A) Which of the following would not be included as a current liability? (Land loan, Land loan payable this year, account payable, and operating line of credit) B) Balance sheet summarizes the assets and liabilities of the business and is used to measure both what?

Q: Añ áččóuntänt häs débitéd àš àššēt account for P1,000 and credited a liability account for P500.…

A: The total of debit and credit should be equal.

Q: Asset, liability, and stockholders' equity items Indicate whether each of the following is…

A: Balance sheet:  It refers to one of the financial statements that shows all the liabilities, equity…

Q: Assets that are used in business activities for more than one year and do not turn into money within…

A: Balance sheet shows the financial position of the company that represents that the asset is equal to…

Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL Sale of P10,000…

Q: Liabilities are

A: Liabilities are not involved in closing entries. This is because only temporary accounts of income…

Q: For each of the following independent cases, fill in the blank with the appropriate dollar amount.…

A: As per accounting equation: Assets = Liabilities + Owner's equity

Q: Which of the following is an expense in the current accounting period under accrual accounting?…

A: We know that under accrual basis of accounting, incomes and expenses are recorded as and when they…

Q: According to the accounting equation, when owner's equity is constant, any increases in liability…

A: Accounting equation is written as Assets = Liabilities + Owner's equity Both side of equation should…

Q: Which of the accounts listed below would be classified as asset accounts? Group of answer choices…

A: Assets means anything which would help business to earn profits and increase profit earning…

Q: Which of the following transactions is an example of accrual? a. Unrecorded income is recognized. b.…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: For the following situations, identify whether the situation represents a violation or a correct…

A: There are principles and assumptions based on which whole accounting depends regarding how to enter…

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: An expense incurred/used up in 2020 is not paid until 2021. Using the accrual basis of accounting,…

A: The accrual concept states that the revenues and expenses should've reported when accrued,…

Q: All of the following statements are correct except • The payment of a liability decreases both…

A: Solution: All of the following statements are correct except "A change in assets is always…

Q: income statement measures the results of :- A- total assets . B-owner's equity C- total current…

A: Explanation and the correct answer is given below,

Q: Determine the classification accounts as to asset, liability and equity. If asset or liability…

A: Assets, Liability and Equity are three types of accounts that are being used in the business. These…

Q: If an accrued expense is not recorded at the end of the year, what is the impact on the financial…

A: Adjusting entries:An adjusting entry is prepared when the trial balance is not up-to-date, and…

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Rent Expense expense

Q: Which of the following is a group of accounts that shows the rights of the owner or partners of the…

A: In order to fulfill the financial requirements, the business entity issue the equity shares. The…

Q: Calculate the missing value (in $) according to the accounting equation. Assets Liabilities Owner's…

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: Required: a) Provide a definition for the term ‘current liability,’ (Refer to the relevant standard…

A: Statement of financial position is a statement which is used by stakeholders to analysis the net…

Q: For the accounting period in which a short-term loan is paid off, which of the following correctly…

A: A short-term loan refers to an obligation of an entity that is going to be settled by the outflow of…

Q: Which of the following describes the classification and normal balance of the unearned fees account?…

A: UNEARNED FEES :  IT IS A UNEARNED REVENUE ( CASH RECEIVED IN ADVANCE FOR PROVIDING GOODS AND…

Q: If the going concern assumption is not made in accounting, discuss the differences in the amounts…

A: Financial statement:   A formal record of business transactions that record, analyse, and summarize…

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: When a company has net income, what happens to its assets and/or to its liabilities? 2. Why must a…

A: Solution 1- When a company has net income  its Stockholders Equity will increase (Retaining Earning)…

Q: Which one of these statements is true of the accumulated depreciation account? O the account is to…

A: Accumulated depreciation is the total of depreciation applied on a fixed asset on a particular point…

Q: What assumption states that a business is able to financially continue operations and is not…

A: Accounting Principles- Accounting principles are the set of rules or principles defined for the…

Q: Identify the financial statement(s) that the following items appear on. a)interest expense, b)…

A: The Financial Statements consists of: 1- Profit & Loss Account (Income Statement) 2- Balance…

Q: which of the following items is listed as a current asset on a balance sheet a. accounts receivable…

A: Current assets refer to those assets that are expected to be sold within a year and it includes…

Q: tement of changes in owners equity summarizes the effects on the capital account of the various…

A: Solution: The statement of changes in owners equity represents the changes in balance of equity from…

Q: What is a liability? a. all debts and obligation owed by the business b. fixed cost fall under the…

A: Statement of financial position helps stakeholders to determine the net worth of the company it also…

Q: Which of the following journal entries correctly reflect settlement date accounting? Select one: a.…

A: Journal entries should not be used to record routine transactions such as customer billings and…

Q: Which of the following is a valid assumption from an accounting perspective? O A company that has…

A: Accounting Principles: The principles or procedures that are required to prepare and report the…

Q: Which of the following is most appropriate for IFRS? a. Should disclose all the material information…

A: IFRS stands for International Financial Reporting Standards. It refers to the standard and rules, as…

Q: Which of the following does not directly or indirectly affect the owner's Capital ac Paying an…

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

Q: For each of the following cate ories, state conCisely a transaction that will have the required ef-…

A: Effects of a business transaction: In accounting, any business transaction has a two-fold impact.…

Q: An item that will not be included in the statement of  receipts and payments  is? A.depreciation…

A: Statement of receipts and payments will includes all cash and Bank receipts and Payments whether…

Q: Amount owed by the business to outsiders or whatever is payable by a company is known as ___. a.…

A: Balance sheet: It refers to a financial statement that shows all the liabilities, assets, and…

Q: Select whether each of the following would appear on the income statement, statement of owner's…

A: The financial statements of the business includes income statement and balance sheet and statement…

Q: For each of the following categories, state concisely a transaction that will have the required…

A: a. Increase an asset and increase a liability. Borrowed $10,000 from bank in exchange of 1 year note…

Q: On winding up, which debts or amounts must be paid first? Select one: a. Unsecured debts and loans…

A: Liquidation is the process of putting a company out of business. The company's assets and property…

Q: Which of the following is the accounting report that shows all the income of the business in a…

A: The financial statement refers to the final accounts prepared by the management of the entity at the…

Q: For each of the following categories, state concisely a transaction that will have the required…

A: All expenses, losses, and assets should be debited and all income, gain, and liabilities should be…

Q: Case I. The Property Corporation requires funds for its inventory, payment of salaries and wages,…

A: Funds needed for inventory, payment of salaries and wages, payment of utilities and other monthly…

Q: s liabilities incurred prior year, what is the proper debit

A: Option a is wrong because accounts receivable is not liability, it is an asset. Option b is wrong…