Which of the following is not an example of an asset? 
   Group of answer choices Supplies. Accounts receivable. Prepaid Insurance. Deferred revenues.

Q: 18. Which of the following contingencies is usually not accrued in the accounts? a. uninsured risk…

A: Contingencies means:

Q: Accounts receivable is

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

Q: Which of the following is True about accounts payable? Accounts payable should not be reported at…

A: Accounts payable refers to the money owed to vendors or suppliers for products or services purchased…

Q: The allowance for doubtful accounts is an example of a(n) Group of answer choices expense account…

A: The amount which are expected not to be collected are recorded in the Allowance for doubtful A/c.

Q: The type of account and normal balance of prepaid insurance would be

A: An asset is a resource controlled by an entity from which future economic benefits flow to the…

Q: Which of the following best describes the classification and normal balance of the accounts…

A: Accounts receivable account generally shows the amount to be received from the customers against the…

Q: Which one of the following is not an accounting problem (issue) associated with accounts receivable?…

A: Account receivable is the account of current assets of the firm. These represent the account of all…

Q: Which of the following is not true about the Allowance for Doubtful Accounts? Multiple Choice It is…

A: Option 1: Allowance for Doubtful debt is a contra assets which reduces accounts receivable. It is…

Q: The Write Checks window can be used to pay expenses such as rent, utilities, and insurance. Group of…

A: An expense or an outlay is the amount that is incurred by an entity to generate income and to manage…

Q: Which one of the following statement is TRUE? a. Cash is non-current asset b. Outstanding expenses…

A: Current assets are all those assets that are realizable to cash within one year such as accounts…

Q: What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its…

A: Allowance method: It is a method for accounting for uncollectible receivables, where uncollectible…

Q: Making insurance payments in advance is an example of: Select one: a. An accrued receivable…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the…

Q: Uncarned revenues are received and recorded as liabilities before they are earned. earned and…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

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: How is the account Prepaid Insurance classified and on which financial statement should it be…

A: Prepaid insurance is the portion of an insurance premium that has been paid in advance and has not…

Q: The account, Discount on Notes Payable, is a a.contra-asset. b.deferred charge. c.liability.…

A: Discount on notes payable -  It is the amount payable by the concerned investor is less than the…

Q: Which one of the following statements is NOT true about account receivables? Select one: a. Account…

A: Accounts receivable: if sale is made on cash the supplier immediately collects the cash and no…

Q: On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term…

A: Wages payable: Wages company should pay them to employees but not paid by the company.

Q: These are those which do not give rise to a right to receive (or an obligation to deliver) a fixed…

A: As per IAS 21, Effects of changes in foreign exchange rates, the monetary items are those items that…

Q: Which of the following is an accurate description of the allowance for doubtful accounts? liability…

A: Allowance for Doubtful Accounts: This is a contra asset account to the Accounts Receivables account…

Q: The collection of customer’s account is credited to accounts payable. What is the effect of the…

A: Ans. When a customer pays the journal entry to be passed is :    Cash a/c  Dr.      xxxx…

Q: vable retention must be included in the calculations for the collection period? True or false. If…

A: Account receivable retention is period for which the amount of time for which money is held by the…

Q: Liabilities are the owner's claim on assets.  Group of answer choices True False

A: The owner's claim on assets is known as owner's equity.

Q: Which of the following is not an example of an asset? Common stock Prepaid Insurance Truck…

A: Prepaid insurance and Unused Supplies are considered to be "Current Assets". Truck is considered to…

Q: Why is a service expense a good account for recording a fictitious expense?

A: Fictitious Expense:  Fictitious expense has no tangible existence or any value, but it is created in…

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: Is a transaction that has the effect of lowering an asset recorded as a debit or as a credit? Is the…

A: A transaction is a business engagement that has an economic effect on a financial statement and is…

Q: d not be recorded using the Expense or Check onscreen form?

A: Office Supplies purchased

Q: Which of the following would NOT be shown in the Statement of Profit or Loss? Expired portion of…

A: Income statement shows the income earned and loss incurred by the organization in the financial…

Q: Under the allowance method for uncollectible receivables, the entry to record uncollectible-account…

A: Allowance method: It is a method for accounting bad debt expense, where uncollectible accounts…

Q: A contra account will not be listed immediately after its related account. O be potentially…

A: A contra account is the type of account that has balance that is opposite of the normal balance for…

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: An asset created by a payment for economic benefits that does not expire until some later time is…

A: Lets start with the basic understanding. Prepaid expense is expense which is paid currently but…

Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An…

A: The correct answer is  d. An asset

Q: How is accidental loss of goods treated in final account in case: a: Goods had not been insured or…

A: Accidental loss:   It is a loss incurred by a sudden or unexpected incident to the company. Accident…

Q: What is the proper classification of Prepaid Expense account? a.) Current Asset b.) Current…

A: The correct option with proper explanation are as follows. The expenses which is paid in advance is…

Q: ment of supplier’s account is debited to accounts receivable. What is the effect of the error in…

A: Supplier account is an account payables account classified under current liabilities .Accounts…

Q: explain the impact on the balance sheet and income statement, specifying which accounts are affected…

A: The income statement is part of the financial statement that indicates the profitability of the…

Q: When an entity has the benefit of particular service but it has not received the bill (invoice) to…

A: Prepayment: When payment is made in advance before receiving goods or services, then the payment is…

Q: The payment of supplier’s account is debited to accounts receivable. What is the effect of the error…

A: The Account Receivables are assets for the firm and Account Payables are liability for the firm. The…

Q: Allowance for Uncollectible Accounts is An Asset A Liabilitity An Expense A Contra-Asset

A: Uncollectible accounts are those accounts from whom it is estimated that amount will not be…

Q: _____ is the example of Liabilities.     Sales     Supplies in Hand     Account Receivables…

A: The Question has covered the concept of Liabilities. Liability means which have an obligation to…

Q: Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset…

A: solution:- Introduction:- Allowance for doubtful accounts means as follows under:- Allowance for…

Q: The alternative treatment in reporting Subscription Receivable is     a. deduction to Current Assets…

A: Subscription receivable is a revenue receivable that is an asset for the company.

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.