Which of the following defines outstanding salary account? [A] natural personal account [B] artificial personal account [C] representative personal account [D] real account

Q: Which of the following will you expect in an income statement?   Professional Fees Accounts…

A: The income statement includes all the revenue-related items and also all the expenses. Excess of…

Q: 1. Statement 1: The gross income of an employee is computed by removing excluded income from his…

A: Income is the money earned by an individual or business enterprise by performing varied actions,…

Q: Which of the following are not expenses? * O Cost of goods sold Wages earned but unpaid O Dividends…

A: Expenditure is the transfer of capital or some other source of wealth, to another individual or…

Q: How to calculate salaries payable

A: Salaries payable can be defined as the liability account containing the amount of salaries, if any,…

Q: How to calculate FIT on payroll register? What is the equation or numbers I am supposed to use to…

A: Before calculating payroll taxes, the employees will need to complete these new employee documents,…

Q: Which of the following is a permanent account? a. Dividends Distributed b. Allowance for Doubtful…

A: Permanent accounts means an account which we do not write off in profit and loss account or trading…

Q: Money paid by a company to help cover needed and unforeseen expenses

A: Insurance are the protection for unseen events. It is a measure  used for hedging against the risk.…

Q: Which type of debit account is balanced in the income statement columns of a work sheet?…

A: Income statement:   It is a financial statement that calculate the net income after deducting all…

Q: How can his revenue and expenses match? Discuss in a group several ways that Edward's accountants…

A: How revenue and expenses match    Edwards foster wil book the expense in the period in which…

Q: Which of the following is not a user of internal accountinginformation?a. Store manager.b. Chief…

A: Accounting information: It can be defined as all the data or information that relates to the…

Q: Accountants use reserve accounts for various reasons, for each of the cases below describe a…

A: Uses of reserves

Q: The owner's contributions and withdrawals are reported on the income statement. True. False.

A: The income statement is a part of the financial statement. It includes all the revenue and expenses.…

Q: Statement 1: Compensation income refers to all income payments, in money or in kind, arising from…

A: Compensation refers to the cash as well as non-cash payments made by the employer to their employees…

Q: Which of the following a. payroll, taxes, and insurance b. depreciation, rent and utilities C.…

A: Revenue are the proceeds of goods and services it includes sales , interest earned, service revenue…

Q: Which one of the following best describes the allowance for doubtful accounts? a.Statement of…

A: Allowance for doubtful debt is created for the accounts receivables whose recovery is uncertain. It…

Q: Net Pay is: Group of answer choices credited to Salaries Payable. Credited to Salaries Expense.…

A: Correct answer in 'Credited to Salaries Payable.'

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: What is the account used to record amounts withdrawn for personal use (not for business use) by an…

A: revenue: Revenue is used for recording the earnings of the business. capital: Capital is the…

Q: A credit balance in which of the following accounts would indicate a likely error? a.Common Stock…

A: Normally all assets and expense accounts will have debit balance. All liabilities, capital and…

Q: What is salaries payable an equity, revenue, expense account, liability or expense?

A: Balance Sheet - Balance Sheet is combination of assets, liabilities and equity. It is prepared at…

Q: Record the emplovee salary expense, withholdings, and salaries pavable.

A: Particulars…

Q: Which function should distribute paychecks?a. personnelb. timekeepingc. paymasterd. payroll

A:

Q: One of the staff members asks you to explain the difference between the terms gross and net on the…

A: An employee gets compensated for the service by the employer. The employee receives a basic salary,…

Q: Interest received in advance account is a   a. Nominal Account   b Real Account   C.Artificial…

A: As per the double-entry bookkeeping method, there have been three sorts of accounts which assist…

Q: this is an account title for an income collected or received in advance and is not yet considered as…

A: Under the accrual accounting system, revenues are recognized when the service or goods are…

Q: Accrued salaries decreases the liabilities of the company under the salaries payable account * O…

A: Accrued Salaries :  a) Accrued salaries means salaries which is required to be payable to the…

Q: The accounts of customers who have not yet made payment for the goods or services provided by the…

A: The payment that is not paid yet by the customers, is called an asset for the business.

Q: The practice of recording advance payments from customers as a liability is an example of applying…

A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…

Q: Question 1: What should an employer use to complete Form W-3? Answer: A. O Employee earnings records…

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

Q: Which of the following would not be recorded as an identifiable accounting transaction? Multiple…

A: For recording any accounting transaction, there must be a financial transaction involved.

Q: what is the expense account for provision for non - collection from customers. * bad debt expense O…

A: The cost of operations that a firm incurs in order to earn revenue is referred to as an expense.…

Q: Why should employee paychecks be drawn against a special checking account?

A:

Q: Investment is a [A] personal account [B] real account [C] nominal account [D] representative…

A: An investment account is related to the investment being made by acquiring shares in companies or…

Q: 28. Which of the following is a permanent account? A) Wages Expense B) Salaries Payable C) Service…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: The employment income of an individual is reported on ________ slip, while investment income are…

A: Investment income is money received in interest payments, dividends, capital gains realized with the…

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: Which of the following is a permanent account? A. dividends distributed B. allowance for doubtful…

A: Introduction: Permanent Accounts: At the end of accounting period the account doesn't closed, The…

Q: When using the Spreadsheet (work sheet) method to analyze noncash accounts, it is best to start with…

A: Non Cash Items - Non Cash Items are those items that are incurred without considering cash into it.…

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: True or false. Reporting the deduction for employers reimbursed travel expenses on schedule C is the…

A: Reimbursement refers to money paid to an employee or customer or another party, as repayment for a…

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.