A T-account (ledger account) does not have the word asset, liability or equity. How can you tell what kind of account it is?

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: Allowance for uncollectible account falls under what classification in a balance sheet?  Current…

A: Allowance for uncollectible Accounts: This is a contra asset account to the Accounts Receivables…

Q: A credit is not the normal balance for which account listed below? Select one: a. Owner’s Drawings…

A: Generally assets and expenses has debit balances and incomes and liabilities has credit balances. In…

Q: Accounts receivable is

A: Account  Receivable is classified as an  Correct answer :- A.  An Assets

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

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

Q: What is the difference between a nominal account and a real account?

A: The various accounts in the business are classified as personal accounts, real accounts, and nominal…

Q: b.) Credit

A: Prepayment is an accounting term referred to the types of expenses not incurred yet but for which…

Q: What are the accounts written off? Explain with example?

A: Accounts written off means those debtors or accounts receivables from which money can no longer be…

Q: If the credit to record the purchase of supplies on account is not posted,a. liabilities will be…

A: The correct option is option “a”. a. liabilities will be understated

Q: What type of accounts are Interest * ?Receivable and Fees Receivable Equity Asset Liability O…

A: Revenue is the amount generated through the normal course business operation. It can be calculated…

Q: hat is the difference between a nominal account and a real account?

A: Accounting transactions for a separate fiscal year are recorded in a nominal account. Accounting…

Q: A negative entry raises the value of the assets and income accounts in the ledger. True \False

A: This question tells about  the value of the assets and income accounts in the ledger

Q: Why are the income statement accounts closed but thebalance sheet accounts are not?

A: Income Statement accounts are closed but the Balance Sheet are not closed.

Q: Which one is generally the least liquid?    a. Patents  b. Buildings c. Inventory d. Equipment…

A: The least liquid assets are those assets that are not easily convertible into cash or liquid asset.…

Q: true or false  Asset accounts normally have a credit balance

A: Assets are debited when increased and credited when decreased. So the balance remains at the end…

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

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: What is an account and how is it related to the ledger?

A: Accounting is the process of identifying, recording, classifying and summarising accounting…

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: A credit is not the normal balance for which account listed below? Dividends account Liability…

A: All the assets, expenses, and losses have a debit balance and all the liability, revenue, and gains…

Q: Is there a type of accounting that is not financial accounting?

A: Yes, there are two type of accounting which is not a financial accounting.

Q: In accounting, what is the distinction between a nominal account and a real account?

A: Solution Concept Nominal account Expenses and losses Debit Income and gains Credit…

Q: Which of the following is not an asset account? cash O prepaid expense O accrued expense accrued…

A: The asset will be having a debit balance and liabilities will be having a credit balance. Incomes…

Q: Explain what is meant by the term real accounts(also known as permanent accounts).

A: Accounting involves recording business transactions in books of accounts.  The first steps of…

Q: How is the account Unearned Fees classified and what kind of balance should it have? Group of answer…

A: A current liability is an obligation for the company that has to be paid off within a year. It would…

Q: Which of the following items is not classified as an asset?  Accounts receivable Accounts payable…

A: Assets: a. Based on convertibility  :  current assets , Non current assets . b. Based on physical…

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

A: Asset is a resource from which a entity expects  future economic benefits from its use. Liability is…

Q: Is it still necessary to record a transaction if it has no net effect on the accounting equation?…

A: Accounting equation says that total assets in the business must always be equal to total liabilities…

Q: Question An example of an account that can NOT have an exceptional balance is: O An A/R Account A…

A: Exceptional Balance - Exceptional Balance is the balance other than the actual account balance of…

Q: Is a transaction that has the effect of lowering an asset recorded as a debit or as a credit? Is the…

A: A transaction is a business engagement that has an economic effect on a financial statement and is…

Q: 1. Which statement is correct regarding IFRS?(a) IFRS reverses the rules of debits and credits, that…

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

Q: A contra account will not be listed immediately after its related account. O be potentially…

A: A contra account is the type of account that has balance that is opposite of the normal balance for…

Q: Which of the following accounts is a liability? Accounts Receivable Service Revenue Unearned…

A: Accounts receivables is the amount of money not yet paid by the customers on the goods purchased…

Q: true or false  Expense Accounts normally have a credit balance

A: In accounting, some rules of debit and credit are defined to make journal entries. These are rules…

Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An…

A: The correct answer is  d. An asset

Q: Which of the following statements regarding T accounts is accurate? the left side of the T account…

A: T-Accounts - T-Accounts is the T-Shaped ledger account used to record transactions in the double…

Q: ncreases in asset accounts are recorded on the debit side the right side the dark side the credit…

A: Assets are resources carrying economic benefits that are owned and controlled by an entity. Examples…

Q: When an account becomes uncollectible and must be written off as a?

A: Uncollectible accounts considered as those loans, receivables or any other form of debts that have…

Q: Which of the following will not be found in the ledger?

A: The ledger contains the summary of financial transactions of the business entity and it is used to…

Q: are prepaid expenses and accounts receivable are assets

A: Businesses sell their products on credit. The credit sales are Accounts Receivable or Sundry…

Q: The type of account with a normal credit balance is: Group of answer choices an asset drawing a…

A:

Q: Which of the following is not a proper representation of the accounting equation? Equity = Assets…

A: Total assets should always equal the total of liabilities and equity.

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

A: Owners’ equity: It is a owner's value and amount invested by an individual in the firm. It is…

Q: Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset…

A: solution:- Introduction:- Allowance for doubtful accounts means as follows under:- Allowance for…

Q: Allowance for Doubtful Accounts is classified as a(n) ______ account and has a normal ______…

A: The allowance for doubtful accounts is established to record the estimated bad debt expenses.

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.