(Provide supporting examples to justify your answers (Where required). 1. How many types of Transcation explain each with suitable example? 2. Define Capital Account and Drawing Account. 3. What is meant by Ledger?

Q: dentify whether each account type is permanent or temporary: Assets I Select] Liabilities ISelect]…

A: Solution: Permanent accounts are those which are present on balance sheet and temporary accounts are…

Q: Feedback   Partially correct c.  Calculate the amount of depreciation expense for the year 2017.…

A: Financing activities refer to all the transactions which influence the long-term borrowings of the…

Q: choose the right answer Of the following account types, which would be increased by a debit?…

A: I assumed the first MCQ as first question And next MCQ as second question.

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: Please provide explanation or justification on the effects of the transactions.

A: Explanation are as follows for above transaction.

Q: C.requires equilibrium of resources and the claims on those resources

A: Answer: The accounting is equation is called the balance sheet equation. According to the accounting…

Q: Using two revenue and capital ledgers, explain how you will treat them in the trial balance

A: A trial balance is one of the intermediate steps in an accounting cycle. The first few steps in the…

Q: Accountants use reserve accounts for various reasons, for each of the cases below describe a…

A: Uses of reserves

Q: a) Please give a different example of accruals, and write a numeric example for it with accounting…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Which among the following accounts will increase with a debit? a. Service revenue b. Capital c.…

A: Debit and credit terms has been used in accounting for various purpose.

Q: Balance sheet can be prepared in vertical, net asset and horizontal format. What is the difference…

A: Balance sheet refers to the financial statement of the business entity. It is divided into two…

Q: Consider the following accounts and identify each account as an Asset(A), Liability(L), or…

A: Assets accounts are those accounts that are related to resources of the organisation. Liability…

Q: Show the effect, if any, of the transaction entry or adjustment on the appropriate balance sheet…

A: Financial Statement Effect :— It is the accounting equation analysis of transaction that is occurred…

Q: Select the correct answer from the dropdown menu which describes the impact the following…

A: Accounting equation means the relation between the assets , liabilities and owner equity. Assets…

Q: If the unearned interest is credited in the adjusting entry, which of the following will be…

A: An Unearned interest refers to an interest income collected by a lending institution before they…

Q: A. Explain the matching concept by incorporating the terms ‘recognized’, revenue recognition…

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

Q: 2) expense, (3) loss as used for financial reporting in conformity with GAAP. In your explanation,…

A: 1. Cost:  Cost is the amount that is given in consideration of goods that are either received or are…

Q: The five basic account types are: Asset Liability Owners Equity Revenue Expense   What is the…

A: 1. Asset = Debit Balance 2. Liability = Credit Balance 3. Owners Equity = Credit Balance 4. Revenue…

Q: Which of the following normally have a debit balance? Liability accounts Equity or capital accounts…

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances.Their…

Q: Please help with the following question, need full and accurate answer. an adjusting entry may…

A: Journal entries means the book of prime entry incuding debit and credit item. Adjusting entry means…

Q: Which of the following describes the classification and normal balance of the unearned fees account?…

A: UNEARNED FEES :  IT IS A UNEARNED REVENUE ( CASH RECEIVED IN ADVANCE FOR PROVIDING GOODS AND…

Q: Choose the correct answer:   Which of the following is equal to the SFP? A. Unadjusted trial…

A: Abbreviations used in the Question : SFP means Statement of Financial Position of Balance Sheet SCI…

Q: 1. How many types of Transcation explain each with suitable example? 2. Define Capital Account and…

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: WAGES EXPENSE is a(an) and is increased with a Fill in the blanks with the appropriate response. For…

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

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

A: Account: It can be defined as a record that is maintained in the accounting system to track the…

Q: (See chart below for the account titles) Identify or classify the different account titles as to…

A: Current assets: It refers to the assets that are used for less than 1 year and can be easily…

Q: . Which of the following are all temporary accounts?. liabilities, revenues, and expenses a. b.…

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

Q: Which of the following options is correct in relation to preparing balance sheet? Select one: a. It…

A: The statement depicting the final position of an organization and helping the stakeholders to get an…

Q: Use the following question set for practice. For each transaction, tell whether the assets,…

A: Assets = Owner's Equity + Liabilities  These are the possible cases: 1. Increase in an Asset and a…

Q: Answer the following questions: Requirements 1. What type of normal balance does the Owner, Capital…

A: In accounting, all assets and expenses normally have debit balances, all liabilities, income and…

Q: elect the correct account type(asset, liability, equity, revenue, expense) for the below accounts:…

A: Depreciation : Gradual decrease in the value of asset over its useful life period.

Q: Identify whether a debit or credit results in the indicated change for each of the following…

A: Normal balance: Assets - Debit Liabilities - Credit Equity - Credit

Q: Find out the missing value assets in an accounting equation if liabilities is OMR 320000 and capital…

A: Liabilities = OMR 320,000 Capital = OMR 119,000

Q: etail current assets b. list the non-current assets c. list the liabilities d. list the non…

A: Cash flow statement which are used to assess the information of total net changes in the assets…

Q: Which of the following are all temporary accounts? a.Liabilities and assets b.Liabilities, revenue,…

A: Temporary accounts are those which are closed at the end of each accounting year. So at the end of…

Q: Identify the nt below that is correct: Multiple Choice Debits decrease asset and expense accounts,…

A: A ledger is a book of accounts that contains debits and credits from the journals that have been…

Q: What is the name of the accounts that are used to monitor the changes in resources and give the…

A: Active Account shows the balance of the assets. Passive Accounts show the balance of the…

Q: The type of account with a normal credit balance is: Group of answer choices an asset drawing a…

A:

Q: Which of the given series have the same normal balances in the Accounting Equitation? Select one:…

A: Normal balance is the side of the account where the balance of the account is found. An account can…

Q: Indicate the effects of the transactions listed in the following table on total current assets,…

A: Current Assets: Current assets are all of a company's assets that are anticipated to be sold or…

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.