represents the financial data…

Q: Accounting equation is developed based on which of the following ? O a. Money measurement O b.…

A: The question is based on the concept of Accounting Theory.

Q: The balance of payments is most like a(n)___________ * Cashflow Statement Income Statement Statement…

A: The balance of payments records all international transactions for a country over a period of time

Q: Due to which concept, accounting does not record non-financial transactions? O a. Going concern…

A: Accounting principles are those rules, regulations and guidelines which are used by the accountants…

Q: What is the impact on the accounting equation when a payment of account payable is made? * both…

A: The accounting equation shows that the asset is equal to the sum of liabilities and stockholders'…

Q: Which of the following is true of accrual basis accounting and cash basis accounting? Accrual…

A: Accrual basis: Accrual basis is a method of accounting. In this method recording of revenues are…

Q: Which of the following is not one of the major groups that make up the balance of payments? O a.…

A: Correct answer is option (c) profit Account.

Q: How a profit is determined a) under the cash basis of accounting and b) the accrual basis of…

A: a) Under cash basis of accounting revenues and expenses only includes where there is a cash exchange…

Q: A debit is not the normal balance for which of the following? O a) Asset account b) Dividends…

A: Normal debit balance include assets expenses and losses  Nature of Account Normal Balance…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is