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: Which of the following accounts is an asset? Select one: O a. Accounts payable O b. Salary expense…

A: STEP 1 An asset is something or attribute that creates future economic cash flows or benefit arising…

Q: Which should be subtracted from the net income when using the indirect method? A. Loss on sale of…

A: A cash flow statement is a financial statement that summarizes the cash and cash equivalents…

Q: An expense transaction is posted to accounts payable and is assigned to a vendor. In which account…

A: Step 1Understand the nature of the transaction. The transaction is an expense posted to accounts…

Q: How does accrued but uncollected revenue affect the balance sheet?

A:

Q: Which of the following is included under the financing activities in O Payment of salaries to…

A: Solution: Financing activities are those activities which includes transactions related to sources…

Q: hich one of the following category prepaid expenses belong to? a. Current asset b. Intangible asset…

A: Prepaid expenses are those expenses which are paid in advance for future period of time and expenses…

Q: Determine the following by preparing a multi-step form of SCI. a. Net Sales b. Net Purchases c. Cost…

A: Solution:- Calculation of the following items as follows:-

Q: Which of the following accounts will be closed with a credit? O a. Fees earned O b. Depreciation…

A: The question is related to Accouts which are closed by crediting them. All the nominal accounts  are…

Q: g "Unearned results a debit

A: A transaction of revenue is recognized when the obligation by the seller is fulfilled by…

Q: Explain a bill-and-hold sale. When is revenue recognizedin these situations?

A: When the buyer is not ready to take the delivery but accepts the title and the billing, then it is…

Q: Which of the following is not an asset inventory Revenue Acounts receivable Prepaid insurance

A: In accounting, an asset is a resource with economic value that an individual, corporation, or…

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 one of the following is a Nominal account * Purchases O sales Utility expense Losses O All of…

A: Financial accounting follows the double entry system in which each transaction has at least two…

Q: What is the account title used for revenue when goods are delivered to customers?

A: Account title: An account title is a unique name assigned to an account in an accounting system. An…

Q: Under the realization principle, revenue from sale of products is recognized a. At date of delivery…

A: Recognition of Revenue - Recognition of Revenue is the recording of revenue in the financial year.…

Q: What are revenues that have been earned but not recorded in the accounts called? Group of answer…

A: Deferred revenue, also known as unearned revenue, refers to advance payments a company receives for…

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: 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: is the amount of goods remaining unsold in a particular period a. Cash O b. Accounts receivable O C.…

A: Goods are the items that the entity purchase from the supplier to sell to the customer and earn…

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: What is meant by the term unearned revenue? Where should an unearned revenue account appear in the…

A: Revenue: It refers to the amount earned by a business from selling its goods or services to the…

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 function of money allows individuals to make payment now in return for goods and services? A.…

A: Medium of exchange : Money serves as a medium of exchange. Money facilitates exchange of goods…

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: From page 5-3 of the VLN, what is the appropriate relationship to compute net accounts receivable?…

A: Customers who have received goods or services from a business but haven't yet made payment are said…

Q: Is sales listed as liability equity revenue expense or an account

A: Sales generate revenue for the business. It is main purpose of the business to make more and more…

Q: Which of the following is not an asset inventory Revenue Acounts receivable Prepaid insurance

A: In accounting, an asset is a resource with economic value that an individual, corporation, or…

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: The amount reported on the balance sheet for accounts receivable (gross accounts receivable minus…

A: The Trade Accounts Receivable are indeed an highly liquid assets that can be easily converted into…

Q: Which one of the following accounts is unlikely to ever be seperately disclosed in the income…

A: Financial statement:The financial statement is the statement or the record that is prepared by the…

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 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,…

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.