Q: Salaries outstanding at year-end are classified as: A) AssetB) IncomeC) LiabilityD) Capitalno an
A: Explanation:Salaries outstanding at year-end means that the business has incurred an expense…
Q: What is the dollar value that the stock must reach. Financial accounting
A: Given:Bond Purchase Price = $4,200Shares per Conversion = 60 shares Calculation:Stock Price=Number…
Q: The account used to correct differences in the trial balance is called: A) Reserve accountB) Capital…
A: Correct answer:C) Suspense accountA suspense account is a temporary account used to record…
Q: General Accouting Question solution pls
A: Net the Current Year Section 1231 ItemsSection 1231 Gain: $35,000Section 1231 Loss: $22,000Net…
Q: What is the significance of the matching principle in accounting?
A: Significance of the Matching Principle in AccountingThe matching principle ensures that expenses are…
Q: Do not answer any optional questions!! The accounting equation is:A) Assets = Liabilities + EquityB)…
A: The accounting equation is: Assets = Liabilities + EquityThis fundamental equation shows that a…
Q: Journalize this transaction: Owner invests $5,000 cash into the business.
A: Journal Entry:Date: [Enter actual date]Debit: Cash $5,000Credit: Owner's Capital…
Q: The double-entry system means: A) Recording each transaction onceB) Using two sets of booksC) Every…
A: Explanation:The double-entry system is a fundamental concept in accounting. It means that every…
Q: What is the normal balance of a liability account? A) DebitB) CreditC) ZeroD) Variesneed hrlp
A: Correct Answer:B) CreditLiability accounts normally have a credit balance because they represent…
Q: The accounting concept that assumes the business will continue for the foreseeable future is called:…
A: Correct Answer:C) Going ConcernThe Going Concern concept assumes that a business will continue to…
Q: Inventory turnover is an important measure of how a firm is managing its current assets, but differs…
A: **1. Nature of the Products*** **Grocery stores** deal in **perishable goods** (e.g., milk, produce,…
Q: Which of the following is not a component of working capital? A) InventoryB) CashC) Plant and…
A: Working capital refers to funds the company uses to run its day to day operations Its calculated as…
Q: Do not solve this question..
A: Step-by-step:Total cost of insurance = $12,000Duration of policy = 12 monthsMonthly insurance cost =…
Q: Which of the following will not appear in the balance sheet? A) MachineryB) SalesC) CreditorsD)…
A: Correct Answer: B) SalesThe Balance Sheet shows the financial position of a business at a point in…
Q: Which of the following is an example of a real account? A) RentB) WagesC) BuildingD) CommissionHelp
A: Correct Answer:C) Building - This is a real account because it represents a tangible asset that has…
Q: Which of the following is considered a non-operating income? A) Sales revenueB) Service incomeC)…
A: Correct Answer:C) Rent receivedNon-operating income refers to income not derived from the core…
Q: 8. Which account is increased by a credit entry? A) CashB) PurchasesC) CapitalD) Drawings
A: Correct answer: C) CapitalExplanation:Capital is increased by a credit entry because it represents…
Q: The process of transferring journal entries to ledger accounts is called: A) SummarizingB) PostingC)…
A: Correct Answer:B) PostingPosting is the process of transferring entries from the journal to the…
Q: What is the correct order of the accounting cycle? A) Ledger → Journal → Trial Balance → Financial…
A: Explanation:The accounting cycle is the step-by-step process followed to record and report financial…
Q: Hello Teacher Please Provide Correct answer with Definition about this Financial Accouting Metter
A: Step 1: Detailed Explanation of Return on Common Stockholders' EquityReturn on Common Stockholders'…
Q: The accounting concept that assumes the business will continue for the foreseeable future is called:…
A: Correct Answer:C) Going ConcernThe Going Concern concept assumes that the business will continue…
Q: Which of the following errors will affect the trial balance totals? A) Error of omissionB) Error of…
A: Correct answer: C) Single-sided entryExplanation:Let's break down each option:A) Error of…
Q: 8. Which account is used to record owner's withdrawals? A) CapitalB) DrawingsC) ExpensesD)…
A: The correct answer is:B) DrawingsThe Drawings account is specifically used to record amounts…
Q: A company buys inventory for $3,000 on credit. What is the correct journal entry? A. Debit Cash,…
A: Explanation:The company is buying inventory, so Inventory (an asset) increases. This means we debit…
Q: Which of the following is used to record goods returned to suppliers? A) Debit NoteB) Credit NoteC)…
A: Explanation:When goods are returned to suppliers, the business (buyer) issues a Debit Note to inform…
Q: Which of the following is a current asset? A) LandB) InventoryC) EquipmentD) Patentshelp me
A: Correct Answer:B) InventoryInventory is a current asset because it is expected to be sold or used…
Q: Hello Tutor Please Provide Solution about this Financial Accouting Question
A: Step 1: Detailed explanation of Return on Assets (ROA)Return on Assets (ROA) is a financial metric…
Q: The total of the debit column in the trial balance is RM20,000, and the credit column is RM18,000.…
A: Explanation:A trial balance is a statement that lists all the balances of ledger accounts into debit…
Q: Which of the following accounts normally has a credit balance? A) Salaries ExpenseB) EquipmentC)…
A: Correct Answer:C) CapitalThe Capital account represents the owner's equity or investment in the…
Q: Need What is meant by the term “accrual basis of accounting”?
