Revenue has the effect of: A.increasing assets and decreasing liabilities B.increasing assets and owner's equity C.leaving the entire balance sheet unchanged D.increasing assets and decreasing owner's equity

Q: There will be a __________ when liability, capital, and revenue accounts increase. a. dont increase.…

A: The revenue, liability and capital accounts normally have credit balances and expenses and assets…

Q: Which of the following statements is incorrect ? Select one: a. When an asset (other than cash)…

A: The accounting equation represents the effect of each accounting transaction on asset, liabilities…

Q: When the payment is made to creditors, it would result in which among the following? a. decrease…

A: Creditors are the persons to whom the entity has to pay some due money.

Q: Which of the following is true of unearned revenue? It is a liability account that is increased when…

A: Unearned revenue is simply cash received in advance.   Advance cash is received when services have…

Q: Adjustment for accrued revenue requires a/an choose correct answer a. decrease liabilities…

A: Lets understand the basics. Adjustment entry is required to make to record correct amount of revenue…

Q: What causes the decrease in Assets? A. Cash Purchases B. Liabilities C. Payment of Expenses D.…

A: Assets are a group of various resources that generate the revenue of the company. In this group,…

Q: What will increase the following account items – Debit or Credit?  Fill in the blanks. Assets…

A: General Rule :—  Debit the Receiver, Credit the Giver.  Debit What comes in , Credit What goes out.…

Q: Assets are increased with debits and decreased with credits. True False

A: The rules of accounting indicate that all assets, expenses, and losses have a nominal debit balance.…

Q: A debit to an expense account will: Select one: O O O a. Decrease Owner's Equity b. Decrease…

A: Expenses are generally treated as the cost for businesses as these are incurred to generate the…

Q: Liabilities and Revenues O Are decreased by debits and increased by credits Are decreased by both…

A: The different accounts in the business have debit or credit balance. According to the rules of…

Q: 69. Claim against assets are represented by. I am not satisfy give downvote A. saved earning B.…

A: On a company's balance sheet, retained earnings—also referred to as retained profits or cumulative…

Q: Accountants use reserve accounts for various reasons, for each of the cases below describe a…

A: Uses of reserves

Q: Accounting The account "Net-Assets: Resources Released from Restriction" is used to: A) Reduce…

A: Correct option with proper explanation are as follows

Q: A negative entry raises the value of the assets and income accounts in the ledger. True \False

A: This question tells about  the value of the assets and income accounts in the ledger

Q: dentify if it belongs to assets, liabilities or owner's equity? ▸ worthless receivable ▸ accrued…

A: Assets are resources that provide future economic benefits. liabilities are dues amount to be paid…

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: A debit entry increases assets and revenue accounts. True False

A: Revenue: This is the income of a firm during an accounting period. The income is recognized as and…

Q: tell whether the assets, liabilities and equity will increase (I), decrease (D) or is not affected…

A: The accounting equation is considered to be the foundation of the double entry accounting system. On…

Q: e of an office building B. Depreciation of vehicles C. Maintenance of machinery D. Sales discount…

A: Income statement records income and expenses. It shows the net income or loss of a company for a…

Q: The purchase of office equipment on credit increases total assets and total liabilities Select one:…

A: Assets are the resources owned by the entity. These may be current or non-current. Liabilities are…

Q: Jasper Corp. collects payment on an accounts receivable balance. This transaction Select one: O a.…

A: Increase in assets should be debited and decrease in assets should be credited.

Q: Indicate which of the following statements on the taxation of income from real estate under Personal…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Multiple choice: 1. Which if the following us correct concerning a T account? A. The left side is…

A: The T-accounts are prepared with posting of journal entries to specific accounts.

Q: There will be a when liability, capital, and revenue accounts decrease O a. neither debit nor credit…

A: Introduction: Nominal account rule: As per nominal account rule Debit all expenses and losses ,…

Q: A ____ will cause Accumulated Depreciation to decrease. A. Debit  B. Credit

A: Particulars debit credit Depreciation Amt   Accumulated depreciation   Amt

Q: If a transaction has the effect of decreasing an asset, is the decrease recorded as a debit or as a…

A: Generally, Assets have a Debit Balance If any account generally has a debit balance and if a…

Q: What is the net impact to total assets when an account receivable is written ofif? decrease in total…

A: JOurnal entry for written off of Accounts receivable: DATE ACCOUNTS DEBIT CREDIT   Allowance…

Q: Which of the following is NOT true of revenue expenditure? It is an expenditure that keeps an asset…

A: Revenue expenditure is considered as a short-term expense while capital expenditure is long-term i.e…

Q: As per double entry rules, when will you DEBIT? a. If there is decrease in asset b. If there is…

A: Debit Credit     Assets Increase Decrease     Liabilities Decrease Increase…

Q: What is the EFFECT on accounting equation for the transaction "Commission Received OMR 100"? a.…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :

Q: A decrease in an asset account is a:  A. Debit entry to the asset account B. Credit entry to the…

A: Assets are the resources that are owned by the entity for the purpose of using them to run the…

Q: A credit may represent a(n): increase in an asset account. increase in a liability account. decrease…

A: Debit Amounts:Accounts having typical debit balances include, for example:Cash, receivables,…

Q: The payment of past debt by the entity will cause a decrease in asset due to the outflow of cash,…

A: Lets understand the basics. Debt is a liability which will needs to pay within certain future so it…

Q: Multiple choice: 1. Earning revenue on account: A. decrease assets B. increases liabilities C.…

A: 1. Earning revenue on account:  It means supplying goods or services on account and payment will be…

Q: What two transaction types decrease owner's equity? liabilities and revenue O expenses and…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: 46. Recognition of depreciation Debit Credit a. Depreciation expense b. Depreciation expense c.…

A: Depreciation is a fall in the value of an asset because of usage or with efflux of time or…

Q: Expenses are the cost of providing goods and services and result in: A.increased assets or…

A: Expenses are the cost that involves the outflow of resources (assets), which means assets will be…

Q: Credits increase assets and decrease liabilities. decrease assets and increase liabilities increase…

A: Accounting Equation: It refers to a financial equation that shows or reflects that the total assets…

Q: Revaluation account is normally not credited with which of the following items: Increase in the…

A: Revaluation account is usually prepared to report the variations in the worth of assets and…

Q: In which ways is the balance sheet impacted when by creating and depreciating assets? A) Assets…

A: When an amount in spent on purchase of fixed assets the following accounts of Balance Sheet are…

Q: Is depreciation expense closed? If so, is it closed to income summary like the other expense…

A: Depreciation Expenses It's crucial to think about how long assets will keep worth as well as how to…

Q: Net working capital increases when:  A. a credit customer pays for his or her purchase B. inventory…

A: Net working capital is the difference between the current asset and current liabilities

Q: 69. Claim against assets are represented by____.I am not satisfy give downvote A. saved earning B.…

A: The objective of the question is to identify which of the given options represents a claim against…

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.