True (t) or False (f) ____ The matching principle states that debits mus equal credits in each transaction.

Q: The total of the debits and credits is computed in order to ensure that they are equal

A: The Answer

Q: Unearned Service Revenues are revenues with Credit as a normal balance O True O False

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: True or False: Payment history is an important part of the FICO score. O True O False

A: The FICO score is a score that helps the lender to give the loan amount to borrower by check their…

Q: Accounts payable and accrued liabilities are interchangeable account titles.

A: Accounts payable: accounts payable is the amount that have to be paid to the supplier of goods or…

Q: Receivables are amounts due from others that arise from the sale of goods or services. Select one:…

A: Accounts receivables represents the amount due to firm for the goods or services sold on credit.…

Q: Which term is associated with '' left'' or''left side'' a) Debit b) Credit

A: While preparing general ledger accounts in books, there are two sides of account. One is left side…

Q: g "Unearned results a debit

A: A transaction of revenue is recognized when the obligation by the seller is fulfilled by…

Q: 14. Applying the concept of double- entry accounting system, which of the following refers to term…

A: Under double entry accounting system, two or more accounts are affected. If one account increases…

Q: Debit means decrease and credit means increase True or false? Please explain

A: In accounting, journal entries are prepared in the form of debit and credit.

Q: 4.1 Identify whether each of the following transactions, which are related to revenue recognition,…

A: Accrual income refers to that income that has been earned but not yet received. Deferral income…

Q: The value of a series of payments is similar to the maturity value in a compounding transaction.…

A: Compound interest: It shall be measured on the principal sum and also on the accrued interest of…

Q: Liabilities and Revenues O Are decreased by debits and increased by credits Are decreased by both…

A: The different accounts in the business have debit or credit balance. According to the rules of…

Q: Which of the following will be debited according to the double entry rule?

A: Answer

Q: Which of the following accounts is increased by the use of debit?

A: The Correct Answer is for accounts is increased by the use of debit:

Q: 7. For every debit entry there must be a credit entry. A.Principle of entity B. Principle of…

A: As requested to Answer question number 7 & 8 As per our policy only one question per post is…

Q: ould appear in an REA diagram as an example of which kind of entity? a.... Description

A: Account Receivable is a Current Asset account. When credit sales are made, Sales revenue is credited…

Q: Direct debit means

A: Direct Debit Means is an instruction by the business to your bank, that authorizes the organization…

Q: nterest payable, retained earnings, and sales revenue have a balance whereby credits normally exceed…

A: Entry ledger have a balance of debit , credit or nil balance. Every assets and expenses are having…

Q: Which of the following is the account where the increases are recorded to the receivable side and…

A: Company sell products on credit and these selling create customers on credit so these are to be…

Q: DO DEBITS AND CREDITS HAVE TO EQUAL ON A TRIAL BALANCE??

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: If the debit side of the Trail balance equal the credit side that's mean all the transactions…

A: Duality principles represent the double effects of every transaction of business. every transaction…

Q: Unearned Service Revenues are revenues with Credit as a normal balance True O False

A: Unearned Service Revenue The concept of unearned revenues in a firm in which the nature is not for…

Q: True or False: The amount-owed component of the FICO score includes the proportion of credit…

A: Below is the correct answer

Q: Assuming HST is not charged, what will a POS Summary result in a credit to: * Bank O A/R O A/P O…

A: Point of sale (POS) is place where  a customer made  payment for goods or services. Point of sale…

Q: rms: credit transfer, dishonoured cheque, standing order and give examples, the purposes, advantage

A: Credit transfer can refer to: The transfer of money from one account to another, also called a wire…

Q: T

A: Branch Reciprocal Accounts: When the transactions of business are recorded by both head office and…

Q: Excess of Debit side over Credit side is called?

A: Books of accounts contains various ledgers. And these ledgers contain various accounts. These…

Q: Jerry believes that “dual effect” indicates that, for all transactions, one account will increase…

A: Given case is:  Jerry believes that “dual effect” indicates that, for all transactions, one account…

Q: For every debit there will be an equal credit according to a. Money measurement concept b. Dual…

A: According to the Dual aspect concept, each and every transaction has two aspects one is Debit and…

Q: The left side of any account is the credit side 10 A) True B) False

A: Solution: An account is way of record keeping with two sides. One is left side or debit side and…

Q: Difference between a debit and a credit.

A: Debit and credit are the two aspects of a transaction and a ledger account. The short form used for…

Q: Do the terms debit and credit signify increase or decrease, or can they signify either? Explain.

A: Debit: A debit, in an accounting term refers to the left side of an account. The term debit can be…

Q: Do the term debit and credit signify increase or decrease, o

A: Debit means increased under limited conditions . You must look at what type of an account you are…

Q: 2. Differentiate pledging, assignment and factoring of receivable,

A: The receivables are referred to as the current assets of the company. These are the amounts that a…

Q: Which of the following is true regarding the exact trial balance total ?

A: Total Assets      = Total liabilities + Owners capital (Equity). Total Assets      = Current assets…

Q: The balance of an account is determined by a.adding all of the debits, adding all of the credits,…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Assets are recorded on which side of the trial balance? Debit side Credit side Both sides None of…

A: A trial balance is a list of all the general ledger accounts

Q: Assets are increased by debits and liabilities are decreased by credits. TRUE FALSE

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: The purchase of good on credit require: O A. Amount of payment O B. Timing of payment O C. Credit…

A: Purchase of goods means when goods are bought or purchased from some other party. These goods can be…

Q: Which pair of accounts has the same set of rules for debit and credit entries?

A: Modern Approach of Classification of Accounts Under the modern approach of accounting, accounts are…

Q: Debit interest payments are added to revenue but subtracted from outlays. Select one: True False

A: Since you have posted multiple questions, we will do the first one for you. To get the other…

Q: If total debits equal total credits on the trial balance, is the trial balance error-free? Explain…

A: The statement which shows the summary of debit and credit balance is called trial balance. If both…

Q: From the following statements which give the cumulative effects of indrvidual transactions, you are…

A: When ever there is a transaction , there will be an effect in accounting equation. All the required…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.