Which of the following options is not recorded in the Balance sheet? a. Goodwill b. Building c. Rent expenses d. Cash
Q: Which of the following accounting procedures are INCORRECT? I) Asset An increases, Debit & A…
A: Debit entry will increase an asset or expense account and decreases a liability or equity account…
Q: e adjusted trial balance is prepared a.to determine the net income or loss. b.to verify the…
A: Solution: Trial balance is a supporting statement to financial statements which summarizes the…
Q: Which of the following is not shown in a balance sheet? O a. Current assets O b. Liability O C.…
A: The balance sheet shows the financial position of the entity and it shows the resources controlled…
Q: Which of the following accounts does not appear in the acquisition and expenditure cycle?a. Cash.b.…
A: Acquisition and expenditure cycle: It includes a set of all the business activities that are…
Q: Which of the following transactions would not be recorded in the general journal? a.Adjusting entry…
A: General journal is a subsidiary journal that records all the transactions associated with the…
Q: Match the account type (Asset, Liability, Equity, Revenues Expenses) with the account name.…
A: Asset - generally asset is a resource that fetches cash inflow into the organization. it is not…
Q: Which of the following is a temporary account? Multiple Choice Accounts Receivable Accumulated…
A: Balance sheet shows: Assets accounts Liabilities accounts Equity accounts Income statement shows:…
Q: What is the Rent Expense in the adjusted trial balance columns of worksheet? A. Income statement…
A: The financial statements of the business include the cash flow statement, income statement and…
Q: Which of the following accounts is an asset? Select one: a Service revenue b. Prepaid expenses C.…
A: Generally asset represents the valuable thing owned by an entity. In accounting, an asset is the…
Q: Which of the following accounts will be credited to close it? a.Accumulated Depreciation b.Rent…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Which of the following is created by the adjusting entry to recognize interest expense incurred but…
A: Adjusting entries are to be reported at the year end to make adjustments to certain accounts.
Q: Which one of the following statement is TRUE? a. Cash is non-current asset b. Outstanding expenses…
A: Current assets are all those assets that are realizable to cash within one year such as accounts…
Q: Which of the following is not a Current Asset? O a. Closing inventory O b. Accounts Receivable O c.…
A: Introduction: Current Assets: The property or things which are owned by business for short term use…
Q: Which of the following is NOT the objective of preparing a trial balance? O a. To help in preparing…
A: Trial balance is summary of all general ledger account balances as on a particular date. It shows…
Q: A debit to an asset account indicates: Select one: O a. a credit was made to a liability account O…
A: Normally all assets accounts should have debit balance. All liability and capital accounts should…
Q: Which of the following accounts is a non-current asset account?
A: Non-current assets: Non-current assets are assets that can be held for a longer period of time…
Q: dentify if it belongs to assets, liabilities or owner's equity? ▸ worthless receivable ▸ accrued…
A: Assets are resources that provide future economic benefits. liabilities are dues amount to be paid…
Q: Where should the following items be shown on the balance sheet, if shown at all?(a) Allowance for…
A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…
Q: Consider the following accounts and identify each account as an Asset(A), Liability(L), or…
A: Assets accounts are those accounts that are related to resources of the organisation. Liability…
Q: What part of the A=L +SE does expenses and revenues under and are they CR or DR balances? Expenses…
A: The accounting equation shows that sum of all assets= sum of liabilities + sum of owner's…
Q: Which of the following accounts would normally not be affected by an adjusting entry? Group of…
A: The purpose of recording an adjusting journal entry is to record the unrecognized revenues and…
Q: The debit side of an account a.is the left side of the account b.is the right side of the account…
A: Each Account has two sides debit and credit side.
Q: Which of the following will appear as a debit entry in a pre-adjustment trial balance of a sole…
A: Trial balance is the statement which is prepared for the purpose of checking if debits in the books…
Q: Choose the correct answer: Which of the following is equal to the SFP? A. Unadjusted trial…
A: Abbreviations used in the Question : SFP means Statement of Financial Position of Balance Sheet SCI…
Q: WAGES EXPENSE is a(an) and is increased with a Fill in the blanks with the appropriate response. For…
A: Since you have asked multiple questions, we will solve the first question for you . If you want any…
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: As per double entry rules, when will you DEBIT? a. If there is decrease in asset b. If there is…
A: Debit Credit Assets Increase Decrease Liabilities Decrease Increase…
Q: Which of the following states that a transaction is not recorded in the books of accounts unless it…
A: The accounting system is based on various accounting principles.
