Allowance for Uncollectible Accounts is An Asset A Liabilitity An Expense A Contra-Asset

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: How will the lender of the promissory note record the note on its books? as an expense as revenue…

A: Revenue: This is the income of a firm during an accounting period. The income is recognized as and…

Q: Difference between current assets and current liabilities.

A: Current assets are those assets which can be realized within short term period or less than one year…

Q: Which of the following would not overstate current-period net income?a. Capitalizing an expenditure…

A: Net income: Net income refers to the income earned by the company after providing for all the…

Q: _______________________ accounts is a liability

A: Accounts receivables are the items acquired on credit from vendors that have not yet been paid for.…

Q: state the differences between unearned revenue and accounts payable? both accounts are liabilities…

A: Definition: Normal balance refers to the excess of the amount on one side, over the amount on the…

Q: b.) Credit

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

Q: escribe what is termed as “contingent liabilities” and discuss their accounting treatment.

A: Liabilities can be define as the group of financial obligations which have to be paid by the…

Q: Which of the following is not a typical example of an accrued expense? Wages Taxes Depreciation…

A: Accrued expenses are considered as current liabilities in books of accounts. These are the…

Q: accrued interest expense o

A: It is pertinent to note that under accrual concept of accounting transactions are recorded and when…

Q: Adjusting entry for accrued expense includes a debit to Expense and a credit to Liability. (A) True…

A: Answer: Accrued expenses are expenses that are appearing as the expenses but it is still not paid to…

Q: Uncarned revenues are received and recorded as liabilities before they are earned. earned and…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: What is the normal balance for an asset account?

A: Assets means the resources owned by business for the use in furtherance of business.

Q: The account type and normal balance of Prepaid Expense are

A: All expenses, losses, and assets should be debited and all income, gain, and liabilities should be…

Q: prepaid expense meaning

A: Under Accrual concept of accounting incomes and expenses are recognized as and when they occur.…

Q: The account, Discount on Notes Payable, is a a.contra-asset. b.deferred charge. c.liability.…

A: Discount on notes payable -  It is the amount payable by the concerned investor is less than the…

Q: If the unearned interest is credited in the adjusting entry, which of the following will be…

A: An Unearned interest refers to an interest income collected by a lending institution before they…

Q: Unearned revenues are a. Earned and recorded as liabilities before they are received. O b. Earned…

A: 12. Unearned revenue is the revenue that is received by the company but not yet earned by the…

Q: On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term…

A: Wages payable: Wages company should pay them to employees but not paid by the company.

Q: Is sales listed as liability equity revenue expense or an account

A: Sales generate revenue for the business. It is main purpose of the business to make more and more…

Q: What is the difference between accrued liabilities an unearned Revenue accounts?

A: Accrued Liabilities :— An expenses of a Business or an Organization incurred  during a specific…

Q: Which of the following accounts should normally be classified as a current liability? Multiple…

A: Current Liability are amount payable by the company with in 12 month.

Q: What type of account is Unearned Revenue?a. Assetb. Liabilityc. Revenued. Expense

A: Unearned revenue: Unearned revenue is also called as prepaid revenue.

Q: admiHII examples of what type of expense? a. selling expense b. miscellaneous expense c.…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Unearned revenue is:     An asset.     Income.     A liability.     An expense.

A: Unearned revenue, as the name suggests, is an advance received from the customer for which the…

Q: It is referred to as: Distinguishing current and non-current items on the balance sheet and…

A: A little introduction and the significance of it all:

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: Under accrual accounting, which of the following is an appropriate accounting policy regarding…

A: Accrual basis: It is one of the methods of basis of accounting that records the transactions basing…

Q: is prepaid reant an expense

A: Prepaid expense:Prepaid expense is the advance payment for future expenses is called as prepaid…

Q: Does the deductibility of an expense or loss follow accounting practice?

A: The accounting practice is the practice of recording the day-to-day financial transactions of the…

Q: what is the expense account for provision for non - collection from customers. * bad debt expense O…

A: The cost of operations that a firm incurs in order to earn revenue is referred to as an expense.…

Q: A deposit received is reported as a * A.liability B.current asset C.investment D.revenue

A: Deposit received means amount of money received from vendors or suppliers as deposit.

Q: An asset created by a payment for economic benefits that does not expire until some later time is…

A: Lets start with the basic understanding. Prepaid expense is expense which is paid currently but…

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: amount should the account payable be adjusted

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

Q: In financial accounts, what is the point of include depreciation as an expense?

A: Depreciation is an accounting method for allocating the cost of a tangible or physical asset over…

Q: Which are the total interest expense in the statement of profit or loss?

A: Interest expense is the finance cost which is deducted from operating profit i.e. earnings before…

Q: Which accounting concept is applied when an entry is made for provision for bad debts? A. Going-…

A: A. Going - concern - Under this concept , it is assumed that an entity will continue its operation…

Q: Advanced collections from customers prior to the performance obligation being satisfied is accounted…

A: 1) Advanced collections from customers prior to the performance obligation being satisfied 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: whats the difference between an expense and liability according to accounting?

A: Accounting: Accounting is defined as recording, summarizing and classifying the financial…

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.