account, we will ____ it. A. Debit  B. Credit

Q: Which sentence is incorrect? Select one: a. Depreciation is not the actual change in the value of…

A: Depreciation expense is a non-cash expense, which is recorded on the income statement reflecting the…

Q: True or False: Payment history is an important part of the FICO score. O True O False

A: The FICO score is a score that helps the lender to give the loan amount to borrower by check their…

Q: True (t) or False (f) ____ The matching principle states that debits mus equal credits in each…

A: Matching concept follows the accrual accounting concept of business.

Q: The allowance for doubtful accounts is an example of a(n) Group of answer choices expense account…

A: The amount which are expected not to be collected are recorded in the Allowance for doubtful A/c.

Q: g "Unearned results a debit

A: A transaction of revenue is recognized when the obligation by the seller is fulfilled by…

Q: The simplest way to account for an uncollectible account is to use the allowance method. False True

A: The bad debt expense can be recorded in the books using two methods:Direct write off methodAllowance…

Q: Expense Recoognition: What does it mean when assets are "expensed"? Why do costs do not qualify as…

A: Expense recognition refers to the accounting process of recording expenses in the financial…

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: In your own words explain the meaning of: a. differential revenue, b. differential cost, and c.…

A: In accounting, Differential means the difference between the two alternatives or two output levels,…

Q: A note payable can be used to extend the payment due on an account payable. O True O False

A: Solution: A notes payable is used for financing,  it indicates the money owed by issuer.  By issuing…

Q: Which one of the following is not one of the factors in computing depreciation? Cost price…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Quantity discount grand to customers to encourage them to paid early O True O False

A: (1) The given statement is False.    Quantity discount : Quantity discount is also known as Trade…

Q: Dengar

A: The objective of the question is to understand how credits are distinguished from debits in an…

Q: _ ignores the affect of compounding   a)compound rate b)discount rate  c)stated rate…

A: The compounding effect is the effect that has been charged on the loan or deposit when the interest…

Q: true or false  Asset accounts normally have a credit balance

A: Assets are debited when increased and credited when decreased. So the balance remains at the end…

Q: True or False: The amount-owed component of the FICO score includes the proportion of credit…

A: Below is the correct answer

Q: rms: credit transfer, dishonoured cheque, standing order and give examples, the purposes, advantage

A: Credit transfer can refer to: The transfer of money from one account to another, also called a wire…

Q: What part of the A=L +SE does expenses and revenues under and are they CR or DR balances? Expenses…

A: The accounting equation shows that sum of all assets= sum of liabilities + sum of owner's…

Q: ___________accounts normally has a debit balance?

A: SOLUTION- A DEBIT BALANCE  IS AN ACCOUNT BALANCE WHERE THERE IS A POSITIVE BALANCE IN THE LEFT SIDE…

Q: ______________accounts normally has a debit balance?

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Most agreements involving factoring of accounts receivable are made on a. O a. notification O b.…

A: Factoring, often referred to as accounts receivable financing, is a financial transaction in which a…

Q: Balancing of account means :(i) Total of debit side(ii) Total of credit side(iii) Difference in…

A: The correct option is option c.

Q: True or False: Depreciation is an example of a contra asset account.

A: On a company's balance sheet, a contra asset account is matched with a related asset account. In…

Q: Prepare journal entries on the books of Tamarisk Company to record these transactions. (Credit…

A: Journal is a record of financial transactions in chronological order.It provides a detailed account…

Q: equest a

A: Manufacturing overhead rates refer to the regulated factory expenses designated for each unit of…

Q: What is the  basic differences between transferable letters of credit and back-to back letters of…

A: These are two types of credit given to businesses.

Q: The left side of any account is the credit side 10 A) True B) False

A: Solution: An account is way of record keeping with two sides. One is left side or debit side and…

Q: k charged a check against the company that should ner company add to cash balance per bank True

A: Bank Reconciliation statement reconciles the cash balance of the company records with the bank…

Q: What is the largest estimated possible loss that could arise in a safe payment schedule? no need to…

A: the largest estimated possible loss that could arise in a safe payment schedule are the value of…

Q: Which of the following is a type of off-Balance Sheet activity? a. A demand loan. b. A Letter of…

A: Introduction:- Off-balance sheet  refer to activities that are effectively assets or liabilities of…

Q: is an example of a fixed asset. O a. Land held for investment Ob. An accrued revenue Oc. A prepaid…

A: Fixed assets are long term in nature and provide long term economic benefits. Other than this fixed…

Q: em. b. the amount of money paid for an item,

A: Opportunity costs are the potential gains that an individual, investor, or corporation foregoes by…

Q: Sales of pipes.

A: As per standard accounting practices , a revenue is recognised as and when it…

Q: An expense account normally has a credit balance. True or False

A: Expense Account - It includes day-to-day costs that are incurred in a normal course of business. For…

Q: how the returns on assets co-move?

A: Convergence means the movement of price of future contract towards spot price. The two price must…

Q: ul Accou

A: For accurate financial reporting and determining the true value of accounts receivable, bad debts…

Q: Record the entry to adjust asset values to fair value.

A: In this problem assets are revalued at a gain.  So the gain i.e difference…