Which of the following errors will not affect the trial balance? A) Posting to the wrong side of accountB) Error of omissionC) Wrong totaling of trial balanceD) Wrong amount posted on one side

Q: The principle that guides accountants to record a transaction at its original cost is called: A)…

A: The correct answer is: B) Cost ConceptExplanation:The Cost Concept states that all transactions…

Q: Which of the following would appear on the credit side of a cash book? A) Cash deposited into bankB)…

A: Using the rule of real account:Debit what comes in and Credit what goes out A) Cash deposited into…

Q: Explanation in this  Which type of account is “Bank Overdraft”? A) Personal AccountB) Real AccountC)…

A: The correct answer is: A) Personal AccountExplanation:Bank Overdraft represents an amount owed to…

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A: A. Dividend YieldThe dividend yield is the annual dividend per share divided by the current market…

Q: None

A: Step 1: Detailed Explanation of Asset Turnover RatioThe Asset Turnover Ratio measures how…

Q: What is the nature of the salary outstanding account? A) AssetB) LiabilityC) ExpenseD) Income

A: The correct answer is: B) LiabilityExplanation:Salary outstanding means salary that has been…

Q: What is the nature of the salary outstanding account? A) AssetB) LiabilityC) ExpenseD) Incomeneed…

A: The correct answer is:B) LiabilityExplanation:Salary Outstanding means salary that is due but not…

Q: Please provide the correct answer to this financial accounting question

A: Given:Initial investment: $96,000Annual net cash inflow: $24,000Simple Payback Period = Initial…

Q: Depreciation is charged to account for: A) Loss due to theftB) Increase in asset valueC) Wear and…

A: Depreciation represents the gradual reduction in the value of an asset over time due to wear and…

Q: Accounting question with correct solution

A: Step 1: Definition of Average Collection Period  The average collection period is a key financial…

Q: Purchase of stationery for office use is treated as: A) Capital expenditureB) Revenue expenditureC)…

A: B) Revenue expenditure  Because stationery is a typical expense for running the office and is used…

Q: Franco Electronics manufactures smart speakers with a selling price of $85 per unit, variable costs…

A: Here's a detailed step-by-step solution to determine how many smart speakers Franco Electronics must…

Q: A business receives a cheque from a customer. The correct entry is: A) Bank A/c Dr.    To Customer…

A: The correct answer is:A) Bank A/c Dr. To Customer A/cExplanation:When a business receives a cheque…

Q: In accounting, the term “ledger” refers to: A) Original book of entryB) Book containing classified…

A: The correct answer is:B) Book containing classified accountsExplanation:A ledger is the book of…

Q: I am looking for the correct answer to this general accounting question with appropriate…

A: To calculate the profit margin, use the formula:Profit Margin = (Operating Income ÷ Net Sales) ×…

Q: Which of the following is an intangible asset? A) FurnitureB) InventoryC) CopyrightD) Landdont…

A: Explanation:Intangible assets are non-physical assets that have value due to the rights or…

Q: What is the dollar amount of total assets?

A: Step 1: DefinitionsConcept of Total Assets:Total assets represent everything a company owns that has…

Q: Can you help me solve this financial accounting question using valid financial accounting…

A: Step 1: Detailed Explanation of Investment TurnoverInvestment Turnover is a financial efficiency…

Q: do not answer!! Which accounting principle assumes that transactions are recorded in monetary terms…

A: Option A. is incorrect because cost concept states that the assets should be recorded at their…

Q: Could you explain the steps for solving this financial accounting question accurately?

A: Step 1: Detailed Explanation of Absolute Public Debt and Debt-to-GDP RatioAbsolute public debt is…

Q: I am looking for the correct answer to this general accounting question with appropriate…

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

Q: What type of account is “Bad Debts Recovered”? A) ExpenseB) IncomeC) AssetD) Liability need…

A: The correct answer is: B) IncomeExplanation:"Bad Debts Recovered" is the amount a business receives…

Q: What is the main purpose of depreciation? A) Reduce taxB) Match expense with revenueC) Show higher…

A: Sure! Depreciation is the process of allocating the cost of a fixed asset (like machinery,…

Q: General accounting question

A: Step 1: Detailed Explanation of Debt to Equity RatioThe Debt to Equity Ratio is a financial metric…

Q: What is the variable cost per machine hour?

