Which of the following accounts is an asset? Select one: O a. Accounts payable O b. Salary expense O c. Service revenue O d. Prepaid expenses

Q: Which of the following best describes the statement of profit or loss? A It is a summary of assets…

A: The business entities want to know the the profitability and the financial position of the…

Q: The accounting equation may be expressed as(a) Assets = Liabilities - Owner's Equity.(b) Assets =…

A: The different accounts in business balance sheet are described as assets, liabilities and owner's…

Q: dentify whether each account type is permanent or temporary: Assets I Select] Liabilities ISelect]…

A: Solution: Permanent accounts are those which are present on balance sheet and temporary accounts are…

Q: choose the right answer Of the following account types, which would be increased by a debit?…

A: I assumed the first MCQ as first question And next MCQ as second question.

Q: Which of the following is not an example of an operating expense? Select one: a. Salaries Expense…

A: Option d is the correct answer.

Q: Match the account type (Asset, Liability, Equity, Revenues Expenses) with the account name.…

A: Asset - generally asset is a resource that fetches cash inflow into the organization. it is not…

Q: (a) Explain the purpose of the two accounts:Depreciation Expense and Accumulated Depreciation.(b)…

A: (a) Explain the purpose of Depreciation Expense account, and Accumulated Depreciation account.…

Q: Which of the accounts listed below would be classified as asset accounts? Group of answer choices…

A: Assets means anything which would help business to earn profits and increase profit earning…

Q: The accrued balance in a revenue account represents an amount which is: A. earned and collected B.…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: The adjusting entry for accrued revenues includes O a. debit to an asset account. O b. credit to an…

A: Introduction: A general ledger entry made at the end of an accounting period to record any…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Wages…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Consider the following accounts and identify each account as an Asset(A), Liability(L), or…

A: Assets accounts are those accounts that are related to resources of the organisation. Liability…

Q: ) IDENTIFY THE REPORTING FINANCIAL STATEMENT (IS Income Stmt) OR S Balance Sheet). ) IDENTIFY…

A: Nature  of Accounts : According to Traditional Approach there are three types of accounts that are:…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Rent…

A: Revenues are the amount received from the sale of goods and services.  Expenses are the cost…

Q: Which of the following normally have a debit balance? Liability accounts Equity or capital accounts…

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances.Their…

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Rent Expense expense

Q: Classify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE).…

A: Asset: In Financial terms, assets are anything that is held by a business that results in some…

Q: Choose the correct statement below: A. Unearned income is income earned and already collected. B.…

A: The deferred expenses are the expenses incurred but not yet due for payment. The deferred revenue is…

Q: Unearned revenues O a. are recorded as assets when cash is received. O b. are referred to as future…

A: Revenue is the total income earned by a company by selling all its goods or services. It is recorded…

Q: The debit side of an account a.is the left side of the account b.is the right side of the account…

A: Each Account has two sides debit and credit side.

Q: Which of the following is the correct accounting​ equation?   A. Assets​ + Revenues​ = Liabilities​…

A: Assets = Resource of financial value owned or controlled by the company. Liability = Obligation to…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Owner…

A: Owner’s equity: The claims of owners on a company’s resources, after the liabilities are paid off,…

Q: When an organization considers its work-in-process, how should it be classified on a balance sheet?…

A: Work in process is a part of the inventory component of balance sheets, Inventory is categorized…

Q: The following have a debit normal balance, EXCEPT O Owner's Drawings O Expenses O Liabilities O…

A: The owner’s equity is the investment made by the owner or says it is the capital of the owner. A…

Q: Identify the financial statement(s) that the following items appear on. a)interest expense, b)…

A: The Financial Statements consists of: 1- Profit & Loss Account (Income Statement) 2- Balance…

Q: Expenses paid and recorded as assets before they are used are called Select one: O a. Unearned…

A: Introduction: Balance sheet: In Balance sheet all Assets and liabilities are reported. It tells the…

Q: . Which of the following are all temporary accounts?. liabilities, revenues, and expenses a. b.…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Which of the following is a Components, classification, or element of the balance sheet? Select one:…

A: Balance Sheet is not an account but a statement showing financial position of any…

Q: Asset (A), Liability (L), or Equity (E)? a. Interest Revenue b. Accounts Payable C. Calhoun, Capital…

A: Assets means the resources which is owned by business. Liability means the amount which is to be…

Q: Which one of the following accounts is the most liquid? Select one: a. Building. b. Inventory. c.…

A: Liquid accounts signify the short term assets or current assets.

Q: Which one of the following equations correctly expresses the relationship * ?between assets (A),…

A: The accounting transactions effect two or more accounts of the business making accounting equation…

Q: Classify the following into assets and liabilities a) Building b) Мachincry c) Creditor di Debtor e)…

A: Assets are the items that will provide economic benefit to the business in the future, while…

Q: The Income Statement Debit column of the worksheet contains A. expense account balances B. asset…

A: Worksheet is a 10 column account or sheet which first shows unadjusted general ledger balances, then…

Q: The account type and normal balance of Fees earned is a. asset, debit b. expense, debit c. revenue,…

A: In accounting, there are three types of accounts:1. Personal account: This account represents the…

Q: Which should be classified as a financial asset? a. Patent b. Trade Accounts Receivable c.…

A: Financial assets are also known as non-physical assets. It is because it is generated through a…

Q: Accounting equation is developed based on which of the following ? O a. Money measurement O b.…

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

Q: The costs of doing business are classified as:a. assets.b. liabilities.c. revenues.d. expenses.

A: The correct option is option “d”. d. Expenses

Q: are prepaid expenses and accounts receivable are assets

A: Businesses sell their products on credit. The credit sales are Accounts Receivable or Sundry…

Q: Which of the following is an example of a prepaid expense? a.Unearned Subscription Revenue…

A: Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…

Q: The type of account with a normal credit balance is: Group of answer choices an asset drawing a…

A:

Q: his account represents the amount paid in advance for future cost of items or services. a. Revenue…

A: Every transaction is recorded in books of account and has got different relevance. Assets ,…

Q: Which of the following is a nominal account? Select one: A. Prepaid maintenance expense B. Accrued…

A: Nominal accounts are temporary accounts that are closed at the  end of the year and their balance is…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is