A: What is Meant by the Term "Accrual Basis of Accounting"?The accrual basis of accounting is a method…
Q: Which of the following statements best describes the accrual basis of accounting? A) Revenues and…
A: Correct Answer:C) Revenues are recognized when earned, and expenses when incurredThe accrual basis…
Q: Which of the following accounts is an example of a nominal account? A) BuildingB) CapitalC) Rent…
A: Step 1: Introduction to accountingAccounting is defined as the process of recording business…
Q: Do not answer this question otherwise dislike
A: To find the equal annual installment (annuity payment), we use the annuity formula:PMT = P × [r(1 +…
Q: If a business has Assets of $50,000 and Equity of $30,000, what are the Liabilities? A. $80,000 B.…
A: Correct Answer: B. $20,000Use the accounting equation:Assets = Liabilities + Equity Given:Assets =…
Q: Calculate Day sales Uncollected Financial Accounting
A: Step 1: Detailed Explanation of Days' Sales UncollectedDays' Sales Uncollected (also known as Days…
Q: I Need What is meant by the term “credit note”?
A: What is Meant by the Term "Credit Note"?A credit note is a document issued by a seller to a buyer to…
Q: General account subject questions
A: Step 1: Definition of Overhead Applied to Work in Process (WIP)Overhead applied to Work in Process…
Q: Which principle requires that expenses be matched with revenues in the period in which they are…
A: Explanation:The Matching Principle is an accounting concept that requires expenses to be recorded in…
Q: Which of the following is classified as a nominal account? A) CapitalB) Rent ExpenseC) MachineryD)…
A: Correct Answer:B) Rent ExpenseA nominal account records incomes, gains, expenses, and losses. These…
Q: Which of the following is recorded in the journal proper? A) Cash purchasesB) Credit salesC) Opening…
A: Correct Answer:C) Opening entryThe Journal Proper is used to record transactions that do not fit…
Q: A credit entry will: A) Increase an assetB) Decrease a liabilityC) Increase capitalD) Increase…
A: Explanation:In accounting, a credit entry affects different accounts in different ways:Assets:…
Q: What is the Specific Problem Statement in the capital market? Please give an example What is the…
A: Understanding Research Design and Methodology in Capital Market StudiesIn capital market research,…
Q: Get Answer of this financial Accouting Question with step by step
A: Step 1: Detailed Explanation of Net Income Net income represents the final profit of a company after…
Q: How does a ledger differ from a journal in accounting? i need
A: Difference Between Ledger and Journal in Accounting:Journal: The first book of entry where all…
Q: A trial balance is prepared to:A) Finalize accountsB) Calculate net incomeC) Check arithmetical…
A: Correct answer: C) Check arithmetical accuracy of ledger accountsExplanation:A trial balance lists…
Q: What is general accounting? Explain
A: General accounting is the process of recording, summarizing, and reporting a company's financial…
Q: The credit balance in the income summary account after closing entries indicates: A) Net lossB)…
A: Explanation:The Income Summary account is a temporary account used during the closing process to…
Q: Accounting Concept:Explain the Consistency Principle in accounting. Why is it important?
A: Definition and Explanation: The Consistency Principle is a fundamental concept in accounting which…
Q: What was summit manufacturing's rate of return on assets for 2023? Financial accounting
A: Step 1: Detailed Explanation of Rate of Return on AssetsRate of Return on Assets (ROA) measures how…
Q: Which book is used to record all cash transactions? A) LedgerB) JournalC) Cash BookD) Purchase Book
A: Explanation:The Cash Book is a specialized journal used to record all cash transactions, both cash…
List three examples of intangible assets.
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