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

Q: An accounting approach to rel ect the needs of each stakeholder is called this.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

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 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: Identify each of the following as an accounting Principle, Assumption, or Constraint. 1. Time period…

A: Accounting principles are guidelines issued by the appropriate authority and should be used while…

Q: ow is accounting information used in busi

A: Accounting is the combination of various steps like recording, analyzing, summarizing, and…

Q: Sales of products or services are referred to as  a. Assets. b. Revenues. c. Liabilities. d.…

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Q: Revenue from sources other than the primary operating activity of a business like interest expense…

A: The Multistep income statement categories the different revenues and expenses incurred during the…

Q: What is the income-statement method of accounting

A: An income-statement method is an accounting system wherein the allowance for uncertainty in accounts…

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: 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: Which accounts are increased by using debits?   Dividends, Revenue, Liabilities   Cost of Goods…

A: Assets and expenses accounts normally have debit balance and are increased by debits and decreased…

Q: For money to accrue to a business, it needs to: a.Have been earned by the business b.Have been…

A: As per revenue recognition principles, if a company follows accrual method of accounting then…

Q: The amount of assets consumed during the performance of business operations in a period while…

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Q: Indicate the proper accounting for the following items.(a) Organization costs. (c) Operating…

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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: The elements of financial statements which relate to measuring financial performance are a. Income,…

A: The elements of financial statements are Assets, Liabilities, Revenue, Expenses, and…

Q: When an organization considers its work-in-process, how should it be classified on a balance sheet?…

A: Work in process is a part of the inventory component of balance sheets, Inventory is categorized…

Q: Accounting measurement is the computation of.......... Select one : a . All the other points b .…

A: Accounting is the process of identifying, recording, classifying, summarising and circulating…

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: If a business earns a Net Income it means: * O Capital > Revenue Revenue Expenses

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

Q: In which of the following cases will the business have Net profit ? O a. Expenses are equal to…

A: Net profit can be earned if there is revenue exceeding the expenses.

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: Which of the following is NOT related to accounting? O a. Management accounting O b. Financial…

A: Accounting:- Accounting includes recording of business transactions. Under accounting, the…

Q: What is meant by accounting

A: Accounting refers to an art of recording transaction in the books of a company and using these…

Q: An internal accounting system should: a. provide information to enable costs to be minimized b.…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: The amount of assets consumed during the performance of business operations in a period while…

A: Assets can be defined as any resource which has its own intrinsic economic value, owned and…

Q: The cost of business is also known as

A: Cost of business is the cost that is involved in the business process of the company.

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: Explain Accrual Accounting as it relates to revenue and expenses.

A: Accounting refers to recording, posting, analysing, summarising and communicating the financial…

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: 1. What is accrual basis of accounting? How is it applied in terms of revenues and expenses?

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

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: If a business earns a Net Income it means: O Capital > Revenue O Revenue > Expenses Drawings >…

A: Net income As per formula Net income = Revenue-Expenses If expenses are less than revenue than net…

Q: Show how the below transactions affect the financial position of the business as represented by A =…

A: As per accounting equation of the business, total assets must be equal to total liabilities and…

Q: Which of the following is ascertained from the income and expenses of an entity? O A. financial…

A: Income statement means where all expenses and income are shown . Balance sheet means where all…

Q: We can say that the business is in profit, when: Select one: a. Income exceeds Liabilities b. Assets…

A: Following is the answer to the question

Q: 1. It pertains to resources which are controlled and owned by the business. a. Assets c. Equity d.…

A: As we answer only one question, I am answering the first one. Please resubmit the questions…

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…

Q: Define below accounting terms

A: Equity is the amount of total internal and external funds contributed by shareholders of the…

Q: As per the accounting equation, equity can be represented as __________________. Excess of assets…

A: Accounting is the detailed process of book keeping. Under the first step of accounting, all…

Q: Which of the following branches of accounting is the original form of accounting? a. Financial…

A: The branches of accounting are 1 Financial accounting 2 Cost accounting 3. Management accounting…