Which of the following is an accrued liability? * Unearned subscriptions revenue Current portion of long-term debt payable O wages payable Rent revenue
Q: Which of the following is a contra-liability account? a. Taxes Payable b. Accumulated Amortization…
A: Contra liability account is one that is debited for the explicit purpose of offsetting a credit to…
Q: b.bond payable c.two-year note payable
A: Current liabilities are a company's short-term financial commitments due within a year or during a…
Q: Wages payable is classified as : a. Current asset b. Long term liability c. Fixed asset d. Current…
A: Current Assets: Current assets can be sold in the near future and cash can be generated from the…
Q: The payment of a liability
A: The liability is the amount due to be paid by the business to its creditors.
Q: Which of the following is most likely to be reported as an accrued liability? Multiple Choice…
A: Accrued liability is a sort of obligation of an entity that the entity has not paid yet. In other…
Q: Interest payable is shown on the? A)income statement B)balance sheet as a long term liability…
A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells…
Q: Which of the following best describes Accrued Liabilities?a. Long-term liabilities.b. Current…
A: Accrued liabilities are also known as outstanding liabilities. It means those liabilities which are…
Q: Which of the following liabilities is created when a company receives cash for services to be…
A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…
Q: 3. A liability created for receiving cash for future services to be provided is termec Oservice…
A: The accrual basis accounting records the revenue and expenses as soon as they are incurred…
Q: Typically, the estimated amount available for short-term payments in a statement of affairs…
A: Statement of accounts: It is the periodic statements summarizing all the account activity of the…
Q: Outstanding rent is Select one: a. Long term liability O b. A revenue C. A current liability O d. A…
A: Outstanding rent come under the head of Current Liability within the record. Outstanding rent are…
Q: Accrued expenses (accrued liabilities) are: C . expenses that have been reported on the income…
A: An accrued expense is an expenditure reported in the time in which the expense is incurred that is…
Q: How are anticipated administrative expenses reported on a statement of financial affairs?a. As a…
A: The administrative expenses are incurred in the day-to-day operations of the company. These are…
Q: Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees…
A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses…
Q: Unearned revenues are a. Earned and recorded as liabilities before they are received. O b. Earned…
A: 12. Unearned revenue is the revenue that is received by the company but not yet earned by the…
Q: What kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd.…
A: The correct option is option “a”. Unearned revenue is not classified as an asset, owners' equity,…
Q: Which of the following is an amount for products or services purchased on account? Oaccounts payable…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term…
A: Wages payable: Wages company should pay them to employees but not paid by the company.
Q: Liabilities are classified on the balance sheet as current or O a. unearned. O b. deferred. O c.…
A: Liability can be defined as the amount owed by the firm to external parties. It is a payable amount…
Q: Unearned Rent Revenue is a. Debited when rent is received in advance b. Revenue account c. Reported…
A: Current liabilities means those liabilities which will be paid in cash in near future generally one…
Q: Interest payable is shown on the Oincome statement as an operating exp Obalance sheet as a long-term…
A: Interest payable is a liability account, shown on a company's balance sheet, which represents the…
Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…
A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…
Q: How would each of the following items be reported on the balance sheet? Item Reported on…
A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…
Q: What is the difference between accrued liabilities an unearned Revenue accounts?
A: Accrued Liabilities :— An expenses of a Business or an Organization incurred during a specific…
Q: Which of the following accounts should normally be classified as a current liability? Multiple…
A: Current Liability are amount payable by the company with in 12 month.
Q: 17-Which of the following is a contra-liability account? a. Accumulated Amortization b. Taxes…
A: Conntra liability account are those liabilities where the balance is debit balance.
