Explain the components of balance of Payments Accounts and describe the  impact of deficit and surplus balance of payment accounts

Q: Describe the accounting for refund liabilities.

A: Liabilities:   The liabilities are the amount of money which a business has to pay to the outside…

Q: Allowance for uncollectible account falls under what classification in a balance sheet?  Current…

A: Allowance for uncollectible Accounts: This is a contra asset account to the Accounts Receivables…

Q: How Interest, Principal, and Loan Balance Illustrated?

A: Answer: Interest is measured as a percentage of a loan balance, annually paid to the lender for the…

Q: How does accrued but uncollected revenue affect the balance sheet?

A:

Q: Which accounting technique gives the most relevant information (net cost or gross invoice price)

A: The most relevant information of accounting technique will be explained:

Q: What is the purpose of adjusting entries as they relate to the difference between cash accrual…

A: Introduction The Main purpose of adjusting entries is to convert all cash transactions into accrual…

Q: What classification does the allowance for uncollectible accounts come under on a balance sheet?…

A: The allowance for uncollectible accounts come under on a balance sheet will be explained:

Q: What are the differences between cash and accrual basis accounting? Provide an example of each

A: The financial statements can be prepared using various methods as accrual basis and cash basis…

Q: Explain any possible differences between accounting for an account receivable factored with recourse…

A: Definition:   Accounts receivable: Accounts receivable refer to sum of money that is received within…

Q: how to compare between prepaid expenses and unearned revenue?

A: The adjustment for deferred items are made at the end of the year.

Q: What is issue of payments deficits

A: Introduction:- payment of deficit means:- Country imports more goods, services, and capital than…

Q: cash and accrual accounting based o

A: The FIVE difference between cash and accrual accounting are as follows:   1. recognition of revenue:…

Q: Explain the differences between cash and accrual accounting.

A: Account: A record, that documents or records the change in assets, liabilities, or equity for a…

Q: From page 5-3 of the VLN, what is the appropriate relationship to compute net accounts receivable?…

A: Customers who have received goods or services from a business but haven't yet made payment are said…

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Non-trading entities keep a revenue and expenditure account to determine the surplus…

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Income and expenditure account to determine the surplus or deficit of income over…

Q: Define each of the following terms:k. Accruals; trade credit

A: There are two types of systems in accounting, one is a cash system of accounting and the other is…

Q: financial plan which serves as a framework of accounts A. Appropriation act B. Budget C.…

A: Introduction:- A financial plan is the heart of any business. It gives clear financial picture of…

Q: What is the difference between accrued liabilities an unearned Revenue accounts?

A: Accrued Liabilities :— An expenses of a Business or an Organization incurred  during a specific…

Q: explain the derecognition of debt;

A: Derecognition of debt As bonds are issued, then an entity may leave a bond that is outstanding till…

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Non-trading entities prepare the income and expenditure account to determine the…

Q: The realizable amount of notes receivable is considered. a. Income b. all of the above c. Noncurrent…

A: A note receivable is also known as a promissory note. In other words Notes receivable are a balance…

Q: Describe the accounting treatment of anticipated uncollectible accountsreceivable.

A: As per the matching principle of accounting, all expenses relating to the revenues must be accounted…

Q: Define the characteristics of Notes Payable?

A: A notes payable is described as the written promissory notes. By issuing notes payable, the debtor…

Q: Distinguish between cash basis and accrual basis of account.

A: Accounting: Accounting is an art of recording, classifying, analyzing and summarizing the financial…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: what account balances are included in a revenue and collection cyle?

A: Revenue means proceeds or amount that is received from sale of goods and services in the business.…

Q: Explain the difference between the current account and the capital and financial account in the…

A: The balance of payment shall be the record of payment or receipt between a nation and a national of…

Q: Explain the basic features of Income and Expenditure Account and ofReceipt and Payment Account.

A: Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account.

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.