Q: Which of the following is not an asset? A) BuildingB) Accounts ReceivableC) Loan PayableD) Inventory
A: Correct Answer:C) Loan PayableLoan Payable is a liability, not an asset. It represents money the…
Q: Capital Introduced:The owner brings in $50,000 as additional capital in cash. What journal entry…
A: When the owner brings in additional capital in cash, it means the business is receiving cash from…
Q: Travel Mart C-Store, a regional convenience store chain, maintains milk inventory by the gallon.…
A: Let's solve this step by step using the LIFO (Last-In, First-Out) perpetual inventory method.1.…
Q: Proper Answer need about this Accouting Question
A: Step 1: Detailed Explanation of MarginMargin, specifically Operating Margin, measures the percentage…
Q: The total of the debit column in the trial balance is RM20,000, and the credit column is RM18,000.…
A: Correct Answer:B) Error in the ledgerA trial balance is meant to ensure that total debits equal…
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 a contra entry? need help
A: What is a Contra Entry?A contra entry is a transaction that affects both the debit and credit sides…
Q: Which account is debited when goods are purchased for cash? A) CashB) CapitalC) PurchasesD)…
A: Explanation:When goods are purchased for cash, the business is:Receiving goods (increase in…
Q: Which of the following affects the capital account? A) Payment of rentB) Purchase of goodsC)…
A: Step 1:✅ Correct Option: C) DrawingsLet's explain the correct option — C) Drawings — clearly and…
Q: Which of the following is classified as a nominal account? A) CapitalB) Rent ExpenseC) MachineryD)…
A: Correct Answer:B) Rent ExpenseNominal accounts relate to expenses, losses, incomes, and gains. These…
Q: Do not answer this question otherwise dislike..
A: To find the total interest earned, we use the formula for simple interest:Simple Interest =…
Q: Which of the following accounts normally has a credit balance? A) CashB) Accounts ReceivableC)…
A: Correct Answer: D) RevenueExplanation:In accounting, accounts have normal balances that are either…
Q: Do not answer this question otherwise dislike
A: To solve the question:What is the Effective Annual Rate (EAR)for a nominal interest rate of 12%…
Q: Which of the following is a non-cash item in the income statement?A) Sales RevenueB) Cost of Goods…
A: Correct answer: C) Depreciation ExpenseExplanation:Sales Revenue - Involves actual cash or…
Q: Which of the following is not considered a current asset?A) CashB) Accounts ReceivableC) LandD)…
A: Correct answer: C) LandExplanation:Cash, Accounts Receivable, and Inventory are all current assets…
Q: Which is an example of an intangible asset? A) FurnitureB) LandC) TrademarkD) Inventoryneed help
A: The correct answer is:C) TrademarkIntangible assets are non-physical assets that have value due to…
Q: Subject Accounting I need
A: Question 1: Cost of Goods Sold (COGS)Given:Beginning Inventory: $950,600Purchases: $825,800Ending…
Q: Pass N GoC-Store, a regional convenience store chain, maintains milk inventory by the gallon. The…
A: The question requires the calculation of the value of the ending inventory using the weighted…
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: 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: 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: Which document initiates the recording of a financial transaction? A) Balance SheetB) Trial…
A: Explanation:A source document is the original record that provides evidence a financial transaction…
Q: What is the main characteristic of a real account? A) Temporary and closed at year-endB) Personal in…
A: C) Represents assets or propertiesAn account that remains open at the conclusion of the accounting…
Q: A decrease in owner's equity can result from: A) Revenue earnedB) Additional capitalC) DrawingsD)…
A: Correct Answer:C) DrawingsDrawings refer to amounts withdrawn by the owner from the business for…
Q: Which principle ensures that expenses are recorded in the same period as the revenues they help to…
A: Correct Answer:B) Matching PrincipleThe Matching Principle ensures that expenses are recorded in the…
Q: Which book is used to record all credit sales? A) Purchases JournalB) Sales JournalC) Cash BookD)…
A: Correct Answer:B) Sales JournalThe Sales Journal is a special journal used specifically to record…
Q: Which of the following is not part of the accounting cycle? A) JournalizingB) PostingC) CookingD)…
