hich one of the following category prepaid expenses belong to? a. Current asset b. Intangible asset c. Non-current asset d. Current liability

Q: Accumulated depreciation is:     The depreciation expense recorded on an asset to date.     The…

A: Accumulated depreciation is the cumulative depreciation of an asset up to a single point in its…

Q: The journal entry to record depreciation expense is: O A. debit the asset account, credit…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Statement 1: An impairment loss that relates to an asset that has been revalued upwards should be…

A: answer is option a) Only statement 1 is correct

Q: Match each term with the definition that best describes it. Accruals [ Choose ] [Choose An account…

A: Accruals - adjusting entries for either accrued revenue or accrued expense  Contra-asset account -…

Q: Assets that are NOT expected to provide benefits for a number of accounting periods are called…

A: Solution: Assets that are NOT expected to provide benefits for a number of accounting periods are…

Q: Unearned Revenue is classified as​ a(n) ________ account.         A. equity   B. revenue   C.…

A: Unearned revenue is money received by an individual or company for a service or product that has yet…

Q: Which of the following is created by the adjusting entry to recognize interest expense incurred but…

A: Adjusting entries are to be reported at the year end to make adjustments to certain accounts.

Q: Which one of the following statement is TRUE? a. Cash is non-current asset b. Outstanding expenses…

A: Current assets are all those assets that are realizable to cash within one year such as accounts…

Q: Which of the following is not a Current Asset? O a. Closing inventory O b. Accounts Receivable O c.…

A: Introduction: Current Assets: The property or things which are owned by business for short term use…

Q: _Accounting concept is in valuation of fixed assets

A: Option A. Historical cost concept says fixes asset is to be recorded at the amount paid to acquire…

Q: As the usefulness of the property and equipment asset account of an entity expires, O A liability is…

A: Asset Account Expires: This occurs when a cost is totally consumed or when a benefit is received in…

Q: TRUE OR FALSE The principle of historical cost states that acquired assets should be recorded at…

A: Historical Cost:-As per this principle according to the US GAAP, assets should be recorded in the…

Q: A debit to an asset account indicates: Select one: O a. a credit was made to a liability account O…

A: Normally all assets accounts should have debit balance. All liability and capital accounts should…

Q: The accumulated depreciation account in the statement of financial position will be treated as a…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

Q: Statement 1: The cost of an asset, or other amount substituted for cost, less its residual value is…

A: An asset can only be depreciated up to the level of residual value. When it reaches the residual…

Q: Prepaid insurance is reported on the balance sheet as a a.long-term liability b.current asset…

A: The balance sheet is the financial statement and has two sides as assets and liabilities.

Q: Which of the following would be considered a long−term ​asset?     A. Office Supplies   B. Land…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Accumulated depreciation, equipment is reported:  Select one: On the balance sheet as a subtraction…

A: Depreciation is the non cash expenditure which is charged in the income statement as per matching…

Q: Which item would not be classified as an operating expense?     a)  Interest expense.   b)…

A: Operating Expenses Operating expenses are those expenditures that a business incurs to engage in…

Q: Question  1.a Distinguish between revenue expenditures and capital expenditures during as asset’s…

A: 1 a.Expenditure refers to a payment with either cash or credit to purchase goods or services. It is…

Q: Accounting Which statement is false? Accounting for asset retirement obligations (ARO) apply to both…

A: The given question asked about the correctness of the statement.    Assets retirement obligations:…

Q: Accumulated Depreciation is: Multiple Choice A contra-asset account A liability An expense account A…

A: Depreciation expense is the amount a firm's assets are depreciated for a single month, whereas…

Q: Income earned from incidental operations before an asset is put to use is: deducted from the…

A: Incidental Revenue - Incidental revenue can be earned anytime during or before the assets put to use…

Q: Accounts payable would appear on the balance sheet as a(n) a. asset b. liability c. unearned…

A: Account payable is the account that represents the accounts from where purchases of inventory have…

Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…

A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…

Q: Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current…

A: Outstanding expenses means those expenses which pertains to current period and recorded in the…

Q: Multiple choice: 1. It is a present obligation that has resulted from past events and has the…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Choose the correct statement below: A. Unearned income is income earned and already collected. B.…

A: The deferred expenses are the expenses incurred but not yet due for payment. The deferred revenue is…

Q: which of the following account is a liability? a. accrued income b. deferred expense c. prepaid…

A: Liability is the result of past event which requires outflow of resources in future. In simple, it…

Q: Unearned revenue is:     An asset.     Income.     A liability.     An expense.

A: Unearned revenue, as the name suggests, is an advance received from the customer for which the…

Q: 1. How do we decide whether to capitalize (record as an asset) or expense a particular cost? 2.…

A: ANSWER   Cost: The cost of the long-lived assets refers to all the expenditures made in order to…

Q: value is established on the bases of accepted accounting procedures. value is the amount that could…

A: Solution Concept Book value is the value that appears on the books of accounts . it is as per the…

Q: Accumulated depreciation is record on the balance sheet as ___? A. A reduction in corresponding…

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage…

Q: Identify an example of a non-current asset. O a. Machinery O b. Bank overdraft O c. Inventory d.…

A: Non-current asset refers to the asset which will not realize in cash within a year from the…

Q: Hdoes a company account for the disposal of an asset?how does it report gains and losses on its…

A: Disposal of Assets:   It refers to selling the worn-out assets that is no longer in need for the…

Q: elect the correct account type(asset, liability, equity, revenue, expense) for the below accounts:…

A: Depreciation : Gradual decrease in the value of asset over its useful life period.

Q: If machinery is depreciated @ 10%, What will the effects on financial statements Select one: а. It…

A: Depreciation alludes to the fall in the value of the fixed tangible assets due to wear and tear, the…

Q: Matching Type A. Intangible Assets B. Contra asset C. Allowance for doubtful Accounts D. Current…

A: Solution:- Accounting is the process of recording financial transactions along with classification ,…

Q: What is the proper classification of Prepaid Expense account? a.) Current Asset b.) Current…

A: The correct option with proper explanation are as follows. The expenses which is paid in advance is…

Q: Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current…

A: Advance is the money which is given by one party (customer) in advance to the other party (other…

Q: Return inward appearing in trial balance is deducted from Select one: a. Asset O b. Purchases c.…

A: Introduction: Trial balance: After posting all the balances to ledger accounts trial balance is…

Q: An increase in an asset account is a:  A. Debit entry to the asset account B. Credit entry to the…

A: Assets are those tangible and intangible things in the business which the business has right to use…

Q: The term income a. includes revaluation of land b. includes adjustment of prior period error c.…

A: Income Statement An income statement refers to an important financial statement that provides…

Q: tatement 1: Measurement period is relevant if Fair Value of Net Assets of acquiree includes the…

A: While Acquiring Assets and Liabilities Acquirer does not recognize contingent assets acquired in a…

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.