In financial accounts, how are interfund transactions accounted for

Q: Revenue and Expense Accounts Are revenue and expense accounts equal to equity in how cash is a part…

A: Revenue: Revenues are earnings of business by sale of goods and services in business. It is earned…

Q: What do you mean by tangible real accounts and intangible real accounts?

A: Real Account :Real Accounts are the ones that are related with properties, assets or possessions.…

Q: Is the matching concept related to (a) the cash basis of accounting or (b) the accrual basis of…

A: Matching concept: Under matching concept the expenses and revenues are recorded in books of accounts…

Q: Define receivables & explain its the classification in the statement of financial position

A: Current asset: It can be defined as an asset that is having the potential to be converted into money…

Q: (a)Explain, using practical example the effect of accruals figures on the preparation of a…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Which method of accounting (cash or accrual basis) is consistent with Generally Accepted Accounting…

A: GAAP (Generally Accepted Accounting Principles): GAAP refers to a set of rules and standards…

Q: Briefly explain the difference between cash accounting and accrual accounting. State two examples…

A: Cash Accounting: A form of accounting in which receipts are reported during the period in which they…

Q: How much should be presented as "Trade and other receivable" under current assets?

A: Particulars Amount (P) Trade Receivables 725000 Trade Notes Receivables 100000 Less: Sales…

Q: Which of the following items is an example of general unsecured creditors? Salaries payable Legal…

A: The unsecured creditor does not have right over any asset of the business in case of non-payment.

Q: What is the difference between the cash basis and the accrual basis of accounting?

A: The accounting is a process to identify the business transactions, record the transactions and…

Q: Why is the accrual basis of accounting generally preferred over the cash basis?

A: Accrual accounting aims to record the impacts of accounting events in the period when such events…

Q: Which should be recorded in accounts receivable? a. receivables from officers b. receivables from…

A: Accounts Receivable refers to the amount owed by the customers to a business for purchase of goods…

Q: Define a compensating balance. How are compensating balances reported in financial statements?

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

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: If a company has accounts receivable from ordinary customers and from related parties, can they…

A: International Financial Reporting Standards are known as the accounting standards which is issued by…

Q: When is the financial components approach to recordingthe transfers of receivables used? When should…

A:

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: Discuss the conversion from cash basis to accrual basis of an increase in accounts or notes payable…

A: Under the cash basis of accounting, business transactions are only recorded when the cash related to…

Q: Under accrual-basis accounting,sales made on credit are usually reported as: A.liabilities…

A: There are two type of bases used in accounting purpose. One is cash basis of accounting and other is…

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: When should the transfer of receivables be recorded as a sale?

A: When a Note receivable is passed to a Transferor, the transferred value is separated from the…

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: What does each of the following definitions refer to:    All aspects of the administration of cash,…

A: Current Assets are those assets which can be converted into cash within the accounting period or…

Q: What is accrual vs cash basis accounting. Explain with examples?

A: Under accrual basis of accounting, transactions are recorded & recognized as and when they…

Q: What is accural vs cash basis accounting. Explain with examples?

A: Cash Accounting: A form of accounting in which receipts are reported during the period in which they…

Q: Which of the following relationships best describes the percentage of receivables basis of valuing…

A: Solution 1: relationships best describes the percentage of receivables basis of valuing accounts…

Q: Which of the following items is not classified as an asset?  Accounts receivable Accounts payable…

A: Assets: a. Based on convertibility  :  current assets , Non current assets . b. Based on physical…

Q: Distinguish between cash basis and accrual basis of account.

A: Accounting: Accounting is an art of recording, classifying, analyzing and summarizing the financial…

Q: amount is recorded as accounts payable from this purchase?

A: Perpetual inventory management system is a method of recording inventory balance on time based on…

Q: Explain the difference between the current account and the capital and financial account in the…

A: The balance of payment shall be the record of payment or receipt between a nation and a national of…

Q: Why aren’t transactions involving accounts payable considered to be financing activities?

A: Answer: Accounts payable is current liability which is used in computing working capital, excess of…

Q: Differentiate the cash basis of accounting from the accrual basis of accounting.

A: Difference between cash basis and accrual basis: Cash basis accounting:  Under this method, income…

Q: What is the difference between ‘Cash’ basis and ‘Accrual’ basis of accounting.

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: This refers to earnings derive from depositing or lending money, goods or credits. O Dividend income…

A: Lets understand all options. Dividend income is a income derived from the investing in any entity.…

Q: Discuss the difference in Accrual and Cash Basis for accounting.

A: In this question, we are required to mention the difference between cash basis and accrual basis of…

Q: define accrual and cash basis accounting.

A: Answer: Accrual Accounting: In accrual basis accounting, revenues and expenses are recognized once…

Q: accrual vs cash basis accounting? Explain with e

A: Accounting is a medium of communication, like any language that we use. For example, two people can…

Q: What are some adjustments that need to be made to convert cash basis to accrual basis accounting?

A: Step 1 Under an accrual method of accounting all, the transactions or events are recorded on a…

Q: What is disaggregated financial information?

A:

Q: Which of the following assets—inventory, building, accounts receivable, or cash—is most liquid?…

A: The question is related to Classification of assets on the basis of short term solvency or…