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: if a firms expense equal or exceed it's revenue what actio might management take

A: Explanation is given below,

Q: Describe how revenue recognition relates to transferring goods or services.

A: Revenue:   It refers to the earnings of an enterprise from their normal business operations for a…

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: Relate the 5 Set participants  a. Cardholder b. Issuer c. Merchant d. Acquirer e. Certificate…

A: Secure Electronic Transaction (SET) is an open-source encryption and security standard for online…

Q: A company purchases supplies and records these as an asset. As they are used, they are expensed.…

A: The accounting follows the various accounting concepts in the business such as matching concept,…

Q: with priority only

A: The statement of affairs is similar to the statement of financial position expect for the asset are…

Q: Which of the following options regarding income earned will not be classified as revenue? Select…

A: Lets understand the meaning of revenue and gain. Revenue is a income generated from the normal…

Q: A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is…

A: Subsidiary ledger refers to the ledger that provides the detailed information of the account already…

Q: What is the primary purpose of an accounting system?

A: the primary objective of accounting is to record the financial transactions in the books of…

Q: The badges of trade are used for which of the following purposes? A To determine whether an…

A: The objective of the question is to understand the purpose of the 'badges of trade' in the context…

Q: Determine if this shall result in recognition of liabilities   4. Receipt of goods ordered from a…

A: The goods purchased on account increases the inventory and also increase the liability.

Q: re emission allowances (EAs)? How do businesses obtain them?   b) Explain how EAs held by an…

A: Pollution: It is the introduction of bad particles into the natural environment. It is the unhealthy…

Q: If the value of an item can be measured and reasonably determined, this item can be recognized in…

A: An item can be recognized in the financial statement if it satisfies certain specified condition.…

Q: Only business expenses incurred in the generation of business gross income are deductible. a.…

A:

Q: -Which of the following will be not be called as Source Document of a Business?

A: Answer

Q: Clark Co. and Keys Inc. exchange equipment. Information related to this exchange follows. Clark Keys…

A: Answer:- Journal entry meaning:- In a company's accounting books, a journal entry serves as a record…

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: What are the objective of any accounting system?

A: The accounting information system is software in which inputs are added in the form of sales or…

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: accordance with IFRS 15,  customer loyalty awards on the goods or services sold, the transaction…

A: As per IFRS 15, Revenue recognition  In case of sale of a product with loyalty awards,then the sales…

Q: T

A: Branch Reciprocal Accounts: When the transactions of business are recorded by both head office and…

Q: Question 14 of 30: ALCO is Asset Liability Management committee O Asset Liability Coorporation O…

A: ALCO is a body within the organisation which helps in coordinating bank’s assets and liabilities…

Q: ng information?

A: Concept: Information contains in the financial statements is said as free from bias. It reflects a…

Q: Which record is not usually maintained under the single entry bookkeeping system? a. cash book b.…

A: Single entry bookkeeping is the method of bookkeeping where every transaction effects single side of…

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: Ledgers help to organize accounting information into categories normally known as ‘’classes’’. With…

A: SOLUTION A JOURNAL IS A COMPANY'S OFFICIAL BOOK IN WHICH ALL BUSINESS TRANSACTIONS ARE RECORDED IN…

Q: 19 - What is the monetary expression of the rights of third parties lending to the enterprise over…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which of the following is not an issue that must be considered in determining transaction price?

A: The transaction price is the amount of money a seller anticipates receiving in exchange for…

Q: Write the main aims of the regulations of the Depository Institution

A: Depository institutions- There are mainly three types of depository institutions. These are namely-…

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: -It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: When a Business transaction is executed, it is subjected to certain terms and conditions that govern…

Q: 13. Fees for managing and protecting a customer"s property is considered under category interest…

A: This question deals with the selection of accounting head in which fees for the managing and…

Q: Which record is not usually maintained under the single entry bookkeeping system? cash book general…

A: The general ledger follows the double bookkeeping system hence not maintained as per the…

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: Statement I: According to PFRS for SMES, SME is as an entity that has public accountability and…

A: PFRS: Philippines Financial Reporting Standards  SMEs : Small and Medium Sized Entities .

Q: 21 - Which of the following forms of payment provides a high level of assurance to both the seller…

A: In case of foreign trade, goods are sold from one country to another country. Country selling the…

Q: Which accounting concept justifies recording only transactions that are expressed in dollars? cost…

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

Q: Statement I: According to PFRS for SMEs, SME is as an entity that has public accountability and…

A: In the given case the small and medium enterprises entities does not have public accountability and…

Q: The entry to record transaction costs for financial assets measured at fair value through surplus or…

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

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: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: The financial statements are prepared by passing the journal entries, adjusting entries,…

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.