Q: Which of the following items represent a deferral ? A. Prepaid…
A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses on the…
Q: If the adjustment for prepaid expenses is not recorded a.assets will be understated. b.net income…
A: Solution: prepaid expenses are those expenses which have not been incurred but have been paid in…
Q: Which of the following account balance will be shown on debit side of Trial Balance? a. Cash O b.…
A: Trial Balance: It is a sheet which contains all the ledger balances categorized into debit and…
Q: Which of the following statements is correct about an adjusting entry?
A: Meaning of Adjusting entries;- According to accountancy adjusting entries are those journal entries…
Q: double-entry bookkeeping system which of the following may be used as basis for ecognizing income…
A: Double entry bookkeeping system is the system of accounting in which every transaction has effect on…
Q: The adjusting entry to record depreciation includes O a. a debit to an expense account. b. a debit…
A: Depreciation Expenses refers to gradually decrease in the value of assets over the year due to its…
Q: Consider the following accounts, and determine if the account is an asset (A), a liability (L), or…
A: Lets understand the basics. Asset accounts are accounts on which company has a rights. It include…
Q: Which of the following options is correct in relation to preparing balance sheet? Select one: a. It…
A: The statement depicting the final position of an organization and helping the stakeholders to get an…
Q: Stute whether the following are non-current assets, current assets, owner's equty. non-current…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: Which of the following accounts will appear on a balance sheet? A)Prepaid Insurance expense…
A: Balance sheet: It often defines as one of the financial statement of the company that shows or…
Q: What is the proper classification of Prepaid Expense account? a.) Current Asset b.) Current…
A: The correct option with proper explanation are as follows. The expenses which is paid in advance is…
Q: The balance in the Income Summary account before it is closed will be equal to Question 1…
A: Income Summary Account Format
Q: Which of the following are all temporary accounts? a.Liabilities and assets b.Liabilities, revenue,…
A: Temporary accounts are those which are closed at the end of each accounting year. So at the end of…
Q: Which of the following will appear as a debit entry in a pre-adjustment trial balance of a sole…
A: Pre adjustment trial balance is the summary of all general ledger account balances in the business…
Q: How is the account Land classified and what kind of balance should it have? Group of answer choices…
A: One of the golden rules of accounting is Real account, Real account rule is debit what comes in…
Q: Expenses not paid are recorded: Select one: a. prepaid expenses. b. Liabilities c. Assets d.…
A: Liabilities:-Expenses which has not paid are recorded as accrued expenses that have not yet paid but…
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- Consider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes PayableWhat is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changesConsider the following accounts and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Receivable B. Sales Revenue C. Land D. Unearned Revenue
- Which of these accounts is an asset? A. Common Stock B. Supplies C. Accounts Payable D. Fees EarnedWhich one of the following statement is TRUE? a. Cash is non-current asset b. Outstanding expenses is a non-current liability c. Accounts receivable is a current liability d. Prepaid expenses is a current assetWhich of the following items will not be shown in the balance sheet of ahotel? A. customer loyalty value B. accounts payable C. Intangible assets D. accrued taxes
- Compute the effects on revenue, expenses, total assets, total liabilities and equity. Write NE for no effect, Over for overstated, or Under for understated. If your answer is Over or Under, you must also write the amount.Which item would not appear on a Balance Sheet? a. Gross Profit b. Accounts Receivable c. Interest Payable d. Retained Earnings e. Prepaid expensesWhat are the Current and Non Current Assets, Non and Current Liabilities, Equity and the totalS. PLs do ignore the right sude
- Which of the following is a Components, classification, or element of the balance sheet? Select one: a. Gains b. Losses c. Expenses d. LiabilitiesHow do accrued but unpaid expenses affect the balance sheet?The expense recognition principle (“matching”) controlsa. Where on the income statement expenses should bepresented.b. When revenues are recognized on the incomestatement.c. The ordering of current assets and current liabilities onthe balance sheet.d. When costs are recognized as expenses on the incomestatement.