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

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: equired How much is the total current liabilities and non-current liabilities?

A: The current liabilities are due and payable within one year and non- current liabilities are due and…

Q: What are the two categories of liabilities reported on the balance sheet? Provide examples of each.

A:

Q: What is the relationship between total liabilities and total assets? What is it called?

A: Assets:   An asset is any form of resource both tangible and intangible owned by an organization for…

Q: Explain and provide examples for what is measured on a balance sheet.

A: Answer: Balance sheet is one of part of financial statements that represent the statement of net…

Q: Explain the impact of the collection of these receivables on the Financial Statements.

A: Introduction:- Financial statement gives clear picture of financial position of the company.…

Q: Why does a balance sheet balance (assets = Liabilities + OE)?

A: Accounting is done on double entry system, in which we book any financial transaction into books at…

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: What classes of assets and liabilities are shown on a typical classified balance sheet?

A: Introduction: Classified balance sheet: Classified statement of balance sheet refers to the balance…

Q: What is the relationship between the income statement and the balance sheet?

A: Income statement: An income statement is a financial statement prepared by the company that shows…

Q: understanding the structure of balance sheets and income statements.

A: Income statement:   It is a financial statement prepared by a company that reports revenues and…

Q: What is the relationship between total liabilities and total assets?

A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…

Q: deposits, as well as reserve requirements. * Commission Gross Balance Down payment Current increase…

A: The question is related to Banking and is of multiple choice question.

Q: finance charge is calculated

A: Finance Charge is the charge on the balance amount after the billing date. In short, it is the…

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: What is balances sheet?

A: Financial statements refer to structured records in a proper format that conveys the performance and…

Q: Financial system is important in balances the total financial assets to total liabilities. Explain.

A: A financial system is a collection of entities that allow the exchange of funds, such as banks,…

Q: Define accrual and cash basis accounting. Can you provide any examples?

A: Accrual Accounting is a kind of accounting that involves the accumulation of funds : Accrual…

Q: Distinguishing between current and non-current items on the balance sheet and presenting a subtotal…

A: A classified balance sheet is one that classifies assets and liabilities as current or non-current…

Q: Describe the balance sheet elements?

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

Q: Where to show TDS in the balance sheet?

A: Solution:-  TDS shown in the balance sheet as follows under:-

Q: Explain an example of balance sheet.

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

Q: what goes on the balance sheet?

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

Q: how to understand a balance sheet

A: Financial statements of the business are indicator of financial position of the organisation.…

Q: Explain what are the elements of financial statements?

A: The elements of financial statements are as follows: Assets Liabilities, Equity, Revenues and…

Q: Explain the uses of balance sheet.

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

Q: What is the relationship between the accountingequation and the balance sheet?

A: Accounting is the detailed process of maintaining books of accounts. It includes several steps like…

Q: Briefly explain the "accrual basis assumption" and why financial statements are prepared under this…

A: As per our protocol we provide solution to the one question only but as you have asked multiple…

Q: Name the assumption requires that financial statement elements be measured in nominal units of…

A:

Q: Define financial assets and explain their valuation in the balance sheet.

A: Definition:

Q: what is financial statement? and other financial?

A: Financial statements apply to those statements which at the end of accounting period reflect on the…

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: What are the basics of a balance sheet?

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

Q: What are the essential characteristics of liabilities for purposes of financial reporting?

A: LiabilitiesLiabilities are referred to as the obligations of the business towards the creditors for…

Q: How to do Balance sheet?

A: The balance sheet is the financial statements of the business that represents the financial position…

Q: Where is the current portion of notes payable reported on the balance sheet?

A: Definition:   The long-term note payable: Long-term notes payable refers to the obligation of the…

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

A: Accrual System of Accounting is a system where expenses and revenues are recorded as and when they…

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 is TDS? Where do you show TDS on a balance sheet?

A: TDS: TDS stands for tax deducted sources. If the payment exceeds certain limits, then any company or…

Q: Where do current assets and current liabilities come from?

A: Current Assets = Cash + Supplies + Prepaid Insurance Current Liabilities = Creditors + Salary…

Q: List the items that are kept under the asset side of a balance sheet?

A: Balance sheet is a part of the financial statements of a company that are prepared at the end of…