1. Identify the persons to whom the instrument is payable to order.

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Land

A: Asset represents resource of the business. Liability represents obligation of the business to the…

Q: Under an accrual accounting system, an expense is recognized when O A. a good or service is used or…

A: Accrual accounting system: Accrual accounting system means recording income and expense when…

Q: The accrual basis of accounting record income when it is :

A: SOLUTION- ACCRUAL BASIS OF ACCOUNTING- IN THAT REVENUES ARE REPORTED ON THE INCOME STATEMENT WHEN…

Q: The key accounting considerations relating to accounts payable are: Determining their existence and…

A: Accounts payable is a current liability.  As per IAS 1, Presentation of financial statements,…

Q: . In what two ways is accrual accounting accomplished?

A: The accrual basis accounting records the revenue and expenses when they are incurred.

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: The revenue recognition principle dictates that revenue should be recognized in the accounting…

A: Revenue recognition principle says the revenues should be recorded only when the goods are sold or…

Q: Assuming the entity paid its employees their wages, incurred during the period. The proper debit to…

A: Nominal account have a rule of - Debiting all expenses and losses and crediting all incomes and…

Q: When are revenues and costs recorded in accrual accounting

A: The Answer

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting Principles:   Accounting principles refers to the rules and guidelines that are to be…

Q: What do the decisions based on accounting information include?

A: Accounting information is the collection and processing of the business transaction to conclude the…

Q: According to accruals rules, when a service is performed, the revenue should be recognized…

A: Solution- Accrual accounting is an accounting method whereby revenue and expenses are recorded in…

Q: All of the following items are classified as accounting assumptions and coventions except for a.…

A: Accounting assumptions and conventions are basically the guidelines which are used in providing the…

Q: How does expense recognition impact the accounting equation

A: The accounting equation states that assets equal to sum of liabilities and equity.

Q: Describe how debits and credits impact assets, liabilities , owner,s equity

A: The books of accounts are prepared as per the double accounting system. All the debits shall be…

Q: Why are financial statements prepared in a specific order? What is that order?

A: Definition:   Financial statements: Financial statements refer to those statements, which are…

Q: State the different types of accounting.

A: Accounting refers to a process through which all day-to-day activities or transactions occurred or…

Q: An item that meets the definition of an accounting element should be given recognition in the…

A: Accounting Elements:- Assets, Liabilities, Equity, Capital, Drawings, Revenue, and Expenses are the…

Q: Ethics of accruals and deferrals.

A: Lets understand the meaning of accrual and deferrals. Accrual is a recording income and expense in…

Q: Financial information is prese

A: Gross Profit means excess of revenue over cost of direct expenses. To calculate Gross profit, Cost…

Q: With respect to the concept of materiality, which of the following statements is correct?a.…

A: Definition: Materiality: Materiality is the event or amount that influences financial statements on…

Q: Outline the accounting procedures involved in applyingthe operating method by a lessor.

A:

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A:

Q: What does it mean to recognize an accountingtransaction?

A: The accounting transactions that directly or indirectly alters the financial aspect of the…

Q: Describe about the external and internal events of the accounting.

A: An Accounting event is a transaction that is recorded in the books of accounts of the company. The…

Q: Describe the accounting for contributions.

A: Contribution: It usually refers to the earnings that can be calculated by subtracting all direct…

Q: Explain the basic features of Income and Expenditure Account and ofReceipt and Payment Account.

A: Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account.

Q: • What Are the Basic Financial Statements? • What are the Key Revenues and Expenses? • How are the…

A: As per our protocol we provide solution to the one question only but as you have asked multiple…

Q: Why is accounting described as a service activity?

A: The activities that are carried out with a view to assist the organisation in the delivery and…

Q: Determine the amount payable to the legal representative o

A: Determination of amount payable to the legal representative of C: C's Capital: 10,000 Add: Interest…

Q: Describe presentation and disclosure regarding revenue.

A: The core principle of IFRS 15 is that revenue is recognised when the goods or services are…

Q: accounting consept

A: Introduction Accounting Concept: Accounting concept refers to the fundamental assumptions,…

Q: In broad general terms, what is the purpose of accounting?

A: Accounting: It can be defined as the process of summarizing and recording the financial events and…

Q: amount should the account payable be adjusted

A: Purchases at net amount = Purchases - Purchase discount - Purchase returns.

Q: How do I identify a transaction and whether it is debited or credited?

A: Transaction means any events which is denoted in money terms and which can be recorded in books of…

Q: The concept of the accounting entity is aplicable

A: Accounting is the process of recording all the financial transactions pertaining to a business.

Q: What is GAAP, Generally Accepted Accounting Principles?

A: The Generally Accepted Accounting Principles (GAAP)is a set of rules used for helping…

Q: Service revenue belongs on which financial statement?

A: Service revenue is in the nature of Revenues account. Therefore, the Balance of Service revenues…

Q: Identify the persons to whom the instrument is payable to order

A: The negotiable financial instrument refers to the short-term financial instrument between two…

Q: Explain what the accrual basis of accounting is and who requires it.

A: Accrual basis of accounting: Under this method of accounting, the revenues, and their related…