external event that would be recorded as a transaction, an internal event that would be recorded as a transaction or not recorded.

Q: A law firm has billed their clients for services performed. They subsequently received payments from…

A: The journal entries are prepared to record the monetary transactions of the company.

Q: The liability created by a business when it purchases Materials from its suppliers on credit is…

A: Journal entry passed on purchase of material on account: Date Accounts Debit Credit   Inventory…

Q: When, at the end of an accounting period, cash has been paid with respect to an expense, the…

A: When an expense is incurred and cash has not been paid ,expenses are increased and liability also…

Q: Amounts in debit memoranda may be added or deducted from the customer’s account, depending on the…

A: Credit memoranda indicate an increase in the customer account while debit memoranda indicate to…

Q: Revenue is recorded when services have been performed or products have been delivered to customers.…

A: Introduction: Accounting Principals are created in order to increase the precision of financial data…

Q: Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b.…

A:

Q: 1.The chart of accounts is a listing of the accounts presently having balances in the general…

A: The accounting is process of identifying, recording, analysing and preparing the financial…

Q: According to accruals rules, when a service is performed, the revenue should be recognized…

A: Solution- Accrual accounting is an accounting method whereby revenue and expenses are recorded in…

Q: a. A collection of accounts and account balances is referred to as a(n) b. Increases and decreases…

A: Accounting is the maintaining a record   records or process of recording all the financial…

Q: company that receives money in advance of performing a service:   Group of answer choices:

A: Money received in advance for performing a service : Money received from a customer for services to…

Q: Which of the following business events would not be recorded in the accounting records? Group of…

A: Option A, B and D are business events which are required to be recorded in accounting records,…

Q: When a financial transaction occurs, it affects at least two accounts and every ledger account has…

A: Financial Transaction:-Any transaction which takes place between the buyer and seller with the…

Q: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: When a customer eventually pays for items that have been purchased on credit, the transaction will…

A: Here, Customer is our Debtor.  Company usually sales its goods on credit and that customer who…

Q: Which of the following pairs of accounts are impacted the same with debits and credits?A. Cash and…

A: There are two sides of account in accounting. One is debit side and other is credit side. For all…

Q: 1) Analyze the following transactions. Indicate which accounts are affected and whether they will…

A: The balance sheet represents that assets are equal to the sum of liabilities and stockholders'…

Q: If a company makes a journal entry that records a debit to “Rent Expense,” that journal entry also…

A: Journal: Recording of a business transactions in a chronological order.

Q: All of the following accounts are presented under liabilities, except: a.) Advances to Supplier b.)…

A: The liabilities are the amount due to be paid to the outsiders. The liabilities are recorded in the…

Q: select the item that best completes each of the description below A____ of accounts is a list of…

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

Q: salary to an employee just hired b. Setting up of chart of accounts c. Payment of rent in advance

A: The correct answer is  b). Setting up of chart of accounts

Q: Where in its financial statements does Carnival Corporation & PLC report Prepaid Advertising? Where…

A: Adjusting entries Adjusting journal entries is the fourth process in the accounting cycle. Adjusting…

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Assets are the resources of a company which provides future cash flows and having an economic value.…

Q: When recognizing revenue, a company has a performance obligation when it agrees to receives cash…

A: Solution: When recognizing revenue, a company has a performance obligation when it agrees to…

Q: Prepare two T accounts for each transaction. On each T account, select the account title of one of…

A: After maintain of journal entry the accounts are posted to T-accounts. It is an important part of…

Q: When recognizing revenue, a company has a performance obligation when it agrees to a. perform a…

A: A performance obligation is satisfied when the company delivered goods or performed services to…

Q: The entry recorded by a law firm after providing services previously recorded as Deferred Revenue…

A: Introduction: Payments made as earnings for services and goods that will be delivered or performed…

Q: The accounts of customers who have not yet made payment for the goods or services provided by the…

A: The payment that is not paid yet by the customers, is called an asset for the business.

Q: Which of the following describes the transaction resulting in a journal entry with a debit to…

A: Salaries payable are debited when previously incurred salaries expenses are being paid now.…

Q: Which of the following will be not be called as Source Document of a Business? a. Debit note raised…

A: Source document contains the information about a transaction like, date, amount, party, etc. Debit…

Q: Revenue is earned when ​ ________.   A. the business has received cash from the customer   B. the…

A: The revenue recognition concept says that the business should recognize the revenue when the…

Q: Which of the following is not a step in the process of measuring external transactions? a. Analyze…

A: Accrual accounting: The method of accounting which recognizes revenues before they are received, and…

Q: If customers owe a company for sales which have already been delivered but not yet paid how is that…

A: When the company sells goods to its customer on credit basis then the amount equivalent to the value…

Q: Which of the following is a business event that is not considered a recordable transaction? O A…

A: Transaction means any events which is denoted in money terms and which can be recorded in books of…

Q: As per the accrual concept of accounting, any financial or business transaction should be recorded:…

A: The correct answer for the above question is given in the following steps for your reference.

Q: What is the amount to be collected by the business from customer who receive the product or services…

A: Option a. Accounts payable is a liability which represents that an asset is purchased on account and…

Q: Amounts owed for products or services purchased on account are called

A:

Q: In recording an accounting transaction in a double-entry system the number of debit accounts used…

A: Double entry ensures the value of debit and credit equal.

Q: According to U.S. GAAP, when should revenue be recognized?a. When cash is received from the…

A: Revenue: It refers to money earned by the business from selling its goods and services to the…

Q: When, at the end of an accounting period, cash has not been paid with respect to an expense that has…

A: Financial statements are prepared at the year end so that position and performance of the company…

Q: When, at the end of an accounting period, cash has been paid with respect to an expense, the…

A: Advance payment for future expenses is called prepaid expenses. These prepaid expenses are…

Q: t is an amount owed to suppliers for goods purchased or services performed on credit. a. Outstanding…

A: Account payables means the amount owed by business to outsider for the goods received and services…

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: What would the journal entry be for the payment of an amount owing to a supplier?    A. Dr…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Which of the following is correct about accounting cycle? Select one: a. A financial transaction is…

A: The accounting is the process of identifying , classifying, and recording the business transactions…

Q: When, at the end of an accounting period, cash has not been paid with respect to an expense that has…

A: Financial statements are prepared at the year end so that position and performance of the company…

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.