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

Q: Explain the difference between permanent accounts and temporary accounts. Why does an accounting…

A: Permanent accounts are the accounts which appear in the balance sheet of the entity and represent…

Q: Is Accounts Payable a credit, a debit, or both?

A: Current liability: It implies to the debt obligation that is to be repaid within a span of one year.…

Q: What exactly is a real account?

A: There are basically three account types in accounting, that are real account, nominal account and…

Q: Payables and Receivables. As a financial manager, would you prefer that the accounts payable period…

A: The longer the period one can wait to make payment for the inventory, the longer will be the A/P…

Q: What do accounts do?

A: Accounts of a business are used to record for all the transactions of the business. All relevant…

Q: In respect to financial accounts, what do you understand by "materiality?" Also, name two variables…

A: Here is the Answer :

Q: A journal O debit to Accounts Payable. O credit to Accounts Payable. O debit to Accounts Receivable.…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Define prepaid accounts? Give example?

A: Prepaid account: It is an account which records the prepayment transactions. From the buyer’s point…

Q: Accounts receivable can be classified as ____

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

Q: what is accounts payable?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Define Accounts payable.

A: Accounts payable refer to money owed by a entity to its creditors or suppliers from whom the entity…

Q: what is real account ?

A: There are three types of accounts that are used in accounting: 1. Personal 2. Real 3. Nominal Real…

Q: Describe accounts receivable and how they occur and are recorded.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

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

A: There are three types of accounts in financial statements, Real Account Personal Account Nominal…

Q: what is Debit balance and Credit balance in ledger?

A: Introduction: A ledger account is a record of commercial transactions. It is a discrete record…

Q: What are the account receivables?

A: Current assets: The assets which could be converted into cash within one year like accounts…

Q: Is Accounts Payable a debit, a credit, or a combination of the two?

A: Account payable has always a credit balance. It is liability for a person who have acquired some…

Q: 1. What is the formular for Accounts Recieveables?  2. What is the formular for Accounts Payable?

A: Accounts Receivable - Accounts Receivables are the amount that is not paid by the customers who had…

Q: What is a schedule for accounts receiveable?

A: AR stands for Accounts Receivable which is defined as the balance of amount due to the company for…

Q: Illustratrate about the real and nominal accounts along with examples.

A: Real account:Real account involves the amount of asset, liability, or stockholder’s equity at a…

Q: what accounts are permanent accounts on the balance sheet

A: Balance sheet(B/S): It is one among the financial statements. It consists of assets,  equity and…

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

A: Note Receivable means to receive the money in future against the note owed by any debtor of the…

Q: ___________accounts normally has a debit balance?

A: SOLUTION- A DEBIT BALANCE  IS AN ACCOUNT BALANCE WHERE THERE IS A POSITIVE BALANCE IN THE LEFT SIDE…

Q: ______________accounts normally has a debit balance?

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing and…

Q: Explain the measurement of accounts receivable. (Write a complete thought or answer)

A: Account receivable is shown in the balance sheet as assets. Account receivables is the total…

Q: Are drawing a credit or debit

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Define debits and credits and explain double-entry accounting.

A:

Q: How do you know which account debits and credits go in?  How do you log into the general journal?…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: What is a T-account? On which side is the debit? On which side is the credit? Where does the account…

A: Debits are recorded on the left and credits are recorded on the right side of a T-account with the…

Q: Explain where the various types of accounts are reported on financial statements.

A: All revenues and expenses accounts are reported on the income statement. Revenues minus expenses are…

Q: What types of accounts are referred to as temporary accounts?

A: Accounting follows the double-entry bookkeeping system. The basic rules of double-entry bookkeeping…

Q: When you collected Accounts Receivables, your entry would include?

A: Accounts Receivable is shown as an asset in the books of accounts and has a debit balance. When the…

Q: Identify which types of accounts have a normal debit balance and which types of accounts have a…

A: Financial accounting is the process of recording, summarizing, and reporting all the transactions in…

Q: Prepaid Expense has the account type of Checking with a starting balance of

A: The Answer For the question

Q: Define Permanent accounts

A: Permanent Accounts are also known as Real Accounts. Those accounts which do not close at the end of…

Q: How does receiving a payment from a customer on account affect the accounting equation?

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: Why are revenue and expense accounts called temporary or nominal accounts?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Provide an example of an account that would be listed under Current Liabilities on a balance sheet…

A: According to IAS 1, Current liabilities are those obligations that are paid off during the next 12…

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.