State and briefly explain any three distinguishing features between (i) a receipts and payments account and (ii) an income and expenditure account

Q: Explain the two types of disbursements for services.

A: Disbursement can be defined as the act of paying out the money. This includes the money that is…

Q: Discuss the inter-relationship of the financial statements.

A: Meaning of Financial Statements Financial Statements consists of income statement, Profit and loss…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption,…

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: The revenue recognition principle dictates that revenue should be recognized in the accounting…

A: Revenue recognition principle says the revenues should be recorded only when the goods are sold or…

Q: In what ways does revenue recognition differ from other financial accounting procedures?

A: Definition: Every corporate entity should record revenues when they are generated, regardless of…

Q: Identify each of the following terms/phrases as either an accounting (a) principle, (b)…

A: Accounting Principles:   Accounting principles refers to the rules and guidelines that are to be…

Q: Which of the following is true about the revenue journal? Please explain with full explanation  a.…

A: Revenue means the income which is generated from the business operations in terms of selling goods…

Q: Give any four examples of Provision and Reserves with regards to accounting  concepts?

A: Provision is an term used in accounting in which an amount was estimated to be happen in future…

Q: Which of the following transactions represents revenue to an entity?

A: Answer:   Option a.

Q: All of the following items are classified as accounting assumptions and coventions except for a.…

A: Accounting assumptions and conventions are basically the guidelines which are used in providing the…

Q: What is meant by the term unearned revenue? Where should an unearned revenue account appear in the…

A: Revenue: It refers to the amount earned by a business from selling its goods or services to the…

Q: Mention the key features of the Income and Expenditure Account.

A: Lets understand the basics. Income and expenditure account is a account prepared for non trading…

Q: you agree or disagree upon accounting debits and credits as an information system?

A: Debits and Credits 1) An account shows the effect of transactions on a given asset, liability,…

Q: Are purchasing and receiving functions separate from invoiceprocessing, accounts payable, and…

A: Invoice processing: It is a procedure to maintain the invoices of the organisation to ensure timely…

Q: Define debits and credits and explain double-entry accounting.

A:

Q: What is Receipt and Payment Account? How is it different from Income and Expenditure Account?

A: Receipts and payment account is a real account. This account is a summarised cash book which…

Q: Under the revenue recognition principle, when is revenue recorded?

A: Revenue recognition principle:Revenue recognition principle is used as to recognize the revenues…

Q: describe general principles of revenue recognition and accrual accounting, specifi c revenue…

A: According to IFRS, a company should recognize revenue from the sale of goods whenever the following…

Q: State two users of accounting information and what type of information they need.

A: There are various users of accounting information.

Q: Distinguish between statement of affairs and balance sheet.

A: Difference between Statement of Affairs and Balance Sheet: Objective of balance sheet is show…

Q: State the meaning of Receipt and Payment Account.

A: Receipt and Payment Account: Receipt and payment Account is a summary of Cash book. Only…

Q: Identify the two major accounts of the balance of payments and explain the key  difference between…

A: The two major accounts of a nation’s balance of payments are: Current Account Capital Account

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A:

Q: Understand the disclosures required for revenue recognition, accounts receivable,contract assets,…

A: Much disclosure is required for revenue recognition. For example, a seller recognises contract…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: explain the relationship of fi nancial statement elements and accounts, and classify accounts into…

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

Q: what account balances are included in a revenue and collection cyle?

A: Revenue means proceeds or amount that is received from sale of goods and services in the business.…

Q: Explain the basic features of Income and Expenditure Account and ofReceipt and Payment Account.

A: Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account.

Q: Compare the essential features of each financial account statement to analyse the differences…

A: "As you have asked about the features, purpose and contents of financial account statements, I will…

Q: Describe presentation and disclosure regarding revenue.

A: The core principle of IFRS 15 is that revenue is recognised when the goods or services are…

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: Theseransactions which are related to revenue or expense recognition, identify whether they are are…

A: Accruals: Accruals are the revenues that are earned but not received, and expenses that are incurred…

Q: Which of the following concept is also called as Revenue Recognition Concept? O a. Accrual concept…

A:

Q: How do modifying entries relate to the difference between cash accrual accounting and the difference…

A: Introduction : All cash transactions must be converted into accrual accounting for adjustment…

Q: Define accounting income

A: Income: It can be defined as the amount received by the business or an individual from selling its…

Q: Service revenue belongs on which financial statement?

A: Service revenue is in the nature of Revenues account. Therefore, the Balance of Service revenues…

Q: Identify each of the following terms or phrases as an accounting (a) principle, (b) assumption, or…

A: Accounting assumptions :      As the name suggests, these are the assumptions to be considered by…