The business incurs some liability. Which of the following is an example of liability ? O a. cash. O b. Salary paid O c. unearned revenue O d. prepaid insurance.

Q: Which of the following is an example of Expense of a business? a. accounts payable. b. cash. c.…

A:

Q: Which of the following accounts is an asset? Select one: O a. Accounts payable O b. Salary expense…

A: STEP 1 An asset is something or attribute that creates future economic cash flows or benefit arising…

Q: Which of the following account groups are temporary accounts?   a.Rent Revenue, Fees Earned,…

A: Temporary accounts are those that are not carried forward to the next year and are closed by…

Q: which of the following transactions will result in the increase and decrease in liability? a.…

A: Liability is increased when the amount is borrowed when the liability is paid it is decreased by…

Q: Which of the following accounts are under owners equity? O a. Unearned revenue O b. Cash O .…

A: Solution: Retained earnings are undistributed profits of the company that are retained by the…

Q: Which of the following accounts is an asset? Select one: a Service revenue b. Prepaid expenses C.…

A: Generally asset represents the valuable thing owned by an entity. In accounting, an asset is the…

Q: Using accrual accounting, expenses are recorded and reported only a.when they are incurred, whether…

A: Under Accrual system of accounting, expenses are recorded in the books of account as they are…

Q: Which of the following is an example of liability of a business? a. prepaid insurance. b. cash. c.…

A: UNEARNED REVENUE : It is the revenue received in advance by a person or company before the delivery…

Q: Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts…

A: Asset accounts means account related to resources of the business that it owns. It can be current…

Q: Given the revenues and expenses of a business, net loss will result if: a. All the above situations…

A: Revenue means the amount earned by selling the goods or services. Expenses means the amount spent on…

Q: Generally accepted accounting principles require that companies use the _____ of accounting.…

A: Accounting concepts: These are the set of rules and guidelines which every company must follow in…

Q: Something that has value or the power to earn money for a business is a current liabilitie. True…

A: Current Liabilities: Current liabilities are the short- term liability which is to be paid within a…

Q: 3. Which ofthe foll owing is an expense? A. Interest paid on loan B. Withdrawal of cash made by the…

A: All the given options are discussed hereunder: 1) Interest paid on loan: This is the interest…

Q: help me identify if this is an asset, expense, withdrawals, liability, revenues - a written promise…

A: Asset is the useful thing we have us like property, car, machines. These are valuable things that…

Q: Which of the following statements is false? Multiple Choice O Prepaid insurance is a liability…

A: Current assets are those that provide future economic benefits and are realizable within a time…

Q: Which of the following is not one of the major groups that make up the balance of payments? O a.…

A: Balance of payment is a statement which records all the transactions of monetary nature incurred…

Q: Using accrual accounting, expenses are recorded and reported only a.when they are incurred, whether…

A: Under accounting, there are two types of systems that can be used. Cash basis of accounting says…

Q: Which of the following statements is TRUE? * A business should credit Revenue when the business…

A: Accounting principles mean some generally accepted rules and guidelines arising out of assumptions…

Q: Using accrual accounting, expenses are recorded and reported only a.if they are paid before they are…

A: The correct option is Option “d”. Using accrual accounting, expenses are recorded and reported only…

Q: Depletion is: A revenue for the business A liability for the business An asset for the business An…

A: Depletion is an accounting and tax concept used most often in the mining, timber, and petroleum…

Q: Identifying accounts Consider the following accounts: a. Notes Receivable b. Common Stock c. Prepaid…

A: Particulars Category a. Notes Receivable Assets b. Common Stock Equity c. Prepaid Insurance…

Q: D) going concern?example  E) periodicity?example  F)Revenue recognition principle? Example…

A: The accounting principles seem to be the basic rules and procedures that businesses must adhere to…

Q: which is an example of prepaid expense? A. unearned fees B. supplies C. unearned subscriptions…

A: Prepaid expense:   Expenses of future period are paid in advance. These expenses are called prepaid…

Q: 2. Indicate whether each of the following items is: an Asset , liability, or part of Owner's equity.…

A: Asset: In Financial terms, assets are anything that is held by a business that results in some…

Q: Identify the financial statement(s) that the following items appear on. a)interest expense, b)…

A: The Financial Statements consists of: 1- Profit & Loss Account (Income Statement) 2- Balance…

Q: When should liabilities for each of the following items be recorded in the accounts of the business…

A: Account payables means the amount owed by business to outsider for the goods received and services…

Q: Asset (A), Liability (L), or Equity (E)? a. Interest Revenue b. Accounts Payable C. Calhoun, Capital…

A: Assets means the resources which is owned by business. Liability means the amount which is to be…

Q: The accounts of customers who have not yet made payment for the goods or services provided by the…

A: The payment that is not paid yet by the customers, is called an asset for the business.

Q: The​ owners' claims to the assets of the business are called​ ________.     A.equity   B.expenses…

A: As per the accounting equation,  Assets = Liabilities + Equity  and such relation always holds true.

Q: An expense represents a liability a cost of doing business none of the above a withdrawal

A: Liability represents the amount which will be paid by the entity in future as a result of present or…

Q: Consider the following accounts, and determine if the account is an asset (A), a liability (L), or…

A: Lets understand the basics. Asset accounts are accounts on which company has a rights. It include…

Q: xamples may include salaries, utilities, rent, insurance, and office supplies? A.Revenue B.Expense…

A: Salaries, utilities, insurance expense and office supplies expense insurance are indirect expenses…

Q: 4. What account will not be found in the financial statements of a company using accrual basis of…

A: Accrual Basis Accounting-:Accruals are revenues earned or expenses incurred which impact a company's…

Q: Which of the following transactions will increase an asset and increase a liability?a. Purchasing…

A: An assets is a resource having an economic value that generates positive cash flow in the future for…

Q: Which of the following does not directly or indirectly affect the owner's Capital ac Paying an…

A: The question is based on the concept of Financial Accounting.

Q: Amount owed by the business to outsiders or whatever is payable by a company is known as ___. a.…

A: Balance sheet: It refers to a financial statement that shows all the liabilities, assets, and…

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

A: Asset accounts means all tangible and intangible resources of the business, which the business has…

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 costs of doing business are classified as:a. assets.b. liabilities.c. revenues.d. expenses.

A: The correct option is option “d”. d. Expenses

Q: The expense recognition principle matches Select one: a. expenses with revenues. b. creditors with…

A: General accepted accounting principles means those set of standards which is followed while…

Q: When liability, capital, and revenue accounts increase, there will be a

A: Every transaction has two effect that is one account would be debited and another account would be…

Q: All of the following about expense recognition principle are false, except: O a. Business buys a…

A: from the given following options  O a. Business buys a building.O b. Business requests a loan from a…

Q: Which of the following is an example of a prepaid expense? a.Unearned Subscription Revenue…

A: Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…

Q: Which of the following is true of accrual basis accounting and cash basis accounting? Accrual…

A: Accrual basis: Accrual basis is a method of accounting. In this method recording of revenues are…

Q: 1. Which of the following is not a financial instrument? a. accounts receivable b. accrued utilities…

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

Q: Using accrual accounting, expenses are recorded and reported only a.if they are paid before they…

A: As per the cash basis of accounting, we should record the transaction only when corresponding cash…