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Q: Which of the following statements is not true? Multiple Choice The number of credits posted must…

A: The double entry system or arrangement of bookkeeping or accounting implies that for each business…

Q: Liabilities are

A: Liabilities are not involved in closing entries. This is because only temporary accounts of income…

Q: The standard accounting equation Assets - Liabilities = Owner's Equity allows the analysis of normal…

A: The question is related to True and False. The basic Accounting equation ia as under  Assets =…

Q: Which of the following statements is/are true? 1 The shareholder needs a statement of financial…

A: We have the following information: The shareholder needs a statement of financial prospects, ie an…

Q: d. Unearned Income 2. Which of the following is an element of a statement of comprehensive income?…

A: (1.)  Revenues is an element of a statement of comprehensive income. Therefore, the option (b)…

Q: Prepayments are presented: A. in statement of financial position as assets B. in statement of…

A: Prepayments are the amounts paid by us in advance for which benefit shall be received in the future.

Q: 1. What does the beginning balance of retained earning indicate? And what does the following that is…

A: Retained earnings are the accumulated earnings of the business that is fully attributable to the…

Q: Which of the following statements relating to analysis of business documents or transactions is/are…

A: The question is related to Basic of Accounting.

Q: Identifying increases and decreases in accounts and normal balances Insert the missing information…

A:

Q: is a correct statement below? A. Equity is the residual interest in the liabilities of the entity…

A: Option A is incorrect The correct statement is  Equity is the residual interest in the assets of the…

Q: Which of the following accounts are under owners equity? O a. Unearned revenue O b. Cash O .…

A: Solution: Retained earnings are undistributed profits of the company that are retained by the…

Q: The accounting equation may be expressed as a.Assets = Expenses - Liabilities b.Assets -…

A: The equation where assets are equal to liabilities is called an accounting equation, in this…

Q: A debit balance in the Retained Earnings accounts is reported as a (an) a. asset b.…

A: Retained Earnings refers to amount of Profit set aside by the company during the year. it is known…

Q: Which one of the following increases the current liabilities of a business entity? Select one: a.…

A: Liabilities are know as the financial obligation or financial debt which has to payable by the…

Q: Balance Sheet accounts are considered to be   Question 2 options:   A)  nominal…

A: The balance sheet refers to a financial statement which shows the financial position of a business…

Q: Explain whether each of the following balance sheet items increases, reduces, or has no directeffect…

A:

Q: Question 1. Which of the following reprosents tho fundamental accounting oquation used in a business…

A: Solution: As per Fundamental accounting equation which is the basis of double entry book keeping…

Q: Which statement below is true? Retained earnings unappropriated is shown as part of reserves in the…

A: Accounting policies are the  principles rules and practices that are applied by entity in preparing…

Q: What is the impact on the accounting equation when stock is issued, in exchange for assets?A. both…

A: Accounting equation is one of the important concept of accounting. Under this, three elements are…

Q: A receivable is an: Select one: a. amount to be received from individuals or companies in the…

A: Answer: Account receivable is an amount to be received from individuals or companies in the future…

Q: Which of the following is the basic accounting equation? a.Assets = Stockho ' Equity - Liabilities…

A: The correct option is  b.Assets - Liabilities =Stockholders' Equity

Q: Which of the following statements concerning the debit-credit feature of the accounting equation is…

A: A debit entry increases an asset or expense account and decreases liability and equity account and…

Q: A statement that is prepared to know the changes in the capital of a sole proprietor is

A: The sole proprietorship is the most simplest form of business organization. A single person owns the…

Q: Which one of the following can the accounting equation can be rewritten as? A Assets + profit –…

A: Given the following options: Assets + profit – drawings – liabilities = closing capital Assets –…

Q: Which is not a required component of a complete set of financial statements under PAS 1? A.…

A: According to the Philippine Accounting Standards, PAS 1 deals with the presentation of the financial…

Q: Prepare the Statement of Changes in Equity and Statement of the Financial Position .

A: Statement of changes in Equity is a statement which shows all changes in the equity balance during…

Q: ncial statements are comprised of balance sheet , income statement , statement of changes in equity…

A: Explanation : In simple words, there are four basic financial statements, balance sheet, income…

Q: Indicate whether each account is an asset, liability or a stockholders' equity account and whether…

A: a. Accounts Receivable is a asset account and have a debit balance

Q: Consider the following accounts, and determine if the account is an asset (A), a liability (L), or…

A: Lets understand the basics. Asset accounts are accounts on which company has a rights. It include…

Q: Which of the following options is correct in relation to preparing balance sheet? Select one: a. It…

A: The statement depicting the final position of an organization and helping the stakeholders to get an…

Q: Which of the following transactions will increase an asset and increase a liability?a. Purchasing…

A: An assets is a resource having an economic value that generates positive cash flow in the future for…

Q: Which among the following transactions would have no effect on equity? O a. Drawings made by the…

A: Equity is the amount of investment made by owner of a company.it has effect of profit or loss and…

Q: In a T-account debits appear in what manner? Multiple Choice O They are on the right under assets…

A: Meaning of T-account A casual form of a ledger is called as a T account because the structure of the…

Q: Which of the following statements is not true? O a. Expenses increase stockholders' equity. O b. The…

A: The accounting equation states that assets equal to sum of liabilities and equity.

Q: What is the impact on the accounting equation when a payment of accountable payable is made? what is…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Which of the following correctly describes how accounts payable will appear on the financial…

A: Accounts Payable: Accounts Payable are the short-term liabilities that an entity owes to its…

Q: Which of the following is the correct Basic Accounting Equation Oa ASSET + LIABILITIES= STOCK…

A: Accounting equation depicts the relationship between liabilities, assets and stockholders' equity of…

Q: Which of the following debit and credit rules is correct?a. Increases in assets and liabilities are…

A: An asset is a resource of the firm having economic value and is expected generate positive cash…

Q: A set of financial statement includes Transaction, Statement of Profit or Loss (SOPL), Statement of…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: 1. Which of the following is not a financial instrument? a. accounts receivable b. accrued utilities…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: A debit is not the normal balance for which of the following? O a) Asset account b) Dividends…

A: Normal debit balance include assets expenses and losses  Nature of Account Normal Balance…

Q: Required State whether each item is reported: 1. in the statement of financial position 2. in profit…

A: Financial statements are statements that are prepared at the end of accounting period in order to…

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.