the following are regarded as assets of a business except shop lot that has been rented for use by the business inventory of goods that have yet to be sold machine owned by the business sum of money owed by the business

Q: Listed below are several statements that relate to financial accounting and reporting. Identify the…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Which of the following would normally be classified as a Selling expense of Merchandising business?…

A: Merchandising business means business of purchase of goods from market and sale of goods to market.…

Q: Match each transaction a through e to one of the following activities of an organization: financing…

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…

Q: Business transactions are economic events that involed all the above information except: Select…

A: Accounting principles means those set of standards which is followed while preparing the books of…

Q: Suppose two companies acquire a machinery for use in operations. Company A expenses the transaction…

A:

Q: is a record of financial transactions in order by date. It is often defined as the book of 1.…

A: The accounting is a process to record, classify, prepares the financial statements and prepares the…

Q: Where, if at all, should the following items be classifiedon a balance sheet?(a) Goods out on…

A:

Q: Which of the following statements is not true?   Expense is the amount incurred or paid in earning…

A: Expense: Amount spent for running business activities in return for some benefit.

Q: Collins Landscape Company purchased various landscaping supplies on account to be used for landscape…

A: An accounting equation has a dual effect. Here the supplies are purchased on account. The supplies…

Q: Required Which of the following items should be classified as long-term operational assets?…

A: Long-term operating assets are acquired  by a company to generate revenue over a long period  of…

Q: Plant assets are: O Tangible assets used in the operation of a business that have a useful life of…

A: Solution: A plant asset is a fixed assets having useful life of more than a year and that is used in…

Q: If a business purchased equipment on account, which accounts would be used? O equipment and unearned…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The depreciation expense on equipment carried in the books of the home office but used by the branch…

A: When the head office transfers inventory, cash, and other assets to another location, it is said…

Q: Which of the following is true about financial accounting? It provides information to investors and…

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

Q: Which of these is NOT a list of revenue expenditures? Rent, insurance, machine repair expense…

A: Revenue expenditure are those which are debited to the income statement & expensed off in the…

Q: Which of the following items qualifies as property, plant and equipment? A machine bought for resale…

A: The tangible assets of a company include the assets that can be seen and touched. It includes…

Q: 1. It is the obligations of the company payable in money, goods or service

A: Liability is the financial obligation of a business, i.e. it represents something that the company…

Q: Select all that are correct Which of the following are converted into cash as part of the normal…

A: The current assets are those assets that are convertible into cash within one year. It includes…

Q: e of an office building B. Depreciation of vehicles C. Maintenance of machinery D. Sales discount…

A: Income statement records income and expenses. It shows the net income or loss of a company for a…

Q: A number of business transactions carried out by Smalling Manufacturing Company are as follows:a.…

A:

Q: ANALYSIS. Indicate which accounting concept and principle is violated. Write the letter of your on…

A: Accounting principles, concepts are those rules, regulations, guidelines and policies which are used…

Q: An accounting concept’s applied when the cash drawn by from the business is recorded as “Owner’s…

A: The basic assumptions, rules, or conditions specifying the constraints for the working of accounting…

Q: From the options given below recognize a process that records the routine economic activities of the…

A: Book keeping is a process that records the routine economic activity of the business and…

Q: Which sole proprietors compute the cost of goods sold? Sole proprietors who:  Make goods to sell,…

A: The cost of goods sold is estimated to know the actual cost of the goods which are sold by sole…

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: What to put in the income statement based on this list? Inventory Buildings & Improvements…

A: An income statement is a statement that contains the income and expenditure incurred during the…

Q: What are the two primary items that bring about a change in proprietorship during the accounting…

A: Change in proprietorship means the items which affects the owner's capital. There are two reasons…

Q: Indicate which principles are violated: The owner-manager bought a computer for personal use. The…

A: Accounting principles: These include all the guidelines and rules that are supposed to be followed…

Q: The Income Statement will O indicate how much money the owner invested into their business. indicate…

A: Income statement means the statement which show the cost of goods sold and selling price and give…

Q: what is an Income derived from the sale of goods or services in the normal course of business

A: In accounting terminology income is a part part of revenue. Revenue is the gross inflow of cash ,…

Q: Assets are the O a. resources owned by the business. O b. personal property of the owners. O c. c.…

A: A business asset is an item or resources of a value owned by the company which can be tangible or…

Q: which of the following items is listed as a current asset on a balance sheet a. accounts receivable…

A: Current assets refer to those assets that are expected to be sold within a year and it includes…

Q: Which of the following is not an event that concerns the accounting of the company? A) Paying wages…

A: The accounting of a company is concerned with the funds that is paid and received and increase or…

Q: What principle was violated by this transaction?.

A: Generally Accepted Accounting Principles (GAAP):   These are the guidelines necessary to create…

Q: If a business purchased equipment on account, which accounts would be used? equipment and unearned…

A: Introduction: Journals: Book of prime entries also called as Journal entries. Each and every…

Q: A concept of accounting that indicates that the financial records of the business should be kept…

A: Business: A business is an organization entirely made for earning profits or for fulfilling social…

Q: A number of business transactions carried out by Smalling Manufacturing Company are as follows:…

A:

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: what the effect to asset, liability and owner's equity if the company purchases office equipment by…

A: Formula: Accounting Equation: Assets = Liabilities + Owners equity.

Q: hich of the following transactions is recorded in the revenue journal? a. sale of excess office…

A: Revenue Journal- Revenue journal is also known as a sales journal. All the credit sales of goods…

Q: What requirement is imposed by the double-entry system in the recording of any business transaction?

A: “Since you have posted multiple questions, we will solve the first question for you. To get the…

Q: Which of the following best describes an application of the entity concept?

A: The business entity concept states that the transactions associated with a business must be…

Q: Account which shows Gross Profit or Gross Loss of the business is called: Profit and Loss Account…

A: Trading Account is a part of financial statements of a company which shows the results of buying and…

Q: Which of the following best describes an application of historical cost? A.Property is exchanged…

A: historical cost is the original cost of the asset as recorded in the entities accounts record this…

Q: Where, if at all, should the following items be classified on a statement of financial position? (a)…

A: Balance sheet is a part of financial statement of the company which describes its financial position…

Q: How did taking depreciation expenses help the client in the business manage their assets?

A: Introduction:- Depreciation is a non cash expenditure. Depreciation is charged on fixed assets over…