10. Which of the following is not a function of accounting? A) Recording transactionsB) Interpreting financial dataC) Forecasting market demandD) Communicating financial results
Q: Do not use ai tool Which of the following is a liability? A) Accounts ReceivableB) Bank LoanC)…
A: Correct Answer:B) Bank LoanA liability is an obligation the business owes to others—typically debts…
Q: Do not answer any optional questions.. If an asset is purchased on credit, which accounts are…
A: Correct Answer:C) Asset and LiabilityWhen an asset is purchased on credit, the asset account…
Q: What is the main objective of financial accounting? A) To control costsB) To calculate taxesC) To…
A: Correct Answer:C) To provide financial information to external usersThe main objective of financial…
Q: Do not use ai
A: We are asked to find the annual payment (PMT) for repaying a $20,000 loan in 4 equal annual…
Q: Do not answer any optional questions please: Which account would normally not appear in the…
A: Service revenue is the income a business earns from performing services for customers. Unlike…
Q: Assets = Liabilities + ______?A) RevenueB) ExpensesC) Owner’s EquityD) Drawings
A: C) Owner's Equity is CORRECT. First, we must understand what is the accounting equation. The…
Q: Which account is debited when furniture is purchased for cash? A) Furniture AccountB) Cash AccountC)…
A: Explanation:When goods are sold on credit, it means the customer will pay later. No cash is received…
Q: Do not answer! what is general accounting? can you explain general accounting?
A: General accounting refers to the systematic process of recording, summarizing, analyzing, and…
Q: Which principle requires that expenses be recorded in the same period as the revenues they help…
A: Let's explore the Matching Principle in detail, and also clarify why the other options are…
Q: What is a dividend? a) A company's total profit b) Portion of profit paid to shareholders c) Payment…
A: Correct Answer: b) Portion of profit paid to shareholders Comprehensive Explanation:A dividend is a…
Q: Which of the following would be recorded in the purchases book? A) Cash purchasesB) Credit purchases…
A: The correct answer is:B) Credit purchases of goodsThe Purchases Book records only credit purchases…
Q: Which of the following is a real account? A) Salaries ExpenseB) CashC) SalesD) Rent
A: Correct Answer: B) Cash Real accounts are permanent accounts that appear on the balance sheet and…
Q: During the wake of the financial crisis, Ben Bernanke, chairman of the Federal Reserve, said that…
A:
Q: Which financial statement shows a company’s financial position at a specific date? A) Income…
A: Explanation:The Balance Sheet is the financial statement that shows a company's financial position…
Q: I need help in this question. A loan of $50,000 is taken from a bank and credited to the business's…
A: Journal Entry:Debit: Bank Account - $50,000Credit: Loan from Bank - $50,000Explanation:When a…
Q: Don't answer any optional question Which of the following errors does not affect the trial balance?…
A: Correct Answer:C) Error of omissionAn error of omission occurs when a transaction is completely left…
Q: Which book is used to record the return of goods sold? A) Purchases Return BookB) Sales Return…
A: Correct answer:B) Sales Return BookThe Sales Return Book (also called the Returns Inwards Book) is…
Q: Question 2 Ordinary Craft Inc.(OC) is currently an unlevered firm with 450,000 shares ofstock…
A: Step 1: Calculate Total Market Value of OC (Unlevered)OC has 450,000 shares at $15 per share:Total…
Q: What does the accounting equation state? A) Assets = Liabilities + CapitalB) Assets = Revenue –…
A: Explanation:The accounting equation is the basic rule of accounting. It shows that a company's…
Q: Which of the following is not a component of working capital? A) InventoryB) CashC) Plant and…
A: Correct Answer: C) Plant and MachineryWorking Capital = Current Assets − Current LiabilitiesIt…
Q: Which of the following is a current asset? A) LandB) InventoryC) EquipmentD) Patents
A: Explanation:A current asset is an asset that is expected to be converted into cash, sold, or…
Q: What type of account is “Accounts Payable”? A) AssetB) LiabilityC) RevenueD) Expense
A: Correct Answer:B) LiabilityAccounts Payable is a liability account. It represents the amount a…
Q: What type of account is “Drawings”? A) AssetB) LiabilityC) ExpenseD) Capital (Contra account)
A: Explanation:"Drawings" represent the amount of money or goods withdrawn by the owner from the…
Q: Do not answer otherwise dislike Subject accounting
A: The question asks about the change in Accounts Receivable when:Credit sales = $80,000Cash…
Q: The account used to record errors until they are resolved is: A) Reserve AccountB) Capital AccountC)…
A: Explanation:A Suspense Account is a temporary account used in accounting to record uncertain or…
Q: What is the purpose of a balance sheet? A) To calculate profit or lossB) To show cash inflows and…
A: Explanation:A balance sheet is a financial statement that provides a snapshot of a company's…
Q: Do not answer any this type question all will unhelpful!
