a. What accounts are debited and credited to record a partner's cash withdrawal in lieu of salary?

Q: hould I use cash-basis or accrual accounting for my accounting?

A: Solution Cash basis accounting               Cash basis accounting means the accounting system where…

Q: Is the matching concept related to (a) the cash basis of accounting or (b) the accrual basis of…

A: Matching concept: Under matching concept the expenses and revenues are recorded in books of accounts…

Q: Subject Date: Receive Cash Erom Customers in settemer f debks owed by them

A: Required  Journal Entry

Q: Briefly explain the difference between cash accounting and accrual accounting. State two examples…

A: Cash Accounting: A form of accounting in which receipts are reported during the period in which they…

Q: Cash outflows related to employee wages be reflected as part of Statement of Cash Flows. on the Net…

A: Cash flow statement shows bifurcation of cash inflows and cash outflows by Operating Activities,…

Q: Aliability created for receiving cash for future services to be provided is termed a(n) O service…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: What is the difference between the cash basis and the accrual basis of accounting?

A: The accounting is a process to identify the business transactions, record the transactions and…

Q: Should I use cash-basis or accrual accounting?

A: Cash basis and Accrual basis of accounting are two accounting methods that are being used in the…

Q: What is the meaning of the term revenue? Does the receiptof cash by a business indicate that revenue…

A: Realization principle: It can be defined as a concept that is based on the rule that the revenue…

Q: Explain the differences between cash and accrual accounting.

A: Account: A record, that documents or records the change in assets, liabilities, or equity for a…

Q: How much was cash was distributed to the partners?

A: Dissolution of partnership is the process by which the relationship between the partners is…

Q: Define accrual and cash basis accounting. Can you provide any examples?

A: Accrual Accounting is a kind of accounting that involves the accumulation of funds : Accrual…

Q: When an owner of a proprietary business withdraws cash from the business for personal use, how would…

A: When cash is withdrawn from the business for personal use there will be a credit entry in the cash…

Q: REQUIREMENT: Determine the amount to be received (paid) by BB during cash settlement. (Good…

A: Given: a. BB construct the stand on the front of the lawn at a cost of P10,000;b. BB pays for…

Q: Which of the following account is affected from the drawings of cash in sole- * ?proprietorship…

A: Sole Proprietorship: It is a form of business where one person is solely responsible for all the…

Q: What is the effect on the accounting equation when cash dividends are declared? What is the effect…

A: Cash dividends: The amount of cash provided by a corporation out of its distributable profits to its…

Q: How is cash received in person independently verified?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: difference between accrual and cash basis accounting

A: Accounting principle represents the rules and regulations for the company to be followed.

Q: Why is it appropriate to use cash basis accounting in yourpersonal life but not in the business…

A:

Q: If a company uses accrual-basis accounting O transactions are recorded in the period they occur…

A: The cash basis of accounting works on the method that only cash-related transactions are recorded,…

Q: How to determine the distribution of available cash when one or more partners has a deficit capital…

A: Distribution of cash during liquidation/termination of the partnership is a whole process in which…

Q: at is the main difference between basic and completed accounting system? 2- What is the main…

A: What is the main difference between basic accounting system and complete accounting system What is…

Q: b) Explain the difference between Accrual and Cash Accounting. Give an example to assist in your…

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

Q: Cash withdrawn by the Proprietor should be credited to:(i) Drawings account(ii) Capital account(iii)…

A: Introduction: The drawing account is an accounting record used in a business formed as a sole…

Q: Contribution received from shareholders will be recorded as. a. Dr Receivables Cr Cash account b. Dr…

A: Shareholders are the owners of the business. They generally invest money in the form of cash or any…

Q: Differentiate the cash basis of accounting from the accrual basis of accounting.

A: Difference between cash basis and accrual basis: Cash basis accounting:  Under this method, income…

Q: Discuss the difference in Accrual and Cash Basis for accounting.

A: In this question, we are required to mention the difference between cash basis and accrual basis of…

Q: cash in the deducting vhich was deposited in the firm's account

A: Journal entry is used to record the transaction and events occurred during the period.

Q: define accrual and cash basis accounting.

A: Answer: Accrual Accounting: In accrual basis accounting, revenues and expenses are recognized once…

Q: accrual vs cash basis accounting? Explain with e

A: Accounting is a medium of communication, like any language that we use. For example, two people can…

Q: State the significance of the brought down balance on EACH partner's current account

A: The current account of a partner is the account where a partner's business funding activities are…

Q: received from a customer for which Services have not been provided ? would it be accrued expenses,…

A: The accrual basis accounting records the revenue and expenses when they are incurred irrespective of…

Q: Which of the following liabilities is created when a company receives cash for services to be…

A: According to the accrual concept, the revenue should be recognized when the service is provided…

Q: The changes in the Cash in Bank account are reported in the statement of changes in owners equity.…

A: Solution: Statement of changes in owner's equity is the statement that reflects various changes in…

Q: Receive cash from customers in settement of debts owed by them

A: Receive cash from customers in settement of debts owed by them.  Required  Journal Entry.