Question 36 is used to settle an obligation arising from purchase of goods or services as a substitute for money. O official receipt O check O promissory note D Withdrawal slip

Q: Which of the following statements, if any, is O Under the cash receipts method, income is not…

A: Accrual Method of Accounting: Under this method, transactions are recorded as and when they accrue,…

Q: Which of the following accounts is not normally part of the revenue and collection cycle?a. Sales.b.…

A: Revenue and collection cycle is business process related to the products delivery and collection of…

Q: d. Trade receivables, current assets (after deducting the related allowance) b. Trade receivables,…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Which one of the four methods of payments creates an accounts receivable?   Select one:   a.…

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: 2. Unearned or deferred revenue can occur when a. services provided prior to receipt of cash b.…

A: Answer: concept : Deferred revenue or unearned revenue refers to the money received by an…

Q: The accounts of customers who have not yet made payment for the goods or services are called: O a.…

A: Accounting indicates to a system which helps the corporation in identifying the daily…

Q: Due to this accounting principle I postpone the moment I reveal expenses on my goods to the moment I…

A: Accounting principles are designed and implemented to bring consistency in financial statement for…

Q: The closing balance of the petty cash book is considered as ___________________ Select one: A.…

A: It is the record of petty expenses sorted of date. Generally,  it is a real ledger and part of…

Q: Determine if this shall result in recognition of liabilities   4. Receipt of goods ordered from a…

A: The goods purchased on account increases the inventory and also increase the liability.

Q: The entry to record collection of trade receivables under cash basis of accounting is*   debit to…

A: Following is the answer to the given question

Q: True Or False?  The entry to record a cash receipt from a customer when the service is to be…

A: The assets are debited and liabilities are credited.

Q: rue or False. All payments by cheque are recorded in the cash payments journal. Any  GST/HST paid on…

A: Cash payment journal is a accounting book, which records all type of payments such as payment for…

Q: Bills payable and promissory notes are negotiable instruments and are used mostly to replace_____…

A: Bills Payable and promissory notes are negotiable instruments issued for accounts payables. These…

Q: A Credit Note would be issued by a business: A. as evidence of goods sold on credit. B. as reference…

A: Accounting refers to the process of recording, summarizing, interpretation the financial information…

Q: 1. The revenue recognition concept a. Determines when revenue is credited to a revenue account. b.…

A: Accounting principle:   These are the guidelines which are to be applied while preparing the…

Q: What is the GL entry when a company receives a payment from a customer? Debit revenue, credit…

A: General ledger entry for receiving a payment from a customer means entry for amount received from…

Q: Which of the following documents is issued by a customer to provide information about the  nature of…

A: Every transaction that takes place in a business should be recorded appropriately in the books of…

Q: Due to this accounting principle I postpone the moment I reveal expenses on my goods to the moment I…

A: Principle means the fundamental upon which the books of account are prepared.

Q: Which of the following are the suppliers of goods/services whose invoices have not yet been paid? a.…

A: Accounting can be done in  both cash and accrual method

Q: Which function of money allows individuals to make payment now in return for goods and services? A.…

A: Medium of exchange : Money serves as a medium of exchange. Money facilitates exchange of goods…

Q: Which two accounts are used to recognize shipping charges for a buyer, assuming the buyerpurchases…

A: The term "free on board" (FOB) relates to whether the vendor or customer is liable for damaged or…

Q: Q-2: What is Gross Invoice Method and Net Invoice method? Record the transactional entries for the…

A: Net sales are the total goods sold by the firm during the year to generate profit. It includes sale…

Q: Under what circumstances would accounts receivable be posted as a credit balance : A. When the…

A: The different accounts in the business have different balance as debit and credit.

Q: Is this true or false? When recording a cash transaction from a client for a service that will be…

A: Unearned revenue is a liability for which services are yet to be provided in the near future.

Q: Which form of payment is not considered as advance payment? A) Payment by wire transfer B)…

A: Documentry payment is not considered as advance payment because Documentary payment is a method of…

Q: When company uses special journal , the transaction of settling company liabilities record in.. a.…

A: Journal is the recording of financial transactions according to the dual entity concept and it helps…

Q: Explain the following terms:   a. Dishonoured cheques b. Credit transfer c. Standing orders d.…

A: Note: Since you have posted a question with multiple subparts only the first three sub-parts have…

Q: Determine if this shall result in recognition of liabilities 9. receipt of goods to be sold for the…

A: Consignment Goods: In the case of consigned goods, the party in actual possession of them do not own…

Q: For each of the following items, identify whether the item is considered current or noncurrent, and…

A: When the item is with the organisation for the 12 months or less than one accounting period then it…

Q: Which of the following situations may give rise to unearned revenue? O Providing trade credit to…

A: The Unearned revenue is the cash received feom customers but services would be provided in the…

Q: 4. Ms. Tania Hamid records sales when cash is received and records purchase only when cash is paid.…

A: The rule of "Accrual" states that all transactions should be recorded as an when they accrue,…

Q: A credit balance to a client's accounts payable account representing right to receive payment for…

A:

Q: receipt of cash from customers in payment for products or services

A: First option is wrong because the prepaid expense is the expense paid in advance. A credit to…

Q: When a customer pays in advance for products or services, which of the following accounts is…

A: We have the following question: When a customer pays in advance for products or services, which of…

Q: Disclosure Note 2 discusses Target’s accounting for gift card sales. Does Targetrecognize revenue…

A: Revenue:   It refers to the earnings of the business from their normal business operations. This…

Q: 2) ______________ is a document issued by the seller to the buyer. a. Invoice b. None c. Pay slip…

A: The right answer is option a. Invoice is a document written  by the seller  in the name of  buyer…

Q: Which of the following transactions is credited? A) WHEN CHARGED B) PURCHASE OF COMMERCIAL GOODS…

A: Credit transaction: Any transaction by the terms of which the repayment of money loaned, or loan…

Q: The entry to replenish the petty cash fund debited Insurance Expense for postage. This would​ cause:…

A: A small amount or discretionary fund that has been kept aside for the purpose of meeting up the…

Q: In which of the following transaction, bank account will be debited? O a. Purchased goods on cash O…

A: SOLUTION- Cash Deposit In To Bank is Simply Transfer the Cash From Location to Another , The Asset…

Q: it is urgent  A promise received from a business's customers to pay for goods and services that…

A: Introduction Sales may be defined as the activity of exchanging goods and services for money. It may…

Q: When a company has performed services for a client but has not yet received payment, it: makes no…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Cash Accounts Receivable Supplies Accounts Payable Unearned Service Revenue

A: Trial balance: Trial balance is a list of all the ledger accounts with their closing balances…

Q: When should revenue from the sale of merchandise normally be recognized? A)When the customer takes…

A: Revenue recognition concept says that when all the risk and reward has been passed on to the buyer…

Q: For part 2, do "written off" and "previously written off accounts collection" fall under debit or…

A: Allowance for doubtful accounts: Allowance for doubtful accounts refers to the allowance prepaid or…

Q: occur when a company receives cash before it can recognize revenue or when a comp. pays cash before…

A: Deferrals refers receipt or payment is done but to be recognised later. Estimates refers to a rough…

Q: What is the adjusting entry for a customer NSF check? Debit cash and credit accounts receivable O No…

A: Note: while preparing the bank reconciliation statement, NSF check are deducted from the balance as…

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.