Which of the following is the account group that does not have any physical assets and the privileges and advantages that provide a commercial benefit to the enterprise with some rights that increase the revenue of the enterprise as a result of their use are followed .

Q: Each of these assets require companies to use estimates, judgments, and discretion, except:…

A: Non Liquid assets are those assets that require some time to realize in cash. Equipment, Investors,…

Q: The following are examples of a partial online offer of the “Transaction Business Model”, except:…

A: Innovation in communication and in technology have changed the desires of the people as well as how…

Q: Match the definition to the term. The answer choices are : 1. Controlling account 2. Schedule of…

A: Solution: Definition that best matches with term is as under:

Q: Explain the meaning of Non -current Assets in business setting

A: Non-current assets, also referred to as long-term assets, are a company’s physical, tangible, or…

Q: What  are business transactions called that increase owner’s equity as a result of providing a…

A: A liability is amount payable or obligation which results from past event, whose payment needs…

Q: 1. 2. 3. 4. 5. I. MATCHING TYPE. Match the appropriate accounting concepts and principles in Column…

A: Accounting is based on a number of conceptual issues. There are different concepts like accruals…

Q: PFRS 9, Financial Instruments deals with the measurement and classification of which of the…

A: Financial Instruments deal with the measurement and classification of financial assets, Financial…

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: Explain the usefulness of the concept of "profit" to users of accounting information.

A: Profit means the amount the business entity earns by selling its products or services or both. It is…

Q: How does the double-entry accounting system ensure the accuracy of financial transactions and…

A: The double entry system of accounting or bookkeeping means that for each and every business…

Q: Comparison of commercial and non-commercial financial services providers on the basis of their…

A: Service Provider - The service provider is a vendor who provides services to the end-users and the…

Q: 4. The accounting double entry is used ABCD с increased security for keeping information in…

A: Correct answer is D The double entry accounting means giving effect to the two account , one the…

Q: Statement 1: Under simplified approach for the impairment of receivables, an entity measures its…

A: Loss allowance balance is the balance which is also known as provision means this balance represents…

Q: The following definition pertains to which accounting principle or convention: Transactions and…

A: A business is established to earn profit. The business incurs various expenses to earn profit. The…

Q: basic problems that occur in the valuation of accounts receivable?

A: The valuation of accounts receivable is necessary for financial reporting and management, it might…

Q: That a business may only report activities on financial statements that are specifically related…

A: Accounting concepts are those rules and regulations which are used for the purpose of accounting and…

Q: Question 12 A statement listing the vendors, account balances, and total amount owed to all vendors…

A: A schedule of accounts payable is a statement that accumulates all the details of the suppliers to…

Q: True or False & Why? : Comparability between businesses will be improved since ASC 606 establishes…

A: The Answer

Q: Explain which transactions are reported as operating activities, investing activities and financing…

A: Statement of cash flows:  The statement of cash flows indicates the amount of cash earned and spent…

Q: Please answer with reason for all why the option is correct and why the other options are…

A: Accounting is a process to record the transactions that affect the business process. The…

Q: 38) 38) A receivable occurs when a business, A) loans money to another party B) sells goods or…

A: Accounts payable and Accounts receivable are two sides of the same coin. Whereas accounts payable…

Q: What type of asset does a merchandiser have that a service provider does not? Why is it important…

A: Merchandising companies will have an asset for inventory, whereas service companies do not. This is…

Q: Definition of the following in Accounting 1. Cost of Patent Inclusions 2. Impairment of Trademark…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: "Distinction should be made between the personal transactions of owner and those of entity." Which…

A: Option c is correct.  Business entity concept says that the business and the owner are two different…

Q: Which of the following financial intermediaries is responsible for maintaining records a) Custodian.…

A: Financial intermediary is a middleman acting as a facilitator of financial transactions between two…

Q: Commerce is know as the accounting so what is accounting

A: Introduction:- Accounting  and Commerce are two different terms. Commerce is the exchange of goods…

Q: Which of the following types of businesses require financial information to operate effectively?

A: The following types of businesses require financial information to operate effectively are:(1)…

Q: Identify the following users of accounting information as either an (a) external or (b) internal…

A: Answer: External user.

Q: Question 14 A subsidiary ledger that contains only vendor accounts is a/an: Accounts payable ledger.…

A: This question deals with the a subsidiary ledger that contains only vendor account. Subsidiary…

Q: 61. This principles states that the owner of the business is separate from the identity of the…

A: Every business needs some rules or regulations to be followed for consistent performance and…

Q: Why is accounting described as a service activity?

A: The activities that are carried out with a view to assist the organisation in the delivery and…

Q: Which of the following overall accounting concepts has a number of exceptions under GAAP?

A: Historical cost is an accounting principle that requires assets to be recorded on a company's…

Q: Which of the following items is considered an original source document? Select one: a. accounts…

A: Source document In general source document which are used for the business transaction of the entity…

Q: The following events occur for The Underwood Corporation during 2024 and 2025, its first two years…

A: Allowance for Doubtful Accounts - Allowance for Doubtful Accounts is the contra account deducted…

Q: Describe the difference between the accounting function and the finance function? What purpose do…

A: The key difference between accounting and finance is that accounting mainly focuses on the…

Q: Micro-business entities can use which basis of accounting

A: Micro business entities have the option to us any of the following basis of accounting in the…

Q: Explain why financial statement information has characteristics of a public good. Include a…

A: A public good is a product or service that is non-excludable and non-rivalrous. This means that once…

Q: Please answer if it is TRUE or FALSE

A: Answer:- true is the correct answer .

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.