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

Q: Which of the following accounts is an asset? Select one: O a. Accounts payable O b. Salary expense…

A: STEP 1 An asset is something or attribute that creates future economic cash flows or benefit arising…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Wages Payable

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: Classify each of the following items as assets (A), liabilities (L), or equity (EQ). Accounts…

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

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: Match the account type (Asset, Liability, Equity, Revenues Expenses) with the account name.…

A: Asset - generally asset is a resource that fetches cash inflow into the organization. it is not…

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 accounts has a balance whereby credits normally exceed debits? Rent Expense…

A: Assets and Liabilities - Assets are the resources of the organization and Liabilities are the…

Q: accrued interest expense o

A: It is pertinent to note that under accrual concept of accounting transactions are recorded and when…

Q: are payments and receipts of interest classified as operating activities rather than as financing or…

A:

Q: 3. Which one of the following could not be called income? A. An allowance B. A paycheck C. Interest…

A: An income is the amount of money or cash inflows that are received by an individual or a business in…

Q: All of the following are monetary items, except: a. Accounts payable b. Accounts receivable c.…

A: This question is answered as per IAS 29 "Financial Reporting in Hyperinflationary Economies".

Q: What type of accounts are Interest * ?Receivable and Fees Receivable Equity Asset Liability O…

A: Revenue is the amount generated through the normal course business operation. It can be calculated…

Q: Which of the following groups of accounts increase with a credit? Oa. assets, common stock, revenues…

A: Liabilities, common stock and revenues will be increased with a credit.

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. Cash

A: Assets, liabilities, and equity are balance sheet elements.

Q: 3. Which ofthe foll owing is an expense? A. Interest paid on loan B. Withdrawal of cash made by the…

A: All the given options are discussed hereunder: 1) Interest paid on loan: This is the interest…

Q: Estimated discount on property taxes is considered to be assets contra account .a FALSE .b TRUE

A: Property taxes are the amount of obligations or dues to the authorities for holding property of any…

Q: How do you accrue and calculate interest

A: interest calculation = principle amount * rate of interest    accrued interest is interest…

Q: Differentiate between Current Account vs Capital Account.

A: Account: A record, that documents or records the changes in assets, liabilities, or equity for a…

Q: Is accrued interest an asset, liability or owner's equity?

A: Accrued interest refers to the amount of interest that is earned or incurred till the reporting…

Q: (a) What are total current assets? show working (b) What are total current liabilities? Show working

A: Current assets are those assets which can be converted into cash within a short period of time like…

Q: difference between accrual and cash basis accounting

A: Accounting principle represents the rules and regulations for the company to be followed.

Q: e. Time Interest earned Ratio   E. Times Interest Earned Ratio   Income before Interest and Taxes/…

A: Financial ratios are those ratios which state the line item of the financial statement in percentage…

Q: Which of the following is NOT included in the financial assets? A. Cash. B. Investments in…

A: The financial assets include the liquid assets of the business.

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: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: In financial accounting, The financial statements of balance sheet accounts are classified into…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Accounts…

A: Asset is a resource from which a entity expects  future economic benefits from its use. Liability is…

Q: Accrued revenues would appear on the balance sheet as A. assets B. liabilities C. capital D.…

A: As per revenue recognition principle,  revenues earned during a period should be recognized as…

Q: What type of account is Aaron Pickle, Capital?      Asset         Liability         Owner’s equity…

A: Lets understand the basics. When any business is started then whatever owners bring consider under…

Q: What type of account is accrued income

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: Classify the following into assets and liabilities a) Building b) Мachincry c) Creditor di Debtor e)…

A: Assets are the items that will provide economic benefit to the business in the future, while…

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: define accrual and cash basis accounting.

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

Q: what is assets? what is non-current assets? what is current assets? what is equity? what is…

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

Q: Current assets include all of the following: cash, inventory, equipment, supplies, and accounts…

A: Current assets: The assets which could be converted into cash within one year like accounts…

Q: Which of the following in accounts would be classified as current assets on the balance sheet? a.…

A: Assets Resources that a company owns and these resources can provide some future benefits to the…

Q: Which of the following is a connector account? O Retained Earnings O Prepaid Rent O Common Stock O…

A: Connector accounts are those accounts which connects or joins two particular financial statements.

Q: Define the following and their differences : Real accounts                capital account  Nominal…

A: In accounting, there are several type of accounts being used in business. These are personal…

Q: What is the formula used to get the answers in interest expense and net income?

A: The interest expense is the amount a borrower has to pay against the amount borrowed. It is…

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.