The cash book is a: A) Journal onlyB) Ledger onlyC) Both journal and ledgerD) Memorandum booki need correct an

Q: I need help with this general accounting question using the proper accounting approach.

A: Provided Data:Gross Income (Year 4) = $680,000Deductions (Year 4) = $345,000Net Operating Loss (Year…

Q: Do not use chatgpt  3. Which of the following is not a feature of management accounting? A)…

A: The correct answer is:A) Historical in natureExplanation:Management accounting is mainly…

Q: Which account is affected when the business pays telephone expenses in cash? A) Cash A/c and…

A: When a business pays telephone expenses in cash, it is recording a business expense and reducing its…

Q: Which of the following is a real account? A) Sales AccountB) Rent AccountC) Furniture AccountD)…

A: A real account represents tangible or intangible assets that appear on the balance sheet and are…

Q: Which book is used to record transactions that do not fit into any other book? A) Cash BookB)…

A: The correct answer is:D) Journal ProperExplanation:Journal Proper is used to record non-routine or…

Q: When a business receives rent in advance, it is treated as: A) ExpenseB) RevenueC) LiabilityD) Asset

A: Explanation:Rent received in advance is not earned yet, so it is a liability for the business…

Q: In cost accounting, fixed costs per unit will: A) Increase with increase in productionB) Decrease…

A: Fixed costs are total costs that don't change with the level of production (like rent or salaries).…

Q: Prepaid expenses are shown in the balance sheet as: A) LiabilityB) EquityC) AssetD) ExpenseHelp

A: Prepaid expenses are payments made in advance for goods or services to be received in the future…

Q: Which of the following is an example of a contingent liability? A) Bank OverdraftB) Loan PayableC)…

A: Explanation:A contingent liability is a potential obligation that may occur depending on the outcome…

Q: A credit to the Sales account will:A. Increase itB. Decrease itC. Have no effectD. Be an errorhelp

A: Correct answer: A. Increase itExplanation:The Sales account (or Revenue account) normally has a…

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A: To calculate the Gross Profit Margin, we use the formula:Gross Profit Margin (%) = (Gross Profit /…

Q: Accounting answer please

A: Step 1: Detailed explanation of LIFO (Last-In, First-Out) MethodLIFO (Last-In, First-Out) is an…

Q: Can you help me solve this general accounting question using the correct accounting procedures?

A: Step 1: Definition of Fixed Asset Turnover RatioThe fixed asset turnover ratio measures a company's…

Q: Which of the following entries records the purchase of equipment on credit?A. Debit Equipment,…

A: Explanation:When a company purchases equipment on credit, it:Increases equipment (an asset) → Debit…

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A: Step 1: Definition of Interest on a NoteInterest on a note is the compensation paid by the borrower…

Q: Need explanation  Which of the following is an example of a revenue receipt? A) Sale of fixed…

A: The correct answer is: C) Rent received✅ Explanation:Revenue receipts are the regular and recurring…

Q: please give me true answer accounting question ?

A: Step 1: Definition of Note Payable with InterestA note payable is a formal written agreement where a…

Q: Which of these is a contra-asset account?A. Accounts PayableB. Accumulated DepreciationC.…

A: Correct answer: B. Accumulated Depreciation✅ Step-by-Step Explanation:🔹 What is a contra-asset…

Q: Can you help me solve this financial accounting problem using the correct accounting process?

A: Step 1: Detailed Explanation of Return on Assets (ROA)Return on Assets (ROA) is a financial ratio…

Q: 7. A credit note is issued when: A) Business receives goods back from customerB) Business sends…

A: The correct answer is:A) Business receives goods back from customerExplanation:A credit note is…

Q: 3. Which of the following transactions will not be recorded in the books? A) Cash salesB) Purchase…

A: Explanation:Transactions that are recorded in the accounting books must be financial in nature and…

Q: The double-entry system means: A) Each transaction is recorded onceB) Debit and credit balances must…

A: The double-entry system means that every financial transaction affects at least two accounts: one…

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A: To calculate the Cost of Goods Sold (COGS), use this formula: COGS = Beginning Finished Goods…

Q: Which of the following is a liability for the business? A) Accrued CommissionB) Prepaid InsuranceC)…

A: Explanation:Outstanding Rent is rent that the business owes but has not yet paid, so it's a…

