Which one of the following is a contra account with a credit balance? O Accumulated Depreciation Depreciation Expense O Cost of Goods Sold O Unearned Service Revenue

Q: Income Statement 1) Why are items such as sales and labour/Gross Profit on the CR side and items…

A: 1.Revenues are recorded in the credit side of the income statement. Thus, sales and labour/gross…

Q: Gross profit is equal to Select one: a.  revenues - expenses b. sales - cost of goods sold c.…

A: The income statement is prepared to find the net income or losses incurred during the period.

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: Income arises from the following except: A. sale of merchandise to customers B. rendering of…

A: Income refers to the amount received from day to day activities of the business such as…

Q: Receivables are amounts due from others that arise from the sale of goods or services. Select one:…

A: Accounts receivables represents the amount due to firm for the goods or services sold on credit.…

Q: A seller recognizes the amount of returns from right to return sales as a/an ________. Group of…

A: The question is asking about how a seller recognizes the amount of returns from right to return…

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: All of the following are nominal accounts except Prepaid Expense Cost of Goods Sold Interest…

A: Solution: Nominal accounts are those account which are related to revenue, expense, gain or loss…

Q: Which of the following is not a nominal account? a. Freight In b. Prepaid insurance Expense c.…

A: Explanation: 1. Nominal Account: Nominal Account includes the accounts which are related with…

Q: which of the following would be considered in the calculation of gross profit?  Sales and returns…

A: Gross Profit is the operating profit calculated by deducting the cost of goods sold from the revenue…

Q: Which of the following is a permanent account? Dividend Declared Allowance for Doubtful ACcount…

A: Permanent accounts, which are also called real accounts, are company accounts whose balances are…

Q: A "sale on account" results in a debit to: Accounts Receivable Cash O Capital Accounts Payable

A: Solution....     Sales on Account results in debit of ?

Q: Revenue is generally recognised at the point of sale. Which principal is applied a. Consistency b.…

A: Introduction : Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Before revenue can be recognized, the revenue recognition principle requires the _____. A. Product…

A: Revenue is the money earned by providing services or selling goods to customers. The Revenue…

Q: Which of the following best describes revenue?

A: In simple accounting term revenue is the amount which company earn by selling goods or providing…

Q: the contra -asset of accounts receivable is

A: The contra assets of accounts are represented as the deductions from a gross account. The contra…

Q: nterest payable, retained earnings, and sales revenue have a balance whereby credits normally exceed…

A: Entry ledger have a balance of debit , credit or nil balance. Every assets and expenses are having…

Q: account, we will ____ it. A. Debit  B. Credit

A: A contra asset account is a type of asset account with a balance that can be either negative or…

Q: The major revenue of a merchandiser is ________ while the major expense(s) is (are) ________.

A: Merchandiser and Service Provider - There are two types of company that deals with the different…

Q: What is the expense account associated with the cost of uncollectible receivables called?

A:

Q: which is NOT a temporary account:

A: Inventory refers to the goods, materials, or products that a business holds for the purpose of sale,…

Q: Which of the following has a credit normal balance    Interest expenses   Accumulated…

A: An accumulated depreciation account has a normal credit balance, increases on the debit side, is a…

Q: What is an account payable? OA. It is a liability for goods or services purchased on credit and…

A: Account payable  means the amount owed by business to outsider for the goods received and services…

Q: Determine if this shall result in recognition of liabilities 9. receipt of goods to be sold for the…

A: Consignment Goods: In the case of consigned goods, the party in actual possession of them do not own…

Q: value is established on the bases of accepted accounting procedures. value is the amount that could…

A: Solution Concept Book value is the value that appears on the books of accounts . it is as per the…

Q: Which of the following is an example of a contra account? expaantion for correct and incorrect a)…

A: A contra account is an account that is used to offset or reduce the balance of another related…

Q: Which of the following groupings of accounts includes only accounts that carry a normal credit…

A: The assets and expenses have the normal debit balance and these accounts are debited with increase…

Q: Which of the following accounts is typically considered a contra-asset account in financial…

A: A contra-asset account is an accounting entry that reduces the value of an associated asset…

Q: Which of the following is not disclosed in the financial statements?  A. Trade discount received B.…

A: Financial statements are formal records of the financial activities and position of a business,…

Q: Which accounting principle requires that bad debts expense be recognized in the same period as the…

A: Bad debt expense is the amount of money a business recognizes as a loss due to customers who are…

Q: Why is Profit and Loss Adjustment Account prepared? Explain.

A: There are following two reasons of why Profit and loss adjustment account is prepared;-  1.   To…

Q: What is an accrued revenue? Provide an example.

A: Revenue refers to the income that is received by a business from its business operations and…

Q: 1. Realization of revenue occurs when a. the item is formally recorded and reported in the financial…

A: Realization Concept Realization concept in accounting, also known as revenue recognition principle,…

Q: Is depreciation expense closed? If so, is it closed to income summary like the other expense…

A: Depreciation Expenses It's crucial to think about how long assets will keep worth as well as how to…

Q: O O O O BIOWIng statement is a correct statement about the direct write-off method for calculating…

A: Account Receivables -Money owed to a company by customers for goods or services rendered but not…

Q: Which of the following accounts are characterized as a "contra" account? (Select ALL tha apply) O…

A: Contra account: Contra effect of the transaction recorded on the opposite side

Q: For every debit entry there must be a credit entry. O A. Principle of entity O B. Principle of…

A: The question is based on the concept of Financial Accounting.

Q: Which of the following concept is also called as Revenue Recognition Concept? O a. Accrual concept…

A:

Q: None

A: 1.Initial Sale and Financing Arrangement:-       •Initially, the company sells a vehicle to a…

Q: The primary advantage of the single- step income statement format lies in the simplicity of…

A: 1 TRUE     Explanation: Advantage of the single-step formate, it's an easy statement    to…

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.