31-Which of the following would normally be classified as a Selling expense of Merchandising business? a. Telephone expense of the office b. Insurance expense of the office c. Rent expense of the office d. Advertising expense

Q: 11-Which of the following is an example of Expense of a Merchandise Business? a. Accounts receivable…

A: Expenses means the amount spent on running the business.

Q: 19-Which of the following will be called as a Merchandising Business? a. Receives a loan from bank…

A: A merchandising business is one of the most common types of businesses. A merchandising is a…

Q: true or false: 1. The matching principle states that expenses are recognized when incurred in…

A: Accounting principles are those rules, regulations and policies which are used for accounting,…

Q: Which of the following would normally be classified as a Selling expense of Merchandising business?…

A: Merchandising business means business of purchase of goods from market and sale of goods to market.…

Q: 14. Expenses other than cost of goods sold, that are incurred in the entity's major line of business…

A: Since there are multiple questions, we will answer only the first question. If you want the…

Q: Identify any two examples of Wholesale Merchandise Business and Retail Merchandise Business 2.…

A: Wholesale Merchandise Business:-Wholesale business means when manufacturers do not deal with the…

Q: Which of the following is classified as a general expense? U A) Depreciation costs of showroom O B)…

A: General expenses are different from selling and distribution expenses A) Depreciation costs of…

Q: Which of the following statements is not true?   Expense is the amount incurred or paid in earning…

A: Expense: Amount spent for running business activities in return for some benefit.

Q: Which of the following is an example of Expense of a Merchandise Business? a. Salary and Wages paid…

A: Introduction: Expense: Amount spent on for running the day to day activities of the business called…

Q: Which of the following is not an example of an operating expense? Select one: a. Salaries Expense…

A: Option d is the correct answer.

Q: Business incurred travelling cost of OMR 50. Which of the following specialized journals will record…

A: The answer is option (d.) [ cash payment journal] Refer step 2 for explanation

Q: the income statement, interest revenue is found in     operating revenues and expenses.…

A: Interest revenue  earned  is not the main source of income  for a business

Q: Difference in the income statement of a service and a merchandising business

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: -Which of the following will be not be called as Source Document of a Business?

A: Answer

Q: Which of the following statement is TRUE for a Multi-Step Income Statement? a. It divides both…

A: Multi-Step Income Statement is prepared to classify the revenues and expenses on various grounds…

Q: 16/Which one of the following expenses is incurred for the management of a business during the…

A: Administrative expenses are those expenses which are not related the production and manufacture of…

Q: 18) If any revenues and expenses which are not related to the sale of products or services…

A: Revenues are the amount received or earned by sale of goods and services. Expenses are the costs…

Q: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: Would you please describe the following accounts and tell me 1) What Financial Statement(s) they…

A: 1)

Q: 16. It contains all the accounts (assets, liabilities, owner’s equity, revenues, and expenses)…

A: Worksheet means a sheet which is prepared by an accountant to show the balance of each and every…

Q: Revenue is properly recognized:  (Hint: What is Revenue Recognition principle?) Group of answer…

A: Introduction: Revenue Recognition Principle: According to the revenue recognition principle ,…

Q: one - Which of the following is the account group in which the expenses and losses of the business…

A: Extraordinary activities are the income or expense which is derived from a non business activity and…

Q: Which of the following are the suppliers of goods/services whose invoices have not yet been paid?…

A: Option Explanation a Unsold goods are included in the inventory b Cash is unspent money. c…

Q: Office salaries, depreciation expense on office equipment, and office supplies expense are examples…

A: Under functional expense classification, expenses are aggregated and reported by the activities for…

Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: Terms that determine the responsibility of bearing of shipping cost are shipping terms.

Q: -It is used to who is responsible for paying shipping and when the title of the goods passes from…

A: When a Business transaction is executed, it is subjected to certain terms and conditions that govern…

Q: 2. Which Asset account/s appears in the Statement of Financial Position of a merchandising Business…

A: "Since you have asked multiple questions, we will solve only first question for you. If you want any…

Q: The current assets of FDN Company's Statement of Financial Position would have the following: Trade…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: Which of the following is sufficient to record the expense ?    a) Payment in the following period…

A: Expense- An expense refers to the cost that's employed in producing revenues in an exceedingly…

Q: 18) If any revenues and expenses which are not related to the sale of products or services…

A: Revenues: These are the inflows on sale of products or provision of service in the ordinary course…

Q: Which of the following is classified as a selling expense? a. Salaries of salesmen b. Depreciation…

A: Option a is correct.

Q: Q20. Which of the following will not be recorded in the book of an Account: а. Purchase of Goods O…

A: The books of an account include the journal book and the ledger book. The transactions are first of…

Q: inventory that it previously purchased. The entry to record that transaction should be: Group of…

A: The journal entries are prepared to record daily transactions of the business.

Q: What are operations expenses called that are considered indirect expenses like office salaries…

A: Operating expenses that do not relate to manufacturing of products (i.e., that are not manufacturing…

Q: s, it is termed as ___________________. a. Administration expenses b. Other revenues and expenses c.…

A: If any revenues and expenses which are not related to the sale of products or services regularly…

Q: Which of the following is an example of Current Asset of a Merchandise Business? a. Interest expense…

A: Current assets that are meant to be converted into cash or used within 12 months of period.

Q: Which account is not classified as selling expenses? O A. Sales Discounts O B. Transportation out O…

A: Answer) The correct answer in the given question is: (B) Transportation Out   Selling expenses are…

Q: 7-Which of the following would normally be classified as a Selling expense of Merchandising…

A: Selling expenses are the expenses that are incurred to increase the sales of company.

Q: st page of the chapter. 2. Which of the following would result in the recognition of revenue? a. A…

A: Revenue : Revenue is the income generated from normal business operations. In other words it is the…

Q: 1. Which accounts are used in a merchandising business but not in a service firm? 2. What is the…

A: "Since you have asked multiple question we will solve the first question for you.  If you want any…

Q: Activity 1. Classify Me Instruction: Identify each element or account title if it can be found on a…

A: Service business means the business of earning revenue by providing services. Merchandising business…

Q: The purchase of supplies on credit to be use on the main office of the entity, will cause a…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Which of the following transactions does the above journal item belong to?    a) Goods Sales…

A: All options are discussed as under: 1) Goods Sales Return Record: In this record, all the sales…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is