A: 1: Understand the problemThis is a present value of a single amount problem. You're finding out how…
Q: Bank Reconciliation:The bank statement shows a cheque for $1,200 issued but not yet presented. How…
A: Treatment in Bank Reconciliation Statement:The cheque for $1,200 issued but not yet presented means…
Q: Closing entries are recorded in which book? A) Sales BookB) Cash BookC) Purchase BookD) Journal…
A: Explanation:Closing entries are the journal entries made at the end of an accounting period to…
Q: Which of the following is a current asset? A) LandB) InventoryC) EquipmentD) Patentsno ai pl
A: Correct Answer:B) InventoryInventory is a current asset because it is expected to be sold or used…
Q: What type of account is “Rent Received in Advance”? A) AssetB) IncomeC) LiabilityD) Expense
A: Explanation:"Rent Received in Advance" refers to money that a business receives before it has earned…
Q: no aiProvision for Bad Debts:What is a provision for doubtful debts, and how is it recorded in the…
A: Provision for Doubtful Debts is an estimate of the amount from accounts receivable that may not be…
Q: The balance of the cash book is considered as: A) ExpenseB) AssetC) LiabilityD) Incomehelp
A: Step 1:Cash Book:It is a record of all cash and bank transactions.The balance in the cash book…
Q: im looking for correct answer with Financial Accoutng methodology
A: Step 1: Detailed explanation of High-Low MethodThe High-Low Method is used to estimate fixed and…
Q: Do not answer any this type question all will unhelpful. Capital vs Revenue…
A: Capital Expenditure vs Revenue Expenditure:Capital Expenditure is money spent to acquire or improve…
Q: Accrual Concept:Explain the accrual concept with a suitable example.Do not use ai
A: Here's a detailed explanation of the Accrual Concept in accounting, along with suitable examples: ✅…
Q: Which of the following transactions increases owner’s equity?A) Paying rentB) Purchasing inventoryC)…
A: Explanation:Owner's equity increases when the business earns income or revenue. Here's a breakdown…
Q: Which principle requires recording revenue when it is earned, regardless of when cash is received?…
A: Explanation:The Revenue Recognition Principle is a fundamental accounting principle that requires…
Q: Do not answer any this type question otherwise unhelpful. Provision for Bad Debts:What is a…
A: Provision for Doubtful Debts is an estimate of the amount of accounts receivable that may not be…
Q: Do not answer any optional questions please. Which account is debited when furniture is purchased…
A: Explanation:When furniture is purchased for cash, two accounts are involved:Furniture Account…
Q: Which of the following is not a type of subsidiary book? A) Purchase BookB) Cash BookC) LedgerD)…
A: Explanation:Subsidiary books (also called books of original entry) are used to record specific types…
Q: Plz solve this
A: Use the present value formula for a lump sum: PV=(1+0.08)310,000=1.259710,000≈7,940
Q: If expenses are greater than revenues, the business has a:A) Net gainB) Net assetC) Net lossD) Net…
A: Answer: C) Net loss If costs exceed income, a corporation has a "net loss" in accounting (Haig,…
Q: Which term refers to income earned but not yet received? A) Accrued incomeB) Unearned incomeC)…
A: Explanation:Accrued income refers to income that has been earned but not yet received in cash or…
Q: No answer unhelp
A: Use the present value of an ordinary annuity formula…
Q: Which of the following is not a characteristic of financial information under the qualitative…
A: Explanation:In accounting, qualitative characteristics of financial information are the attributes…
Q: Which principle assumes that business and owner are two separate entities? A) Going ConcernB)…
A: The CORRECT answer is C) Business Entity.The business entity concept means that a business's…
Q: Which of the following is considered a non-operating income? A) Sales revenueB) Service incomeC)…
A: Correct Answer:C) Rent receivedRent received is typically non-operating income if it is not the main…
Q: If an asset is purchased on credit, which accounts are affected? A) Asset and CashB) Asset and…
A: Correct Answer:C) Asset and LiabilityWhen an asset is purchased on credit, it means the business has…
Q: Bad Debts:Define bad debts. How are they treated in the final accounts?Need
A: Bad Debts:Bad debts are amounts owed by customers that are no longer recoverable due to insolvency…
10. Which of the following is not a function of accounting?
A) Recording transactions
B) Interpreting financial data
C)
D) Communicating financial results
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- Which of the following is considered a constraint on useful information by Statement of Financial Accounting Concepts No. 8? a. benefits costs b. conservatism c. timeliness d. verifiabilityIn general, how does the income statement help satisfy the objectives of financial reporting?10. Which of the following is not a function of accounting? A) Recording transactionsB) Interpreting financial dataC) Forecasting market demandD) Communicating financial resultshelp
- What is the main objective of financial accounting? A) To control costsB) To calculate taxesC) To provide financial information to external usersD) To analyze market trends i need help in thiWhat is the main objective of financial accounting? A) To control costsB) To calculate taxesC) To provide financial information to external usersD) To analyze market trendsneed helpHow do Accounting standards Increase Financial Statement Reliability?
- How and why the market forces influence the supply of financial accounting information?What is the main objective of financial accounting? A) To control costsB) To calculate taxesC) To provide financial information to external usersD) To analyze market trendsWhat is the main objective of financial accounting? A) To control costsB) To calculate taxesC) To provide financial information to external usersD) To analyze market trendsno use ai tool
- Which of the following is not a characteristic of financial information under the qualitative characteristics of accounting? A) RelevanceB) Faithful RepresentationC) TimelinessD) Convenience helpWhich of the following is not a characteristic of financial information under the qualitative characteristics of accounting? A) RelevanceB) Faithful RepresentationC) TimelinessD) Convenience Need helpWhich of the following is not a characteristic of financial information under the qualitative characteristics of accounting? A) RelevanceB) Faithful RepresentationC) TimelinessD) Convenience