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: Which of the following is True about accounts payable? Accounts payable should not be reported at…

A: Accounts payable refers to the money owed to vendors or suppliers for products or services purchased…

Q: Interest earned is a [A] personal account [B] real account [C] nominal account [D] Intangible real…

A: Real account: A real account is used to record material assets of a business. Nominal Account: A…

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

A: The various accounts in the business are classified as personal accounts, real accounts, and nominal…

Q: Which of the following is a permanent account? a. Dividends Distributed b. Allowance for Doubtful…

A: Permanent accounts means an account which we do not write off in profit and loss account or trading…

Q: Explain any possible differences between accounting for an account receivable factored with recourse…

A: Definition:   Accounts receivable: Accounts receivable refer to sum of money that is received within…

Q: DO DEBITS AND CREDITS HAVE TO EQUAL ON A TRIAL BALANCE??

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

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

A: A nominal account records accounting transactions for a single fiscal year. Accounting transaction…

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: 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: Which one of the following statements is NOT true about account receivables? Select one: a. Account…

A: Accounts receivable: if sale is made on cash the supplier immediately collects the cash and no…

Q: In a current account, the payee is the debtor and the drawee is the creditor. True False

A: Lets understand the basics. Payee is a person on whom payment is needs to make so he is a creditor.…

Q: What is an account receivable? O a. Sales O b. Asset O c. Income O d. Creditors

A: Following is the answer to the given question

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

A: Nominal Account: These are the accounts that pertain to Incomes (or Revenues) and Expenses. Thus,…

Q: What is Receipt and Payment Account? How is it different from Income and Expenditure Account?

A: Receipts and payment account is a real account. This account is a summarised cash book which…

Q: what is debit and credit?

A: Debits and credits seem to be a bookkeeping notation framework that determines how and where every…

Q: What is the impact on the accounting equation when an accounts receivable is collected?A. both sides…

A: Accounting equation is one of the important concept used in accounting. Three elements of accounting…

Q: 1) What is the difference between Interest Receivables and Account Receivables and Interest…

A:

Q: How is the account Unearned Fees classified and what kind of balance should it have? Group of answer…

A: A current liability is an obligation for the company that has to be paid off within a year. It would…

Q: Which one of the following account groups normally has a credit balance? O A. assets and liabilities…

A: 1.Assets - It includes:- Current assets long term investments fixed assets intangible assets  other…

Q: How is the account Accounts Payable classified and what kind of balance should it have? Group of…

A: Accounts payable is the term for current liabilities in regard to purchases made on credit. Such…

Q: e estimated amount of uncollectible accounts al Accounts to the proper amount?

A: Estimated amount of uncollectible = Accounts receivable * Percentage of uncollectible

Q: What is a Accrued account

A: Accrued accounting can be defined as an accounting method under which all the business transactions…

Q: a. What is the difference between permanent and temporary accounts? b. Calculate ROA from the…

A: Permanent Accounts : Cash Account, Equipment account,  share capital and  Retained earnings account…

Q: What is debit and credit account

A: Introduction: An account is a summary of the record of all business transactions. Account has two…

Q: Why can't Accounts Receivable ever have a credit balance? Why can't Accounts Payable ever have a…

A: Whenever goods are sold on account that is cash to be received in future from debtor we get an…

Q: What is the present account balance?

A: An annuity is the deposit of a fixed amount regularly at a fixed interval of time over a specified…

Q: Is unearned income a debit or credit?

A: The Adjustment entries are prepared to adjust the revenue and expenses of the current period.

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: Is Utilities Expense a credit or a debit or both?

A: As per accounting rules, All expenses, losses, and assets should be debited and all income, gain,…

Q: Which of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C.…

A: All assets and expense accounts normally have debit balance. All liabilities and incomes would…

Q: What kind of account is Unearned Revenue?

A: Unearned Revenue is the revenue received in advance. It is the amount of cash received for which…

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.