What is the difference between Accounts Payable foradvertising and Advertising Expense?

Q: What is the difference between account receivable and account payable ?

A: Diffecrence between the accounts receivable an accounts payable are as follows:

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: What is the impacts on the accounting equation when an accounts receivable is collected

A: Accounting equations are based on a double-entry accounting system which states that each and every…

Q: What is the difference between Accounts Payable and Accounts Receivable? Explain each in generic…

A: Financial Management: Financial management comprises of two words i.e. Finance and management.…

Q: What is the difference between accounts payable andaccounts receivable?

A: Purchases means amount or value of goods that is purchased by the business. Cash for the purchases…

Q: Which of the following is not an example of an operating expense? Select one: a. Salaries Expense…

A: Option d is the correct answer.

Q: Which of the following is a permanent account? Dividend Declared Allowance for Doubtful ACcount…

A: Permanent accounts, which are also called real accounts, are company accounts whose balances are…

Q: Explain the difference between accrued and prepaid expenses with illustrative examples.

A: Accrued expenses are those expenses which have been incurred but not yet paid out. For example, a…

Q: What is the accounts receivable turnover, and what typeof information does it provide?

A: Ratio analysis, horizontal analysis and vertical analysis are the analytical tools used by the…

Q: What is the difference between ‘accounts payable (AP)’ and ‘accounts receivable (AR)’?

A: Credit Transaction: Under a credit transaction, the exchange of goods or services takes place where…

Q: How does expense recognition impact the accounting equation

A: The accounting equation states that assets equal to sum of liabilities and equity.

Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.…

A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing…

Q: What is the impact on the accounting equation when an accounts receivable is collected

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: What is a prepaid expense and where is it reported in the financial statements?

A: Prepaid expense:   Prepaid expenses are any expenses that is paid before it becomes due. A prepaid…

Q: What is the expense account associated with the cost of uncollectible receivables called?

A:

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: Which of the following is an amount for products or services purchased on account? Oaccounts payable…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: What’s the difference between accounts payable and receivable?

A: If you use the accrual accounting system, you will have to deal with accounts receivable and…

Q: When should the transfer of receivables be recorded as a sale?

A: When a Note receivable is passed to a Transferor, the transferred value is separated from the…

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: How does account receivable work?

A: The term "account receivable" denotes that payment for previously completed work has yet to be…

Q: What account is the contra account of Account Receivable?

A: Contra asset account is shown as deduction from the assets in the balance sheet. Increase in Contra…

Q: Why is a service expense a good account for recording a fictitious expense?

A: Fictitious Expense:  Fictitious expense has no tangible existence or any value, but it is created in…

Q: What are the differences between EVA and net profit in accounting

A: Introduction : Businesses may assess investment prospects using economic value-added and accounting…

Q: Is there a certain order in listing the expense accounts of an income statement?

A: Yes, as per international financial reporting standards  the income statement  is to be prepared in…

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

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

Q: What is the difference, definition, examples between account receivables and fees earned?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What is the difference between Accounts Receivable andRevenue?

A: Accounts receivables: Accounts receivables refers to the debtors that arise in case of credit sales…

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: Which of the following principles of accounting are not directly related to accounting depletion…

A: Correct Option : Historical Cost Depletion means the allocation of cost of natural resources…

Q: Is the matching of costs and revenue a basic accounting principle?

A: Accounting Principle: The set rules which defines the way account should be prepared is known…

Q: The accounting concept that supports reporting revenues in the period in which they are earned is…

A: Explanation: 1. Revenue recognition concept: As per the revenue recognition concept, revenues are…

Q: How is the Income Summary account used? Is it a temporary or permanent account?

A: Income summary is an account which is prepared for closing accounts. It is prepared at the end of…

Q: what are the most significant differences between uncollectible account expense and allowance for…

A: Both uncollectible account expense and allowance for uncollectible accounts will be available in the…

Q: Explain Accrual Accounting as it relates to revenue and expenses.

A: Accounting refers to recording, posting, analysing, summarising and communicating the financial…

Q: Which of the following is not a revenue account? a. Professional fee b. Interest income c. Cost…

A: A revenue account is classified as an equity account and shall have a credit normal balance.

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: Distinguish between Receipts and Payments Account and Income andExpenditure Account.

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: defination of accounting?

A: The business has various transactions while operating, the stakeholders of the business need to know…

Q: How does receiving a payment from a customer on account affect the accounting equation?

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of the…

Q: Why are revenue and expense accounts called temporary or nominal accounts?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…