Total deduction is always equal to net earnings true or false

Q: Determine whether each sentence is True or False Interest payable, retained earnings, and sales…

A: NOTE : As per BARTLEBY guidelines, when multiple questions are given then first question is to be…

Q: difference between Gross Earnings and Net Earnings

A: Gross earnings and Net earnings are two terms used in financial accounting while computation of the…

Q: "E" in EBT abbreviation means Select one: a. equity b. gross profit

A: SOLUTION- Operational profit, also known as operating profit or operating income, is a company's…

Q: Accrued revenues represent revenues ?received after they are earned False

A: Solution: Accrued revenues are revenues that are earned but yet not received. These are shown as…

Q: The statement of profit or loss and other comprehensive income shall present

A: Profit or loss and other comprehensive income: this is a statement prepared by the company for…

Q: 1. How much is the gross profit? 2. How much is the administrative expense?

A: Gross profit is computed after deducting all operating expenses from the sales. The operating…

Q: Statement 1: Life insurance premiums shall be reported as a deductible expense for financial…

A: Tax is the liability that person owes to the government.

Q: Leftover hypothesis of profit is relevant just when:    a. The expense of held income lower than…

A: The leftover hypothesis of Profit means remaining profit i.e. profit left over after paying all the…

Q: Accounting for all possible losses and expecting no profit is as per O a. Revenue recognition…

A: Answer : Option (C ) conservatism Principle

Q: Which statement is incorrect? A. Deferred income-beginning

A: Prepaid Expenses -: Prepaid Expenses are forthcoming expenditures that have been reimbursed in…

Q: Estimated discount on property taxes is considered to be assets contra account .a FALSE .b TRUE

A: Property taxes are the amount of obligations or dues to the authorities for holding property of any…

Q: The net income or net loss reported on the income statement must be the same as the net income or…

A: A Worksheet is a multi-column spreadsheet that contains the ending balances of all general ledger…

Q: Accounting income represents the facts of current and potential value.13 True False

A: Accounting is the process of recording all the transactions of financial nature in the books of…

Q: Describe the accounting when there is a right of return.

A: The right of return entitles a customer to a full or partial refund of the amount paid or a credit…

Q: Define Economic Profit and Accounting Profit.

A: Economic Profit - Economic profit is similar to accounting profit, but it includes opportunity…

Q: Which of the following accounts would never be reportedin the income statement as an expense?a.…

A:

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Wages…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: 2. Explain the distinction between permanent and temporary earnings as it relates to the concept of…

A: Earnings quality refers to the ability of reported earnings to estimate a company future earnings.…

Q: Expense and loss are the same. Net loss is a deficit or negative figure in the net income lin

A: No expense and loss are not the same. Yes net loss is shown as a negative figure (in brackets) in…

Q: Elements of gross income

A: Option B is wrong because realized income is an element of gross income. Option C is wrong because…

Q: Unearned revenues are a. Earned and recorded as liabilities before they are received. O b. Earned…

A: 12. Unearned revenue is the revenue that is received by the company but not yet earned by the…

Q: If total expenses exceed total revenue a net loss is reported on an income statement Select one:…

A: Net Income in the income statement is the residual income attributable to share holders  Net income…

Q: g. An increase in the Deferred Tax Liability account on the statement of financial position is…

A: Solution Note Dear student as per the Q&A guideline we are required to answer the first question…

Q: statements is true? A.Deductions are not allowed unless there is a specific law authorizing the…

A:

Q: The resulting amount when total liabilities are subtracted from total assets is known as Select one:…

A: Owner's Equity is the sum of amount of capital invested by the shareholders in the business and the…

Q: The tax rate is the ratio between the amount of tax and the amount of income. true Error

A: >Tax rate is the rate of tax that is levied by the regulating authorities.>Income tax rate is…

Q: Net earnings can be greater than gross earnings

A: The gross earning is calculated by deducting the cost of goods sold from the sales revenue of the…

Q: Net income may be based on estimates.   true or False

A: Net income: Net income is the revenue of the company after deducting all the expenses and taxes. It…

Q: Unearned revenue is:     An asset.     Income.     A liability.     An expense.

A: Unearned revenue, as the name suggests, is an advance received from the customer for which the…

Q: ________ is the interest earned on previously earned interest added to the principal.

A: Interest is the earned income on a given principal according to the given interest rate.

Q: EBIT is Select one: O a. equity before tax and interest O b. gross profit O c. net profit O d. EBT…

A: EBIT means earnings before interest and taxes. This is an important element of income statement of…

Q: Net income is used in calculating one's net worth. TRUE FALSE

A: Net worth provides an insight of an entity or an individual's incumbent financial position.

Q: True or falss Gross earning is sometimes greater than net income.

A: Gross profit is the profit generated by the firm from operating activities without adjusting the…

Q: Which if the following is not an inclusion in gross income?

A: Gross income is an income from all sources including returns , discounts and…

Q: Interest revenue need not be added to the gross income to compute for the total income.

A: Gross income and net income are two concepts associated with the accounting that helps to identify…

Q: GROSS PAY is pay before any deductions are taken. Your answer: O True O False

A: An individual works for an employer to generate salary revenue and to advance in his career. The…

Q: This refers to earnings derive from depositing or lending money, goods or credits. O Dividend income…

A: Lets understand all options. Dividend income is a income derived from the investing in any entity.…

Q: The term ‘Operating Profit’ means profit before _____ a. Interest b. Tax c. Interest and tax d.…

A: Formula: operating profit = Sales - Cost of goods sold - Operating expenses - Depreciation.

Q: Net Capital gain is an item of income, while net capital loss is not an item of deduction. a.true…

A: Net capital gains is the gain that arises when the net long term capital gain is more than net short…

Q: EBIT is equivalent to profits after taxes. true or false?

A: EBIT is the earnings before interest and tax.

Q: Explain why you would prefer to have an expense labeled as an adjustment to income instead of being…

A: There are two ways in which you can reduce the tax liability. The first one is by reducing the…

Q: What is the definition of gross income? “Gross income includes all income unless….”

A: As the name itself suggests that all kinds of incomes are included while computing gross income.

Q: 1. A statement of comprehensive income includes Net income and Comprehensive income. True False

A: The statement of comprehensive income summarizes both standard net income and other comprehensive…

Q: Which of the following is true regarding unearned revenue? Assets are increased when unearned…

A: The revenue or income which is received even before the providence of services or selling of goods…

Q: Questions: . How much is Mr. Quiton's gross earnings? . How much is his total deductions? - After…

A: solution given basic salary 15532 Allowances 1000 Deductions      Social…

Q: Please answer clearly and thoroughly1) On the RE Statement it shows the Net Income, if there is a…

A: Step1: Statement of retained earnings. We have,Statement of retained earnings show the beginning…

Q: This concept states that income should be recognized when earned regardless of being received and…

A: Solution Concept Accrual an cash basis of accounting Under the accrual basis of accounting we…