Which among the following is considered as an expense? a. Accounts payable b. Rent expense c. Sales Revenue d. Prepaid expense

Q: Which of the following accounts is an asset? Select one: O a. Accounts payable O b. Salary expense…

A: STEP 1 An asset is something or attribute that creates future economic cash flows or benefit arising…

Q: Under an accrual accounting system, an expense is recognized when O A. a good or service is used or…

A: Accrual accounting system: Accrual accounting system means recording income and expense when…

Q: Indicate whether each of the following accounts represents an asset, liability, or owner's equity:…

A: An asset refers to all the items of cash and cash equivalents for the business. It includes balance…

Q: Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c.…

A: Nominal account includes all of a company's income statement items and the balance of owner's…

Q: Which of the following is not an example of an operating expense? Select one: a. Salaries Expense…

A: Option d is the correct answer.

Q: Which of the following accounts has a balance whereby credits normally exceed debits? Rent Expense…

A: Assets and Liabilities - Assets are the resources of the organization and Liabilities are the…

Q: Which of the following accounts is an asset? Select one: a Service revenue b. Prepaid expenses C.…

A: Generally asset represents the valuable thing owned by an entity. In accounting, an asset is the…

Q: What are revenues that have been earned but not recorded in the accounts called? Group of answer…

A: Deferred revenue, also known as unearned revenue, refers to advance payments a company receives for…

Q: Which of the following is an amount for products or services purchased on account? A)accounts…

A: Account payable is the account related to products or services purchased on account. Unearned…

Q: Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts…

A: Asset accounts means account related to resources of the business that it owns. It can be current…

Q: What type of accounts are Interest * ?Receivable and Fees Receivable Equity Asset Liability O…

A: Revenue is the amount generated through the normal course business operation. It can be calculated…

Q: Which of the following accounts was created as the result of an accrual for expenses?  Group of…

A: Lets start with the basic understanding. Accrual for expense is a liability which is incur because…

Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.…

A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing…

Q: a) Please give a different example of accruals, and write a numeric example for it with accounting…

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

Q: Which of the following accounts is a non-current asset account?

A: Non-current assets:   Non-current assets are assets that can be held for a longer period of time…

Q: The account type and normal balance of Prepaid Expense are

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

Q: What is a prepaid expense and where is it reported in the financial statements?

A: Prepaid expense:   Prepaid expenses are any expenses that is paid before it becomes due. A prepaid…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Wages…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: The account type and normal balance of Prepaid Expense are a.revenue, credit b.liability, credit…

A: Prepaid expenses normally have a debit balance and considered assets.

Q: What is an account receivable? O a. Sales O b. Asset O c. Income O d. Creditors

A: Following is the answer to the given question

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Rent…

A: Revenues are the amount received from the sale of goods and services.  Expenses are the cost…

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 an example of a prepaid expense? Please explain with full explanation. a.…

A: A prepaid expense is an asset for which we have paid in advance and for which the benefit shall be…

Q: ash, Accounts receivable, supplies, Accounts payable, unearned service revenue, common stock,…

A: In this question, we have given some transactions which we have to post in the ledger account. A…

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 groups of accounts increase with credits? O a. Accounts Receivable, Prepaid…

A: In an accounting system, journals are made up of one or more debits and credits. To add or decrease…

Q: accruals

A: Under Accrual concept, revenue is recognized when it is earned and expense is recognized when it is…

Q: Which of the following accounts is a liability? Accounts Receivable Service Revenue Unearned…

A: Accounts receivables is the amount of money not yet paid by the customers on the goods purchased…

Q: Which of the following account groups does not include a nominal account? a.Prepaid Insurance,…

A: Nominal account: Nominal account refers to the accounts which are related to the losses, expenses,…

Q: The account type and normal balance of Fees earned is a. asset, debit b. expense, debit c. revenue,…

A: In accounting, there are three types of accounts:1. Personal account: This account represents the…

Q: Under the accrual basis of accounting, revenue is recorded O when earned and realizable O when…

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Which of the following is not a revenue account? a. Professional fee b. Interest income c. Cost…

A: A revenue account is classified as an equity account and shall have a credit normal balance.

Q: What is service fees listed as: equity, revenue, expense, account or a liability?

A: The income statement of a  company indicates the profitability or say the earnings during an…

Q: Which of the following is an example of a prepaid expense? a.Unearned Subscription Revenue…

A: Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…

Q: All of the following are current assets excepta. prepaid expenses.b. accounts payable.c.…

A: Definition: Current assets: The assets which could be converted into cash within one year like…

Q: Under the accrual basis of accounting, revenue is recorded a. when earned and realizable b. when…

A: Solution Accrual basis is the method of recording transaction for revenue when earned and expenses…

Q: his account represents the amount paid in advance for future cost of items or services. a. Revenue…

A: Every transaction is recorded in books of account and has got different relevance. Assets ,…

Q: Which of the following accounts is a liability? a. Accounts Receivable b. Service Revenue c.…

A: Liability refers to state of being liable or taking legal possession of something.

Q: Which of the following accounts have a debit normal balance? Select one: a. Dividends Payable b.…

A: Ans.  b  Salaries expense

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is