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The shipment to branch is a reciprocal account to be presented in the branch income statement. True? False?
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- Why are contra-revenue accounts used rather than directlydeducting from the Sales Revenue account?Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Retained Earningsd. Sales RevenueWhich of the following concept is also called as Revenue Recognition Concept? O a. Accrual concept Ob. Realization concept Oc Matching concept Od. Disclosure concept
- Distinguish between Receipts and Payments Account and Income andExpenditure Account.Which of the following is classified as current non-trade receivabke? A. Advances to affiliates B. Supplier's debit balances C. Accounts receivable D. Customers's credit balanceWhen does sales revenue is recognized? When does sales revenue is recorded? Does recognize and record have differences?
- Please see attached image. In the question, the unilateral transfer is stated as a debit, but in the calculation for the answer, it is calculated as a credit(Gain). Why?Which of the following items is not a specific account in acompany’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Unearned RevenueWhen dealing with receivables, give an example of a subsidiary account.
- Which of the following accounts does not belong in the purchases and disbursement cycle? A. Prepayments B. Accounts Payable C. Sales returns and allowances D. Fixed AssetsUnder accrual-basis accounting,sales made on credit are usually reported as: A.liabilities B.revenue C.a contra account to sales revenue D.cash from operating activitiesWhat is Receipt and Payment Account? How is it different from Income and Expenditure Account?