Which of the following is an expense? a. Purchases b. Dividend received c. Sales d.

Q: What is the debit for the investment of the owner * O debit assets debit liability debit equity…

A: When owner invests amount or assets in the business, then one side it will increase assets for the…

Q: Which should be subtracted from the net income when using the indirect method? A. Loss on sale of…

A: A cash flow statement is a financial statement that summarizes the cash and cash equivalents…

Q: The balance in the profit and loss account is transferred to the:   profit and loss account.…

A: Profit and loss account: It tells the net profit / ( loss ) of the company for the particular…

Q: Element of financial position is a)  Cash. b)  Interest

A: This is a multiple-choice question for elements of financial statement in which we have to choose…

Q: The profit and loss statement is also known as the O a. Statement of financial position O b.…

A: The profit and loss statement is prepared to find net profits or losses during period.

Q: b. Prepare an income state c. What is the balance in th d. What is the balance in th Complete this…

A: The accounting equation is a fundamental part of the balance sheet and a basic principle of…

Q: - How do businesses follow their profits arising from the sale of tangible fixed assets in which…

A: The correct option is  A) Other Income To Be Accounted

Q: Which of the following accounts are under owners equity? O a. Unearned revenue O b. Cash O .…

A: Solution: Retained earnings are undistributed profits of the company that are retained by the…

Q: In which of the following types of accounts are increases recorded by credits?   A. revenues and…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Return on equity b. Total assets turnover c. Return on assets

A: “Since you have posted a question with multiple sub-parts, we will solve the first three subparts…

Q: The net-worth is the difference between assets and liabilities and is also called as ..... (a)…

A: Company balance sheet consists of assets and liabilities and equity.

Q: Which among the following is considered as an expense? a. Accounts payable b. Rent expense c. Sales…

A: Expenses means the amount spent on running the business.

Q: The income statement is also known as the Select one: Oa. Net Income and Expense Statement Ob. Cash…

A: Financial statements: These refer to the formal or official records of the activities of the…

Q: prepaid expenses

A: Accounting treatment of prepaid expenses will be:  Correct Answer :- D Deducted from the Expenses in…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a.…

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

Q: 5. Which of the following financial statement elements is found on balance sheet? a. Sales revenue…

A: Sales revenue, rent expense and foreign exchange loss are considered while computing the income for…

Q: a. Total gross sales b. Total gross purchase c. Interest Income

A: As per our protocol we provide solution to the first three sub-parts only but you have asked…

Q: The ownership claim on company’s assets A. Equity B.withdrawal C. Revenue. D. Expense

A: The Ownership claim on company's assets are called Equity. Equity Contains the Capital and retained…

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

A: Revenues are the amount received from the sale of goods and services.  Expenses are the cost…

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: A debit balance in the Income Summary account represents a net loss. O True O False

A: The income summary account is a nominal account used to close the temporary accounts of the business…

Q: Which if the correct Journal Entry for 'Income Received in Advance' O a. Income A/c Debit, To…

A: Journal entry/; A journal entry is a record of the business transactions within the accounting books…

Q: Which of the following is not included under other income? a. Rent received b. Commission received…

A: OTHER INCOME: IT IS THE INCOME THAT DOES NOT COME FROM THE FIRMS MAIN BUSINESS.

Q: Accounting equation is developed based on a. Revenue realization b. Dual aspect c. Money measurement…

A: The accounting equation states that assets equals to total of liabilities and shareholders' equity.

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a.…

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

Q: D) going concern?example  E) periodicity?example  F)Revenue recognition principle? Example…

A: The accounting principles seem to be the basic rules and procedures that businesses must adhere to…

Q: The valuation method primarily used in the balance sheets of business entities is a. current exit…

A: Balance Sheet: It shows the financial position of the entity. All the assets and liabilities are…

Q: Which of the following account is disclosed in income statement? a)  Expenses paid in advance b)…

A: Income statement consists of revenue and expenses and net income.

Q: 4. Which of the following is not an element of a statement of comprehensive income? a. Interest…

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

Q: Which of the following is a Components, classification, or element of the balance sheet? Select one:…

A: Balance Sheet is not an account but a statement showing financial position of any…

Q: The gain or loss on net monetary position is computed as a. The difference between the “net monetary…

A: In the period of inflation, an entity incurs purchasing power loss on holding of monetary assets and…

Q: alculate the following from the additional information given G Gross profit H Net profit

A: We need to compute gross and net profit of the firm.

Q: Amounts owed by the company are referred to as a. Expenses. b. Dividends. c. Liabilities. d. Assets.

A: Expense is an income statement item.  Dividend is a statement of retained earnings item. Assets and…

Q: c) Where do expenses belong in the accounting equation? How does an increase in an expense affect…

A: Please see Step 2 for required information.

Q: Return inward appearing in trial balance is deducted from Select one: a. Asset O b. Purchases c.…

A: Introduction: Trial balance: After posting all the balances to ledger accounts trial balance is…

Q: In which financial statement will the drawings of a sole proprietorship be found? O A. Statement of…

A: Statement of change in equity is prepared for the sole proprietors to know the final balance of…

Q: Accounting equation is developed based on which of the following ? O a. Money measurement O b.…

A: The question is based on the concept of Accounting Theory.

Q: SLO-3.2. Which of the following is NOT a type of owner's equity? ORent Income OWithdrawls OOwner's…

A: The owners' equity alludes to the excess of the company's assets over its obligations. It would be…

Q: How are gain contigencies reported in the financial statements?

A: A gain contingency A  gain contingency  is a possible gain arising from past events but whose…

Q: a. Return on equity b. Total assets turnover c. Return on assets d. Current ratio e. Receivables…

A: a. Return on equity = Net Income / Shareholders' Equityb. Total assets turnover = Sales / Total…

Q: How a profit is determined a) under the cash basis of accounting and b) the accrual basis of…

A: a) Under cash basis of accounting revenues and expenses only includes where there is a cash exchange…

Q: On a multiple step income statement, the account interest expense would be located unde

A: Interest expense: Interest Expenses is the Return paid to the Debt holders of the company It is…

Q: Which of the following pairs increase with credit entries?A. supplies and retained earningsB. rent…

A: There are two sides of account, used in accounting. One is debit side and other is credit side. All…

Q: In which of the financial statements do Inventory and Cost of goods sold appear? A) on the balance…

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