Which of the following would not be included in a trial balance? Net income Accounts receivable Contributed capital Depreciation expense None of the above they are all included on the trial balance

Q: how to correct a Notification has been received that the outstanding balance on one of the debtors…

A: Introduction:   Rectification entry has to be passed when any error has been made in the books of…

Q: Accounts payable and accrued liabilities are interchangeable account titles.

A: Accounts payable: accounts payable is the amount that have to be paid to the supplier of goods or…

Q: Reversing entries maybe used in unearned income when the original 1 point collection is recorded as…

A: Answer In a business unearned income record as a assets instead of a liability.

Q: Which one of the following does not appear in the profit and loss account?

A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…

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 accounts would not appear on a balance sheet a. Deferred charges b.…

A: Balance Sheet is a financial statement that records all the assets, liabilities and equity of the…

Q: What is the authoritative literature addressing revenue recognition when right of return exists?

A: Financial accounting standards board (FASB): This is the organization which creates, develops, and…

Q: Explain the conditions under which assets and liabilities are derecognized

A: The answer for the theory question on the conditions under which assets and liabilities are…

Q: Why are administrative expenses that are incurred during a liquidation classified as liabilities…

A: Administrative expenses are those expenses related to liquidating cost and preserving the assets, in…

Q: Explain the adjustments that may be made for the accounting discretions about the following:…

A: The accounting discretions refer to the choices and judgments made by accountants when preparing…

Q: Where does Unearned Subscriptions Revenue lie to at a classified Balance Sheet?

A: Unearned Subscription Revenue is a business income which has been received from the client but not…

Q: When a loss contingency is recognized, where is it reported on the income statement?

A: A financial statement that lists the company's earnings and expenses is called an income statement.…

Q: Discuss the appropriate treatment in the income statement for the following items: a.    Loss on…

A: Income statement:   In this statement, the financial records of the company's monetary performance…

Q: Difference between deferral of expenses/revenue and accrued expenses/ revenue?

A: The business adjust the profits of the business for the current year considering deferred and…

Q: What is the term for allocation of fixed assets to expense? * O bad debts expense O depreciation…

A: Introduction: Fixed Assets: The benefits from the assets are having more than one year called as…

Q: Under IFRS, receivables are to be reported on the balance sheet at: a.    amortized cost. b.…

A: Amortization: Amortization is a process in which the cost of intangible assets is spread equally…

Q: Amounts collected for third parties represent liabilities until remitted. Provide several examples…

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: Which of the following techniques can be used by management to overstate long-lived assets? * A.…

A: Long lived assets are also known as Non-current assets which provides economic benefits for a period…

Q: Which of the following is not included in the computation of profit or loss? Interest Expense on…

A: Employee benefits It is the  consideration provided  by business  to employees  in exchange for…

Q: What is the largest estimated possible loss that could arise in a safe payment schedule? no need to…

A: the largest estimated possible loss that could arise in a safe payment schedule are the value of…

Q: Amortization expense should be: included in income from continuing operations. included in other…

A: Amortization expense can be referred to as a reduction in the value of an intangible asset over the…

Q: Which one of the following is a special type of liability? a. Accrued expenses b. Salaries payable…

A: Accrued expense: These are those expenses which due but not yet paid.This is short term liability…

Q: Which of the following will be affected by an increase in the provision for doubtful debts? Gross…

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

Q: Which of the following are examples of changes in the gross carrying amount of financial instruments…

A: Here topic related with the credit risk management practices.  It is important for the entity to…

Q: A statement of affairs measures a deficiency – traceable to unsecured creditors without priority –…

A:

Q: Interest revenue need not be added to the gross income to compute for the total income.

A: Gross income and net income are two concepts associated with the accounting that helps to identify…

Q: Does the deductibility of an expense or loss follow accounting practice?

A: The accounting practice is the practice of recording the day-to-day financial transactions of the…

Q: Distinguish the difference between Bad Debts and Provision for Doubtful Debts, indicating the…

A: When a account receivable is clearly identified as the amount will not be received then such account…

Q: What is qualifying assets for depreciation in taxation/accounting? Also, how are useful lives and…

A: Qualifying Assets for Depreciation: Qualifying assets for depreciation in taxation and accounting…

Q: Reversing entries maybe used in unearned income when the original collection is recorded as a.…

A: Answer When unearned revenues are recorded as liabilities then an unearned revenue account is…