Illustratrate about the real and nominal accounts along with examples.

Q: What is the notes to financial statement? Describe its content.

A: Financial statements  consists of profit or loss account, balance sheet,cash flow statement  and…

Q: Which of the following best describes the classification and normal balance of the accounts…

A: Accounts receivable account generally shows the amount to be received from the customers against the…

Q: What exactly is a real account?

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

Q: preparing a balance sheet, interest receivable goes under what heading?

A: Balance sheet:It is one of financial statement which shows the assets, liabilities and shareholders’…

Q: Account for accountspayable and analyzeaccounts payableturnover

A: Accounts payable:   It refers to the money owed by the organization to their suppliers which is…

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

A: Here is the Answer :

Q: Describe how to report and analyze receivables.

A: Receivables are the assets for the company and may include trade receivables, other debtors or bills…

Q: a. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet…

A: a) Journal Entry

Q: Question 4 Explain the measurement of accounts receivable. (Write a complete answer)

A: Financial Accounting: Financial accounting is the efficient strategy of recording, ordering, summing…

Q: What relationship exists between the position of an accountin the balance sheet equation and the…

A:

Q: Describe how debits and credits impact assets, liabilities , owner,s equity

A: The books of accounts are prepared as per the double accounting system. All the debits shall be…

Q: Determine if each statement represents the allowance (A) or direct write-off (DW) approach. On the…

A: The Answer

Q: Describe the responsibilities of an accounts payables specialist.

A: Accounts payable specialists ensures vendors get paid for services and products rendered. They play…

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: We report accounts receivable in the balance sheet at the amount expected to be collected. Explain…

A: Account receivable: The amount of money to be received by a company for the sale of goods and…

Q: How are compensating balances reported in financial statements?

A: Definition: Compensating balance: A compensating balance is a minimum amount of cash that must be…

Q: Define Balance Sheet Accounts.

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: Define the ECL model for accounts receivable. How does it differ from the CECL model?

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

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: Briefly state the rules of debiting and crediting accounts classified on the basis of accounting…

A: Accounting equation: Accounting equation represents the mathematical relationship between assets,…

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: Distinguish between accounts receivable and account payable.

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

Q: How does the rule of debit and credit relative to accounting equation?

A: Accounting equation:   It is a mathematical expression that presented all assets of the firm are…

Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?

A: Introduction: Income and expenditure account to determine the surplus or deficit of income over…

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: to the accounts payable control le = ledger. unts Payable to prove the balance

A: The entries are given as,

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: Define financial assets, trade and other receivables and financial liabilities Thanks tutor

A: Financial assets and trade and other receivables are different types of assets that are part of…

Q: Record a transaction money charged on a account

A: A transaction is the amount of value for a product or service. Regardless of when money is received…

Q: For each of the following accounts, select the correct financial statement where reported. Accounts…

A: Answer : Classification of given accounts in appropriate financial statement : Income statement = It…

Q: Balances of nominal accounts

A: Nominal accounts are accounts of revenue, expenses, profit and loss. These accounts are closed and…

Q: Reflect upon accounting  as debits and credits information system

A: Accounting is a method of recording business transactions so as to ascertain the financial positions…

Q: 1. Calculate the Accounts Receivable Collection Period & Accounts Payable Payment Period based on…

A: Accounts receivable collection period = 365 x Average Accounts receivable…

Q: Explain the basic features of Income and Expenditure Account and ofReceipt and Payment Account.

A: Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account.

Q: How to identify the debit and credit amount for the general ledger

A: In order to balance the journal ledger both the debit and credit accounts to be balanced that is…

Q: How to make observations about the content of notes to the financial statements?

A: Budget summary notes are the supplemental notes that are incorporated with the distributed fiscal…

Q: How to calculate the account receivable turnover ratio in a balance Sheet and income statement…

A: The records owed turnover proportion, otherwise referred to as the borrower's turnover proportion,…

Q: Define account receivable

A: The formula to compute accounts receivable turnover ratio as follows: Accounts receivable turnover…

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: What accounts can appear on the Income Statement?

A: Income statement is a statement that helps in calculating the income or the profit and loss of a…

Q: Distinguish between Receipts and Payments Account and Income andExpenditure Account.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Discuss the difference between the financial reporting system and general ledger system.

A: A general ledger, or GL, is a system for recording all of a company's financial 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.