1. The sources of money generated by the sale of products or services. A. Revenue B.Expenses C.Net Income D. Net Loss 2. Examples may include salaries, utilities, rent, insurance, and office supplies. A. Revenue B. Expense C. Net Income D. Net Loss 3. This document communicates what the entity owns in terms of assets, what it owes in the terms of liabilities, and the difference between those two which represents what the owners o the company are entitled to. A.Income Statement B. Balance Sheet

Q: Which one of the following represents the expanded basic accounting equation? Assets = Liabilities +…

A: solution : the correct answer is Assets + owners drawings + expenses = liabilities + owners capital…

Q: Which of the following accounting concepts considers the investment made by the owner in the…

A: Accounting Principles are the rules and guidelines to be followed by a business while preparing and…

Q: Generally accepted accounting principles require that companies use the        of accounting.…

A: As per Generally accepted accounting principles, all the companies are required to follow the…

Q: Which of the accounts listed below would be classified as asset accounts? Group of answer choices…

A: Assets means anything which would help business to earn profits and increase profit earning…

Q: 1. What are the two main parts of the body of the income statement known as? Expenses Capital Assets…

A: Lets understand the meaning of income statement. Income statement is a statement which shows the…

Q: Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts…

A: Asset accounts means account related to resources of the business that it owns. It can be current…

Q: The following statement suits best the definition of EXPENSES a. Expenses are resources used,…

A: A Expenses is a recurring nature items to be paid. These are shown in the income statement by the…

Q: Choose the letter of the best answer. Write the chosen letter on a separate sheet of paper. 1. These…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: State the normal balances for the following accounts: a. Assets b. Liabilities c. Capital d. Drawing…

A: Revenue: Revenue is money your business receives from its normal business activities. Expenses:…

Q: 1. It is the obligations of the company payable in money, goods or service

A: Liability is the financial obligation of a business, i.e. it represents something that the company…

Q: According to which concept the owners are considered to be different from the business [A] Business…

A: Accounting concepts are the rules or assumptions that must be followed whil preparation of financial…

Q: Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3)…

A: Classify each of the following:

Q: these include debts, obligations to pay, and claims of the creditors on the assets of the business.…

A: The financial statements of the business includes the income statement and balance sheet. The…

Q: Which statement is true concerning the accrual basis of accounting? Revenues are recognized when…

A: There are two accounting methods which are currently used by the business. One is cash basis of…

Q: 2. Classify the following expenses if it is Selling and Distribution, Administrative, Finance…

A: The student was asked to provide an Answer for 2nd question hence answer is given to 2nd question…

Q: A. accrued income B. non- current asset C. notes receivable D. income E. rent expense F. cash G.…

A: SOLUTION- LIABILITIES- A LIABILITY IS SOMETHING A PERSON OR COMPANY OWES , USUALLY A SUM OF MONEY .…

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Rent Expense expense

Q: Profit is the difference between? a. Assets and liabilities b. Assets and equities c. The assets…

A: Assets, liabilities, equity, incomes and expenses are important terms that are being used in…

Q: What are the two primary items that bring about a change in proprietorship during the accounting…

A: Change in proprietorship means the items which affects the owner's capital. There are two reasons…

Q: 1.This document communicates what the entity owns in terms of assets, what it owes in the terms of…

A: Balance Sheet:   Balance sheet is a financial statement which helps to know financial position of…

Q: t is the amount earned by the business on the process of selling goods or performing services. a.…

A: Revenue means the amount earned by selling the goods or services. Unearned revenue means the amount…

Q: What are the rights of creditors (claims against the assets of the company--creditors' equity) that…

A: The creditor is the person to whom the company owes money at the later date. Creditors are the one…

Q: what is an Income derived from the sale of goods or services in the normal course of business

A: In accounting terminology income is a part part of revenue. Revenue is the gross inflow of cash ,…

Q: Match each business activity with its description.Define accountingBusiness Activities Descriptions…

A: The three types of activity are discussed below , 1. Operating Activity:- It deals with revenue and…

Q: Give the effects of the following transactions on ASSETS, LIABILITIES, OWNER’S EQUITY, REVENUES, AND…

A: Asset = Liability + Equity + Revenue - Expenses There will always be an equal effect in both the…

Q: The​ owners' claims to the assets of the business are called​ ________.     A.equity   B.expenses…

A: As per the accounting equation,  Assets = Liabilities + Equity  and such relation always holds true.

Q: Required Identify whether each of the following transactions is an asset source (AS), asset use…

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

Q: What is the owner’s right to the assets (claims to the assets) of the business called? Group of…

A: Solution: As per basic accounting equation: Assets = Liabilities + Owner's equity Therefore Lenders…

Q: xamples may include salaries, utilities, rent, insurance, and office supplies? A.Revenue B.Expense…

A: Salaries, utilities, insurance expense and office supplies expense insurance are indirect expenses…

Q: Which of the following does not directly or indirectly affect the owner's Capital ac Paying an…

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

Q: ollowing is an accounting concept which serves as the basis for revenue and expense recognition :…

A:

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: Amount owed by the business to outsiders or whatever is payable by a company is known as ___. a.…

A: Balance sheet: It refers to a financial statement that shows all the liabilities, assets, and…

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

A: Asset accounts means all tangible and intangible resources of the business, which the business has…

Q: Identify or classify the different account titles as to whether the belong to Assets, Liabilities,…

A: Current assets are those assets which are expected to be sold as an outcome of the business…

Q: State whether the following are non-current assets, current assets, owner's equity. non-current…

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

Q: The amount business owes to others is known as: Revenue Expense Liabilities Assets

A: The different accounts in business balance sheet are described as assets, liabilities and owners'…

Q: Using the following categories, discuss the differences that exist between accounting for these…

A: Accounting is the process of defining, assessing, and reporting transactions to oversight…

Q: The costs of doing business are classified as:a. assets.b. liabilities.c. revenues.d. expenses.

A: The correct option is option “d”. d. Expenses

Q: The expense recognition principle matches Select one: a. expenses with revenues. b. creditors with…

A: General accepted accounting principles means those set of standards which is followed while…

Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: Recognition of Assets, Expense, Income, Liability, Income and withdrawal is given below,

Q: Which of the following accounting principles prescribes that a company record its ex- penses…

A: Expense recognition principle says that all expense for the particular period should match with the…

Q: Identify which one of the following formula is used to calculate the net income of the service…

A: NET INCOME= REVENUE - EXPENSES.

Q: Which sentence is incorrect? Select one: a. According to the GAAP in Accrual-Basis Accounting,…

A: As per cash basis of accounting, we should record the transaction only when corresponding cash is…

Q: his account represents the amount paid in advance for future cost of items or services. a. Revenue…

A: Every transaction is recorded in books of account and has got different relevance. Assets ,…

Q: FASB suggest that revenues are considered to be earned: a. at the point of sale b. throughout the…

A: According to the FASB revenue is recognized on the accrual basis of accounting which shows that the…