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

Q: How is accounts-receivable turnover computed and what can the calculation tell the owner-manager?

A: Ratio analysis is significant for the financial position of the corporation, profitability,…

Q: Which of the following transactions would be recorded if using the accrual basis ofaccounting but…

A: Given: To determine the following transactions would be recorded if using the accrual basis…

Q: Accounts receivable is

A: Account  Receivable is classified as an  Correct answer :- A.  An Assets

Q: Describe how debits and credits affect assets, liabilities, and permanent owners’ equity accounts.

A: Asset: Assets refer to the resources owned by the business, which are utilized in the course of the…

Q: The accrual basis of accounting record income when it is :

A: SOLUTION- ACCRUAL BASIS OF ACCOUNTING- IN THAT REVENUES ARE REPORTED ON THE INCOME STATEMENT WHEN…

Q: What goes under assets and what goes under liablilities for a balance sheet?  Wanting specific list…

A: A balance sheet is a financial statement that reports a company's assets, liabilities and…

Q: Which of the following is an expense? a. Purchases b. Dividend received c. Sales d.

A: Expenses are to be paid by company So expenses are money to be paid.

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 should be classified as financial instrument? Inventories C. Patents B.…

A: IAS 32 defines financial instrument as a "  contract that gives rise to a financial asset of one…

Q: What is owner Capital listed as a debit or credit

A: Solution: Owner capital is the amount of capital invested in business by owner. This is shown as…

Q: Which of the following is not an asset inventory Revenue Acounts receivable Prepaid insurance

A: In accounting, an asset is a resource with economic value that an individual, corporation, or…

Q: The flow of money or its equivalent produced by an asset dividends and interest a. investment b.…

A: An investment is defined as an asset or invested, which used in building the wealth as well as…

Q: What accounts go on the income statement? How are income statements completed?

A: Income statement is a part of the financial statement which is prepared by an organization. Income…

Q: When are revenues and costs recorded in accrual accounting

A: The Answer

Q: Identify the asset from the following? A. Cash and Cash equivalents B. Creditors

A: Something that will or already has economic worth to a business is referred to as an asset. All…

Q: What's the connection between the income statement and the balance sheet

A: This question deals with  the connection between the income statement and the balance sheet

Q: What is accrual accounting?

A: Accrual basis of accounting is an accounting method based on which accrual transaction are recorded…

Q: Which of the following represents amounts owed for goods, supplies, or services purchased? Group of…

A: The question is asking to identify the term that represents the amounts that a company owes for…

Q: What is the purpose of preparing trading and profit and loss account?

A: Trading Account The majority of the trading account is made up of credit and debit. Direct expenses…

Q: Describe how debits and credits impact assets, liabilities , owner,s equity

A: The books of accounts are prepared as per the double accounting system. All the debits shall be…

Q: Determine if each statement represents the allowance (A) or direct write-off (DW) approach. On the…

A: The Answer

Q: What is the difference between a nominal account and a real account?

A: There are three types of accounts in financial statements, Real Account Personal Account Nominal…

Q: Transactions that affect the debit and creditof the following: A. Cash B. Accounts Receivable C.…

A: A credit is often positioned on the correct aspect of AN entry. It will increase liability, revenue…

Q: Is sales listed as liability equity revenue expense or an account

A: Sales generate revenue for the business. It is main purpose of the business to make more and more…

Q: Which of the following is not an asset inventory Revenue Acounts receivable Prepaid insurance

A: In accounting, an asset is a resource with economic value that an individual, corporation, or…

Q: Accounts receivable is ______________ of an organization. a. Current assets b. Current liabilities…

A: Current assets are all the assets of a company that are expected to be converted into the cash…

Q: Explain the accounting equation while considering the relationship between asset, liabilities and…

A: Accounting equation of accounting says that after every business transaction total of assets should…

Q: A credit balance on a ledger account indicates……… a.an asset or expense b.a liability or an expense…

A: A credit balance is expected for the following accounts: i) Liability accounts  such as accounts…

Q: Which of the following is NOT included in the financial assets? A. Cash. B. Investments in…

A: The financial assets include the liquid assets of the business.

Q: 1) What is the difference between Interest Receivables and Account Receivables and Interest…

A:

Q: Which of the following items is not classified as an asset?  Accounts receivable Accounts payable…

A: Assets: a. Based on convertibility  :  current assets , Non current assets . b. Based on physical…

Q: How do I determine accounts receivable from an income statement or balance sheet?

A: The balance sheet represents the financial position of the company whereas, the income statement…