Is there a certain order to list the liability accounts in the balance sheet?

Q: Describe the accounting for refund liabilities.

A: Liabilities:   The liabilities are the amount of money which a business has to pay to the outside…

Q: Allowance for uncollectible account falls under what classification in a balance sheet?  Current…

A: Allowance for uncollectible Accounts: This is a contra asset account to the Accounts Receivables…

Q: Briefly explain off-balance-sheet assets and off-balance-sheet liabilities with an appropriate…

A: Off-balance-sheet items seem to be those items that do not show up on a company's balance sheet.…

Q: What are the basic entries to recognize an account receivable?

A: Solution- Accounts receivable (AR) is money that your customers owe you for buying goods and…

Q: What is the difference between account receivable and account payable ?

A: Diffecrence between the accounts receivable an accounts payable are as follows:

Q: Distinguish between a current liability, such as accounts payable, and a provision.

A: Current liability:   Current liability refers to the debts of an organization. It is an obligation…

Q: _______________________ accounts is a liability

A: Accounts receivables are the items acquired on credit from vendors that have not yet been paid for.…

Q: state the differences between unearned revenue and accounts payable? both accounts are liabilities…

A: Definition: Normal balance refers to the excess of the amount on one side, over the amount on the…

Q: What adjusting journal entry is required to record accrued liabilities?

A: Accrued liabilities: Accrued liabilities means that the amount will be paid in the future period for…

Q: For each account, indicate whether it appears in the general ledger or the subsidiary ledger…

A: General ledger: General ledger is a record of all accounts of assets, liabilities, and stockholders’…

Q: contingent liabilities? Which two conditions have to be met in der to report a contingent liability…

A: The foundation for determining investor returns and analyzing a company's financial structure is the…

Q: What is the difference between ‘accounts payable (AP)’ and ‘accounts receivable (AR)’?

A: Credit Transaction: Under a credit transaction, the exchange of goods or services takes place where…

Q: What is the normal balance for an asset account?

A: Assets means the resources owned by business for the use in furtherance of business.

Q: These are obligations which exist on balance sheet date although their amount is indefinite.  Is…

A: There are two types of event (1) Adjusting event (2) Non Adjusting event.   Adjusting event are…

Q: What is the impact on the accounting equation when an accounts receivable is collected

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: What documents does the AP clerk review before setting up a liability? Why?

A: Accounting information system: An accounting information system is defined as a system that helps to…

Q: When a liability is paid, which account should be credited? A, Cash B.Accounts payable

A: Cash (money or coins) is legal tender that may be used to exchange products, debts, or services. It…

Q: What is the normal balance for liability accounts?

A: Liability is an obligation that an entity has to pay to its creditors, lenders, suppliers etc.

Q: What is the adjusted book balance?

A: Bank Reconciliation :— it is a statement prepared by the account holder on a perticular date to…

Q: What are the account receivables?

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

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

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: An account which would be classified as a current liability is

A: Dividend payable is a current liability but form of common stock is not a current liability.…

Q: What is the difference between a trial balance and a balance sheet?

A: The trial balance is useful to prepare the financial statements of the business. The balance sheet…

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: What is the difference, definition, examples between account receivables and fees earned?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Why are adjusting entries necessary under accrual-basis accounting?

A: The accrual basis of accounting states that expenses are matched with the related revenues . And are…

Q: Is a transaction that has the effect of lowering an asset recorded as a debit or as a credit? Is the…

A: A transaction is a business engagement that has an economic effect on a financial statement and is…

Q: For a liability to exist  a. There must be a past transaction or event b. The exact amount must be…

A: Solution: A liability is a present obligation as a result of past event that requires outflow of…

Q: prepare a liability section of the balancesheet thnk u

A: Liability means obligations of the business that it has to pay. If obligations are to be met within…

Q: Which of the following accounts is a liability? Accounts Receivable Service Revenue Unearned…

A: Accounts receivables is the amount of money not yet paid by the customers on the goods purchased…

Q: How is a change from a non-GAAP accounting method to a GAAP method recorded?

A: Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create…

Q: You are required to prepare: (a) an adjusted Debtors Control Account; (b) a statement to reconcile…

A: Adjusted Debtors control account     Dr Particulars $ Particulars $ Cr   To Balance b/d…

Q: account on the balance sheet and t

A: The relationship exists between the position of an accounts in the balance sheet equation is as…

Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An…

A: The correct answer is  d. An asset

Q: How is the account Prepaid Insurance classified and on which financial statement should it be…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: When a Liability is reduced or decreased, it is recorded on the? a. Right or debit side of the…

A: Introduction to Liability: Liabilities are referred to a sum of money that a person or company owes…

Q: Explain how accounts receivable are presented in the financial statements.

A: Introduction: Current Assets: Assets which are easily convertible in to cash with in a short period…

Q: Prepaid insurance is reported on the balance sheet as a?

A: If insurance permium is paid in adavance in current accounting period. Generally, it is divided in…

Q: Which of the following accounts is a liability? a. Accounts Receivable b. Service Revenue c.…

A: Liability refers to state of being liable or taking legal possession of something.

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

A: Owners’ equity: It is a owner's value and amount invested by an individual in the firm. It is…

Q: Accounts payable would appear on the balance sheet as a

A: Accounts payable (AP) is an account within the general ledger that represents a company's obligation…

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.