Which of the following accounts does not appear in the acquisition and expenditure cycle?a. Cash.b. Purchases returns.c. Sales returns.d. Prepaid insurance

Accounting type Question: The basis of income Measurement is A. Matching concept B. Accounting Period concept C. Money Measurement concept D. Cost concept

Which of the following accounts are characterized as a "contra" account? (Select ALL that apply) O Equipment O Deferred Revenue OAccumulated Depreciation O Accounts Payable O Depreciation Expense O Sales Allowances O Sales return O Allowance for Uncollectible A/R O Bad Debt Expense O Accounts Receivable O Notes Payable O Cost of Goods Sold ASUS

The accounting concept that supports reporting revenues in the period in which they are earned is called the: revenue recognition concept. B) accounting period concept. timing concept. D) adjusting concept.

How are gain contigencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at all

Several accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages Expense d. Allowance for Doubtful Accounts e. Unearned Rent f. Income Taxes Payable g. Dividends Distributed h. Interest Revenue i. Inventory   REQUIRED: List the accounts above that would normally have a credit balance

Under the direct charge-off method, when a specific account receivable is written off, what account is debited and what is the effect of the write-off on net income and on assets? debit Accounts Receivable; the write off decreases net income and total assets debit Allowance for Uncollectible Accounts; the write off increases net income and total assets debit Uncollectible Accounts Expense the write off decreases net income and total assets debit Uncollectible Accounts Expense; the write off increases net income and total assets A

Identify the correct pair of formula from the following column I and II: (Choose the correct alternative) Column I Column II A Current Account Surplus i. Receipts Payments C Balance Current Account i. Receipts + Payments D Current Account Deficit iv. Receipts < Payments Alternatives: а) А -i b) В - ii c) C - ii d) D - iv

Which of the following is considered an asset?   A. Accounts Payable B. Accounts Receivable C. Sales Revenue D.Owner's Equity