Liabilities are

Q: Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities…

A: Accounting equation - Assets = Liabilities + equity   During the financial year, Total Assets must…

Q: The key accounting considerations relating to accounts payable are: Determining their existence and…

A: Accounts payable is a current liability.  As per IAS 1, Presentation of financial statements,…

Q: Which principle or concept states that businesses should use the same accounting methods and…

A: Answer: c) Consistency In accounting the concept of consistency states that company should maintain…

Q: Using the transactions attached and the Unadjusted trial balance please create a Statement of…

A: Formula: Ending Retained earnings = Beginning Retained earnings + Net Income - Dividends paid.…

Q: Match the statements below with the accounting assumption, characteristic, or principle to which the…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarising and…

Q: Liabilities which are estimated and payable are; Select one: O a. Not reported on the balance sheet…

A: Liabilities represents the obligation of the entity. It is the amount which is to be paid by the…

Q: When fresh start accounting is utilized, how are a company’s assets and its liabilities reported?

A: Except for deferred income taxes, all liabilities at the same time reported as future cash payments…

Q: The following may be presented as current assets, except *   Advances to shareholders, directors,…

A: Current assets are those items benefit of which is expected to be received in the immediate…

Q: Which of the following accounts would appear only in an accrual basis accounting system, and which…

A: Cash basis of accounting system :  In cash basis of accounting system , the accounts are recorded…

Q: Which of the following is true about financial accounting? It provides information to investors and…

A: Financial accounting: It can be defined as a process that relates to the preparation of financial…

Q: Balance Sheet accounts are considered to be   Question 2 options:   A)  nominal…

A: The balance sheet refers to a financial statement which shows the financial position of a business…

Q: Which of the following liabilities is created when a company receives cash for services to be…

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: these include debts, obligations to pay, and claims of the creditors on the assets of the business.…

A: The financial statements of the business includes the income statement and balance sheet. The…

Q: How are anticipated administrative expenses reported on a statement of financial affairs?a. As a…

A: The administrative expenses are incurred in the day-to-day operations of the company. These are…

Q: Which statement is true concerning the accrual basis of accounting? Revenues are recognized when…

A: There are two accounting methods which are currently used by the business. One is cash basis of…

Q: All of the following accounts are presented under liabilities, except: a.) Advances to Supplier b.)…

A: The liabilities are the amount due to be paid to the outsiders. The liabilities are recorded in the…

Q: The concept of verifiability is complied with when an accounting transaction occurs tha A. involves…

A: A. Involves an arm length transaction between two independent interests

Q: Give an example of how this chosen principle affect the financial reporting process. You can explain…

A: The principle of consistency suggests that you need to adhere to and follow this principle…

Q: True or false  if a balance sheet is prepared between the date of declaration and date of payment,…

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

Q: Which of the following transactions results in the recognition of an exp O Withdrawal of cash by the…

A: Solution 1: An Expense is the cost of operations that a business incurs to generate revenue. In…

Q: The consignee maintains an account called Consignment In. The following transactions will require a…

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

Q: If an event occurs ‘after the reporting period’, then from the perspective of accounting standards,…

A: International Accounting Standard -IAS 10 says about events after reporting period. It states the…

Q: Which of the following is a liability created when a company receives cash for services to be…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: 2. Debts (liabilities) refers to: a. Any account that maintains a credit balance after closing…

A: Solution: Debts (liabilities) refers to "Obligations arising from past transactions and which will…

Q: If the corporation has a net loss for the period , the closing entry will include a debit to income…

A: Definition:   Closing entries:   Closing entries are those journal entries, which are passed to…

Q: Why are some accounts "temporary" and others are "permanent?" How does this relate to the financial…

A: There are two types of account namely permanent account and temporary account.   Permanent accounts…

Q: What are the rights of creditors (claims against the assets of the company--creditors' equity) that…

A: The creditor is the person to whom the company owes money at the later date. Creditors are the one…

Q: Why does a balance sheet balance (assets = Liabilities + OE)? a) It is required by law b)…

A: Balance sheet: To know the financial position of the company on particular date Balance sheet is…

Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: “Since you have asked multiple questions, we will solve the first ‘three’ questions for you. If you…

Q: Which of the following is most appropriate for IFRS? a. Should disclose all the material information…

A: IFRS stands for International Financial Reporting Standards. It refers to the standard and rules, as…

Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: The financial statements are prepared by passing the journal entries, adjusting entries,…

Q: Choose the correct. How are anticipated administrative expenses reported on a statement of financial…

A: Statement of financial affairs:   Statement of financial affairs refers to a statement of assets and…

Q: The accounting concept that supports reporting revenues in the period in which they are earned is…

A: Explanation: 1. Revenue recognition concept: As per the revenue recognition concept, revenues are…

Q: What are interim financial statements? Do accounts thatappear in a company’s interim balance sheet…

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

Q: What account will not be found in the financial statements of a company using accrual basis of…

A: The accrual basis of accounting is prepared on the matching principle and revenue recognition.…

Q: When, at the end of an accounting period, cash has been paid with respect to an expense, the…

A: Advance payment for future expenses is called prepaid expenses. These prepaid expenses are…

Q: The primary objective of expense recognition is toa. Provide full disclosure.b. Record expenses in…

A:

Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: Recognition of Assets, Expense, Income, Liability, Income and withdrawal is given below,

Q: On winding up, which debts or amounts must be paid first? Select one: a. Unsecured debts and loans…

A: Liquidation is the process of putting a company out of business. The company's assets and property…

Q: Which of the following accounts is not included in the opening record? A) linked securities…

A: A. Linked securities : These .are Financial Assets and they do have opening balance. C.Accumulated…

Q: The standard accounting equation Assets - Liabilities = Owner's Equity allows the analysis of normal…

A: Assets- Assets are any items of economic value that will provide future benefit and can be converted…

Q: s liabilities incurred prior year, what is the proper debit

A: Option a is wrong because accounts receivable is not liability, it is an asset. Option b is wrong…