_____ is the example of Liabilities.     Sales     Supplies in Hand     Account Receivables     Unearned Commission

Q: Which of the following situations may give rise to unearned revenue? Select one: a. Providing trade…

A: The Unearned revenue is the revenue not earned yet but has been received in cash for future service.…

Q: When the seller advances the transportation costs and the terms of sale are FOB shipping point, the…

A: FOB shipping point - Under FOB Shipping term of sale the purchaser have to bear the cost of…

Q: Which of the following is classified as current non-trade receivabke? A. Advances to affiliates B.…

A: Solution : Which of the following is classified as current non-trade receivable? A. Advances to…

Q: Which of the following is True about accounts payable? Accounts payable should not be reported at…

A: Accounts payable refers to the money owed to vendors or suppliers for products or services purchased…

Q: How does account receivable work?

A: The term "account receivable" denotes that payment for previously completed work has yet to be…

Q: rue or False. All payments by cheque are recorded in the cash payments journal. Any  GST/HST paid on…

A: Cash payment journal is a accounting book, which records all type of payments such as payment for…

Q: When should revenue from the sale of merchandise normally be recognized? (Assume the company reports…

A: The revenue should be recognized in the following conditions. 1.When the amount realized or received…

Q: What entry format is appropiate if sales returns and allowances occur on factored accounts? a.…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Which of the following is considered receivables? (select all that applies)  rents   note payables…

A: Receivables are the amounts that are expected to be received by an entity either at present day or…

Q: rms: credit transfer, dishonoured cheque, standing order and give examples, the purposes, advantage

A: Credit transfer can refer to: The transfer of money from one account to another, also called a wire…

Q: The method of estimating uncollectible accounts that has the advantage of presenting accounts…

A: Uncollectable Accounts Receivables: A debtor's receivables, loans, or other obligations that are…

Q: Which two accounts are used to recognize shipping charges for a buyer, assuming the buyerpurchases…

A: The term "free on board" (FOB) relates to whether the vendor or customer is liable for damaged or…

Q: Under accrual-basis accounting,sales made on credit are usually reported as: A.liabilities…

A: There are two type of bases used in accounting purpose. One is cash basis of accounting and other is…

Q: The accounts related to the revenue cycle include all of the following except:     A.…

A: Revenue  cycle  generally  consist of  1.order received from the customer 2. process customer order…

Q: if a customer owes interest on a bill, accounts receivable is debited, and interest expense is…

A: Accrued interest receivable: the accrued interest receivable means the interest income of a company…

Q: The Sales Returns and Allowances account is reported as a

A: Sales Return refers to the process of returning goods by a customer back to the company or…

Q: Which of the following accounts does not belong in the purchases and disbursement cycle? A.…

A: Purchase Cycle: Purchase cycles (also known as buying cycles) refer to the steps that customers take…

Q: 4. If the allowance method of accounting for uncollectible receivables is used, what general ledger…

A: Allowance for doubtful accounts is considered as a contra asset account that is used to decrease the…

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: TRUE OR FALSE? The debit balances in suppliers' accounts should be netted against accounts payable.

A: Accounts payable is the amount owed by the business entity towards the suppliers in respect of the…

Q: Receivables turnover ratio= (net sales) / ( average accounts receivable net). What is included in…

A: The Definition is Very important as it will clarify all issues. Receivable Turnover ratio = This…

Q: Which of the following situations may give rise to unearned revenue? O Providing trade credit to…

A: The Unearned revenue is the cash received feom customers but services would be provided in the…

Q: 6. An example of a contra-revenue account found on the Income Statement is the M O A. Sales Returns…

A: A revenue account that is anticipated to have a debit balance is referred to as a contra revenue…

Q: A credit balance to a client's accounts payable account representing right to receive payment for…

A:

Q: Statement 1: Under accrual basis, net sales is computed as the difference between sales returns and…

A: The two methods of recognizing revenues and expenses are accrual basis accounting and cash basis…

Q: TRUE OR FALSE. If assignment of receivables is made under a notification basis, the company, the…

A: Assignment of accounts receivable is a loan agreement in which the borrower assigns the lender to…

Q: When a customer pays in advance for products or services, which of the following accounts is…

A: We have the following question: When a customer pays in advance for products or services, which of…

Q: The practice of recording advance payments from customers as a liability is an example of applying…

A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…

Q: If a company usually sells its accounts receivables, it recorda any factoring commissions as a(n)

A: The Answer

Q: The Sales Discounts Forfeited account​ ________.         A. is a balance sheet account   B.…

A: Introduction: Income statement: All revenues and expenses are shown in Income statement. It tells…

Q: Which of the following accounts are characterized as a "contra" account? (Select ALL tha apply) O…

A: Contra account: Contra effect of the transaction recorded on the opposite side

Q: Two methods of accounting for uncollectible accounts are the     Question 40 options:   allowance…

A: Uncollectible accounts means the debt which has become bad i.e. bad debts. The account receivable…

Q: 18 - The entity made a discount due to the premature payment of the receivable arising from the sale…

A: When the entity made a discount for the earlier payment of the sales made on a credit basis, then…

Q: GAAP requires companies with a large amount of receivables to use the allowance method. True False

A: GAAP : GAAP means generally accepted accounting principles.

Q: Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC.…

A: This account book transaction would be linked to certain associated accounts of a different sort.…

Q: t is an amount owed to suppliers for goods purchased or services performed on credit. a. Outstanding…

A: Account payables means the amount owed by business to outsider for the goods received and services…

Q: Several accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages…

A:

Q: The journal entry to record a credit sale ignoring cost of goods sold is ANSWER: Accounts…

A: Journal Entry for Credit sale : Account Name                            Debit     Credit Accounts…

Q: Which of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C.…

A: All assets and expense accounts normally have debit balance. All liabilities and incomes would…

Q: Statement I: When writing off customer accounts under direct write-off method, there is an effect to…

A: Uncollectible accounts are written off as bad debts under direct write off method  where as  in…

Q: hen the seller advances the transportation costs and the terms of sale are FOB shipping point, the…

A: Solution: When the seller advances the transportation costs and the terms of sale are FOB shipping…

Q: A can defined as a partial payment remunerated as an advance on the sales person's commission. O a.…

A: Charge account:- It is an arrangement where one person can purchase products or services on credit.…

Q: Which of the following is not normally increased by a cash inflow transaction?   a) Advances from…

A: Solution: "Deposits on returnable containers"  is not normally increased by a cash inflow…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.