Q: Money received from customers for products to be delivered in the future is recorded as: C . revenue…
A: Cash received from the customers will be considered as an asset. Whereas a liability will be created…
Q: Which of the following is a liability created when a company receives cash for services to be…
A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…
Q: Define the following items: Unearned revenue Inventory Notes payable
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…
Q: Under which of the following categories would Accounts Receivable appear? A. long−term assets…
A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…
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: Which of the following accounts is a liability? Accounts Receivable Service Revenue Unearned…
A: Accounts receivables is the amount of money not yet paid by the customers on the goods purchased…
Q: A deposit received is reported as a * A.liability B.current asset C.investment D.revenue
A: Deposit received means amount of money received from vendors or suppliers as deposit.
Q: Unearned rent revenue is reported on: O A. O B. OC. Expenses section in the income statement…
A: The revenues that are received by the business but not earned yet are said to be Unearned revenue.
Q: Discount on Note Payable should be classified as a a. current asset b. contra account to Notes…
A: SOLUTION- IT HAS DEBIT BALANCE BECAUSE IT IS A CONTRA ACCOUNT TO NOTES PAYABLE ACCOUNT (A…
Q: Choose the correct. How are anticipated administrative expenses reported on a statement of financial…
A: Statement of financial affairs: Statement of financial affairs refers to a statement of assets and…
Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An…
A: The correct answer is d. An asset
Q: Unearned rent revenue is reported on: OA Expenses section in the income statement O B. O OD.…
A: unearned rent revenue is the rent amount received during the year but the rental income is related…
Q: amortized debt premium should be reported on the balance sheet of the insurer as a Group of answer…
A: The bonds are issued at premium or discount to face value of bond. The issuer has to pay the premium…
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: Short-term Borrowings appear in a Company's Balance Sheet under the head......... Select one: a.…
A: Answer
Q: Which are the total interest expense in the statement of profit or loss?
A: Interest expense is the finance cost which is deducted from operating profit i.e. earnings before…
Q: Which of the following accounts is a liability? a. Accounts Receivable b. Service Revenue c.…
A: Liability refers to state of being liable or taking legal possession of something.
Q: Advanced collections from customers prior to the performance obligation being satisfied is accounted…
A: 1) Advanced collections from customers prior to the performance obligation being satisfied is…
Q: The alternative treatment in reporting Subscription Receivable is a. deduction to Current Assets…
A: Subscription receivable is a revenue receivable that is an asset for the company.
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- Rebate on bills discounted is A liability Actual income Income received in advance An accrued incomewhat of the following is the correct calculation for interest cover : a- total debt / interest payable b- interest payable / total debt c- operating profit / interest payable d- interest payable / operating profitTypically, the estimated amount available for short-term payments in a statement of affairs (financial statement) a.Carrying amount b.Current fair value c.Zero d.Net realizable value
- Which of the following creates a taxable temporary- difference? I. Prepaid expenseII. Estimated liabilities Ill. Unearned incomeIV. Installment receivable Choices: I, II, and IV II and IV I, II and III I and IVالسؤال 17 ?On a certain long term debt, principal and interest is due for payment. This will be recorded under which one of the following type of expenditure Debt service expenditure O Capital outlay expenditure.b O Revenue expenditure CO Operating expenditure.d OAccounts payable is a Select one: A. current liability B. current asset C. long-term liability D. long-term asset
- Which of the following is a contra-liability account? a. Taxes Payable b. Accumulated Amortization c. Discount on Notes Payable d. Notes PayableFor assets acquired on credit or by installment, the cost or fair value is equal to: A. cash purchase priceB. invoice priceC. installment priceD. list priceWhich item below is not a current liability? Select one: O O a. Unearned revenue b. Trade accounts payable c. cash dividends d. The currently maturing portion of long-term debt
- Current Liabilitites: Trade Accounts Payable, Short-term Notes Payable, Salaries Payable, Unearned Revenue. Non-Current Liabilities: Long-term Notes Payable, Long-term Loans Payable, Mortgage Payable.Choose an example of non-current liability. O a. Interest payable O b. Bonds payable Oc. Wages payable O d. Accrued expensepunts receivable ipment umulated deprec tes payable