A: Correct Answer: C) Cooking"Cooking" is unrelated to accounting and not part of the accounting cycle.…
Q: Which account is increased by a debit entry?A) Accounts PayableB) CashC) RevenueD) Common Stock
A: The correct answer is: B) CashExplanation:A debit entry increases the following types of…
Q: This Accounting Question Solution with Correct Method and Detailed Explanation
A: Step 1: Detailed Explanation of Debt-to-Equity RatioThe Debt-to-Equity Ratio is a financial metric…
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: Which of the following is classified as an indirect expense? A) Wages of factory workersB)…
A: Explanation:Indirect expenses are costs that are not directly tied to the production of goods or…
Q: Which of the following is an example of an indirect expense? A) Raw materialB) WagesC) Factory…
A: Explanation:Indirect expenses are costs that are not directly related to the production of goods,…
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 account is affected when a business pays for internet service? A) Utilities ExpenseB) Internet…
A: Correct Answer:B) Internet ExpenseWhen a business pays for internet service, the cost is usually…
Q: Do not use ai Provision for Bad Debts:What is a provision for doubtful debts, and how is it recorded…
A: Treatment of Bad Debts: Definition and Final Accounts TreatmentDefinitionA doubtful debt provision…
Q: No ai What is the function of the profit and loss statement?
A: Function of the Profit and Loss Statement:The profit and loss statement (also called the income…
Q: The balance of which account is carried forward to the next accounting year? A) Rent ExpenseB)…
A: Explanation:In accounting, accounts are classified into two main types based on how they are treated…
Q: Calculate the total assets: Cash = $8,000; Accounts Receivable = $5,500; Equipment = $12,000;…
A: To calculate Owner's Equity, we use the accounting equation:Assets = Liabilities + Owner's…
Q: Which of the following accounts is increased with a credit? A) CashB) Rent ExpenseC) RevenueD)…
A: Explanation:In accounting, a credit entry increases:LiabilitiesRevenuesOwner's Equity (except…
Q: Get Answer with Correct Information of this Accouting Metter
A: Step 1: Detailed Explanation of Gross ProfitGross Profit represents the difference between a…
Q: Which of the following is not an element of the accounting equation? A) AssetsB) LiabilitiesC)…
A: Explanation:The accounting equation is the fundamental equation that forms the basis of the…
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: Errors in Accounting:Define Error of Principle with one example.no use ai tool
A: Error of Principle:An error of principle occurs when a transaction is recorded in the wrong type of…
Q: If a business has Assets of $50,000 and Equity of $30,000, what are the Liabilities? A. $80,000 B.…
A: We use the accounting equation:Assets = Liabilities + EquityGiven:Assets = $50,000Equity =…
Q: Which account is debited when goods are returned by a customer? A) SalesB) Sales ReturnsC)…
A: Explanation:When a customer returns goods, it reduces your sales. Instead of decreasing the Sales…
Q: Prepaid expenses are classified as: A) Current liabilityB) Current assetC) Fixed assetD) Expensei…
A: Correct Answer:B) Current assetPrepaid expenses are payments made in advance for services or…
Q: Which account would be debited when goods are returned to a supplier?A) PurchasesB) Purchase…
A: Correct answer: C) Accounts PayableExplanation:When goods are returned to a supplier, the company…
Q: Income received in advance is shown as: A) AssetB) LiabilityC) RevenueD) Equity
A: Explanation:Income received in advance (also known as unearned income or deferred income) refers to…
Q: Ledger Entry:Describe the process of posting a journal entry to the ledger. I need help
A: Ledger Entry:The process of posting a journal entry to the ledger involves the following…
Q: Could you help explain and clarify the issues of capital markets? How efficiently the capital is…
A: Capital markets play a key role in economic development by bringing savings into productive…
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- What is manipulation of receivables? How does it relate to accounting? Why is it so important?What IF function can be used to determine whether or not an amount in a certain cell should be a debit and if it is what amount should it be?What is a balance sheet? Why is it useful? What is the difference between a pro forma balance sheet and a balance sheet?
