BIR made disbursements for travel expenses of its personnel. Such would most likely be classified as A. Financial Expenses (FE) B. Capital Outlay (CO)
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BIR made disbursements for travel expenses of its personnel. Such would most likely be
classified as
A. Financial Expenses (FE)
B. Capital Outlay (CO)
C. Personnel Services (PS)
D. Maintenance and Other Operating Expenses (MOOE)
Step by step
Solved in 2 steps
- Revenues and expenses must be recorded in the accounting period in which they were earned or incurred, no matter when cash receipts or outlays occur under which of the following accounting methods? A. accrual basis accounting B. cash basis accounting C. tax basis accounting D. revenue basis accountingAccording to accruals rules, when a service is performed, the revenue should be recognized (recorded, accrued), interest income and rental income are an example of accrued revenue. Expenses recognition is also not directly related to cash payment. Expense should be recorded, when it occurs, not is paid. a) Please give a different example of accruals, and write a numeric example for it with accounting entries. b) Please classify differences between accrued expenses, payables, and provisions. Give an example for each one.An entity classifying expenses by function shall disclose additional information on the nature of expenses. The minimum disclosure does not includea. Depreciation c. Employee benefits b. Amortization d. Advertising
- On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term liability. c.a current asset. d.a revenue account. e.a general expense.Identify the financial statement(s) that the following items appear on. a)interest expense, b) service revenue, c) utility expense, d)salary expense, and e) consulting revenue?How are anticipated administrative expenses reported on a statement of financial affairs?a. As a footnote until actually incurred.b. As a liability with priority.c. As a partially secured liability.d. As an unsecured liability.
- What is false about the matching principle? a. Incurred expenses should be matched with earned revenues. b. It supports accrual accounting principles. Matches assets with liabilities d. It is in accordance with the Internatidwal Financial Reporting Standards.Choose the correct. How are anticipated administrative expenses reported on a statement of financial affairs?a. As a footnote until actually incurred.b. As a liability with priority.c. As a partially secured liability.d. As an unsecured liability.The primary objective of expense recognition is toa. Provide full disclosure.b. Record expenses in the period that related revenues are recognized.c. Provide timely information to decision makers.d. Promote comparability between financial statements of different periods.
- Which of the following principles matches expenses with associated revenues in the period in which the revenues were generated? Group of answer choices 1.revenue recognition principle 2.expense recognition (matching) principle 3.cost principle 4.full disclosure principleWhich of the given series have the same normal balances in the Accounting Equitation? Select one: a. Assets & Expenses b. Assets & Liabilities c. Revenue & Owner's Drawings d. Liabilities & ExpensesWhich of the following explains the debit and credit rulesrelating to the recording of revenue and expenses?a. Expenses appear on the left side of the balance sheet andare recorded by debits; revenue appears on the right sideof the balance sheet and is recorded by credits. b. Expenses appear on the left side of the income state-ment and are recorded by debits; revenue appears on the right side of the income statement and is recorded bycredits.c. The effects of revenue and expenses on owners’ equity.d. The realization principle and the matching principle.