Q: General accounting question

A: To compute the Supplies Expense for the month of March, use the following formula: Supplies Expense…

Q: Please provide problem with general accounting

A: Step 1: Detailed explanation of Cash Paid for RentCash Paid for Rent is the actual outflow of cash…

Q: Subject : General accounting

A: To calculate the increase in profit:Formula:Change in Profit = (Contribution Margin Ratio × Increase…

Q: When a cheque received from a customer is dishonoured, which account is debited? A) Sales AccountB)…

A: Correct answer: B) Customer's AccountExplanation:When a cheque received from a customer is…

Q: I need explanation  Accrued income is shown in the financial statements as: A) LiabilityB) IncomeC)…

A: Explanation:Accrued income refers to income that has been earned but not yet received in cash or…

Q: An increase in an expense account is recorded on the: A) Credit sideB) Debit sideC) Asset sideD)…

A: Explanation: The golden rule of accounting states debit all expenses and losses, credit all incomes…

Q: The cost of repairs of a second-hand machine purchased is: A) Revenue expenditureB) Capital…

A: Step 1:Revenue expenditure is the incorrect option because it is an expense incurred in day to day…

Q: financial accounting

A: To calculate the cash used in operating activities, we start with the net loss and adjust for…

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A: Explanation: In the given case, we are required to calculate the no. of days taken by Brenda Corp.…

Q: Please provide the answer to this general accounting question using the right approach.

A: Step 1: Definition of Gross Profit and Sales RelationshipGross profit represents the difference…

Q: If goods are sold on credit to Raj for ₹10,000, what is the journal entry? A) Raj A/c Dr. ₹10,000…

A: Explanation:When goods are sold on credit, the buyer (Raj) is owed money, so Raj's account is…

Q: What does the term "double entry" imply in accounting? A) Each transaction is recorded twice in the…

A: The correct answer is:B) Each transaction affects two accounts equallyExplanation:In double-entry…

Q: Please give me answer with accounting question

A: Step 1: Calculate Average Accounts ReceivableAverage Accounts Receivable = (Beginning A/R + Ending…

Q: Do not answer!! Provision for doubtful debts is an example of: A) LiabilityB) Contingent AssetC)…

A: The correct answer is: C) Contra AssetExplanation:Provision for doubtful debts (also called…

Q: Can you help me solve this general accounting problem with the correct methodology?

A: To calculate net income, use the retained earnings formula:Ending Retained Earnings = Beginning…

Q: Compute the amount of under-or overapplied overhead cost for the year.

A: Concept of Predetermined Overhead Rate:The predetermined overhead rate is an estimated rate set…

Q: Amount paid for a 3-year insurance policy is shown as: A) Capital receiptB) Deferred revenue…

A: Correct Answer: C) Prepaid expense (Asset)💡 Explanation:When a business pays for a 3-year insurance…

Q: The Arkansas Company makes and sells a product called Product K. Each unit of Product K sells for…

A: The total cash available for the company in November is the sum of the cash balance on November 1…

Q: Preliminary expenses are classified as: A) Capital expenditureB) Current liabilityC) Intangible…

A: Explanation:Preliminary expenses are the costs incurred during the formation of a company (e.g.,…

Q: General accounting

A: Explanation: In the given case, we are required to calculate the receivables turnover ratio for 2024…

Q: Which of the following is a liability for the business? A) Accrued IncomeB) Outstanding SalaryC)…

A: The correct answer is:B) Outstanding SalaryExplanation:Outstanding Salary is a liability because it…

Q: I need assistance with this general accounting question

A: Step 1: Detailed Explanation of Net IncomeNet Income is the profit a company earns after subtracting…

Q: The balance in the petty cash book is always: A) CreditorB) AssetC) LiabilityD) Revenueno ai

A: The correct answer is: B) AssetExplanation (in simple terms, no AI jargon):Petty Cash is a small…

Q: Don't  Which account is increased with a credit entry?A. CashB. Accounts ReceivableC. RevenueD.…

A: Correct answer: C. RevenueExplanation:In double-entry accounting, credit entries are used to…

Q: can you please solve this accounting question

A: To calculate the gross margin, use this formula:Gross Margin = Sales - Cost of Goods SoldGiven:Sales…

Q: Please give me correct answer this financial accounting question

A: To determine Harborview Systems' net income for 2023, use the following retained earnings…