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- Which of the following is nonbusiness transaction? a. Payment of advance salary to an employee just hired b. Setting up of chart of accounts c. Payment of rent in advance d. Receipt of electricity billWhat Would You Do? You are responsible for preparing all of the journal entries for Regional Financial Services. You have correctly prepared the following entry for financial services provided on December 15: Your boss has asked you to change the date from December 15 to January 15 so that the business’s profit, and thus taxes, would be lower. Are you allowed to do this? What is your response to your boss? How should you handle this situation?Accounts Payable (A/P) are: Amounts totaling the net worth of a company Amounts paid to owners Amounts that customers owe your business Amounts owed to others that are obligations
- it is urgent A promise received from a business's customers to pay for goods and services that they received from the business is called a(n): Accounts Receivable Accounts Payable Revenue ExpenseOn winding up, which debts or amounts must be paid first?Select one:a. Unsecured debts and loansb. Employee wages and entitlementsc. Secured creditors with a floating charge over trading stockd. Secured creditors with a fixed charge over specific propertyWhich is exempt from VAT? A. Salaries of rank and file employees B. Revenue from lawyering services C. Gross sales of merchandising businesses D. Answer is not given.
- Who among the following uses accounting information to know the possible wage increments? a. Owners b. Customers c. Employees d. BankersPayroll expense will usually Multiple Choice a)be more than the cash amount paid to an employee b)be less than the cash amount paid to an employee c) be the same as the cash amount paid to an employeeWhen should liabilities for each of the following items be recorded in the accounts of the business entity?(a) Acquisition of goods by purchase on credit (b) Salaries(c) Annual bonus paid to management(d) Dividends
- Please provide a solution in good accounting form. What is the unearned franchise revenue? a. 879 080 b. 512 500Which one of the following item will be debited in profit and loss appropriation account? a. Interest on drawings b. Interest on deposits c. Bonus to partners d. Interest on loan *fast********Which of the following is an example of liability of a business? a. prepaid insurance. b. cash. c. unearned revenue d. Salary paid