A: Step 1: Definitions Interpretation of Variable Cost:Variable cost refers to a cost that changes in…

Q: Need right answer

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

Q: Which account will be credited when goods are sold for cash? A) Sales AccountB) Purchases AccountC)…

A: The correct answer is:A) Sales AccountExplanation:When goods are sold for cash, two accounts are…

Q: please get correct answer general accounting question

A: To calculate the net income earned during the year, we use the basic accounting formula:Ending…

Q: Goods returned by customers are recorded in: A) Purchase Return BookB) Sales Return BookC) Sales…

A: Explanation:When customers return goods to the business, it is a sales return.Such returns are…

Q: Can you solve this financial accounting problem using appropriate financial principles?

A: Step 1: Detailed Explanation of Absorption Costing and Gross MarginUnder absorption costing, all…

Q: Which of the following is a capital expenditure? A) Salaries PaidB) Repair of FurnitureC) Purchase…

A: C) Purchase of Machinery  When a business spends on capital expenditure, it chooses assets that will…

Q: Which of the following is shown in the debit side of a trial balance? A) CapitalB) Bank OverdraftC)…

A: First, understand:The trial balance lists all account balances from the ledger and splits them into…

Q: Valuation Methods  Explain the market-based approach valuation method. Include the following detail…

A: 1. Market-Based Approach Valuation MethodExplanation:The market-based approach estimates a…

Q: please give me true answer accounting

A: Given:Selling price per unit = $18.75Fixed costs = $1,750,000 per yearUnits sold = 720,000…

Q: General accounting

A: To calculate the budgeted indirect cost allocation rate, you divide the total budgeted indirect cost…

Q: Which of the following is treated as a fictitious asset? A) LandB) CashC) GoodwillD) Preliminary…

A: The correct answer is: D) Preliminary ExpensesExplanation:Fictitious assets are not tangible assets;…

Q: The petty cash book is usually maintained by using which system? A) Journalizing systemB) Imprest…

A: The correct answer is:B) Imprest systemExplanation:The petty cash book is commonly maintained using…

Q: What would be the total variable inspection cost at an activity level of 6,500 machine-hours in a…

A: To find the total variable inspection cost at an activity level of 6,500 machine-hours, we first…

Q: Accrued expenses are shown as: A) AssetB) LiabilityC) ExpenseD) Capital

A: Sure! Let's break it down:What are Accrued Expenses?Accrued expenses are costs a business has…

Q: If a cheque received is dishonoured, it should be: A) Debited to Sales AccountB) Debited to Debtor’s…

A: The correct answer is: B) Debited to Debtor's AccountExplanation:When a cheque received from a…

Q: Please provide the solution to this general accounting question using proper accounting principles.

A: Step 1: Definition of Asset TurnoverAsset turnover is a financial ratio that measures the efficiency…

Q: I need explanation dont answer Discount allowed to debtors is classified as: A) Indirect incomeB)…

A: What is Discount Allowed?When a business sells goods on credit, it may allow a discount to its…

Q: 6. Which of the following types of errors is disclosed by a trial balance? A) Compensating errorB)…

A: Explanation:A trial balance helps verify that the total debits equal the total credits in the…

Q: Provide solution. General accounting

A: Step 1: Detailed Explanation of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the…

Q: Financial accounting questions

A: Step 1: Detailed Explanation of Depreciation Tax ShieldThe depreciation tax shield is the reduction…

Q: Which book is used to record credit sales? A) Purchase BookB) Sales BookC) Cash BookD) Petty Cash…

A: The correct answer is: B) Sales Book Explanation:The Sales Book (also called Sales Journal) is used…

Q: do fast answer of this accounting question

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

Q: Interest on capital is shown in: A) Trading AccountB) Balance Sheet (Asset side)C) Profit and Loss…

A: Interest on capital is distribution of profit among the partners. It is not an expense. and hence,…

Q: I need help with this general accounting problem using proper accounting guidelines.

A: Given:Ending Work-in-Process (WIP) inventory: 22,000 unitsCompletion for materials: 100%Completion…

Q: Which of the following is not a component of working capital? A) InventoryB) DebtorsC) LandD) Cash

A: The correct answer is: C) LandExplanation:Working capital refers to the short-term assets and…