Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts Receivable O D. Wages Payable

Q: The accounting equation is expressed as ________.A. Assets + Liabilities = Owner’s EquityB. Assets –…

A: Accounting equation is one of the important concept used in accounting. Three elements of accounting…

Q: Included on the balance sheet are O a. income and expenses. O b. assets, liabilities, and owner's…

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

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: choose the right answer Of the following account types, which would be increased by a debit?…

A: I assumed the first MCQ as first question And next MCQ as second question.

Q: Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c.…

A: Nominal account includes all of a company's income statement items and the balance of owner's…

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: b.) Credit

A: Prepayment is an accounting term referred to the types of expenses not incurred yet but for which…

Q: A debit balance in the Retained Earnings accounts is reported as a (an) a. asset b.…

A: Retained Earnings refers to amount of Profit set aside by the company during the year. it is known…

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: The accrued balance in a revenue account represents an amount which is: A. earned and collected B.…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Which of the following accounts would appear only in an accrual basis accounting system, and which…

A: Cash basis of accounting system :  In cash basis of accounting system , the accounts are recorded…

Q: Which of the following is an amount for products or services purchased on account? A)accounts…

A: Account payable is the account related to products or services purchased on account. Unearned…

Q: What type of accounts are Interest * ?Receivable and Fees Receivable Equity Asset Liability O…

A: Revenue is the amount generated through the normal course business operation. It can be calculated…

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: The account type and normal balance of Prepaid Expense are a.revenue, credit b.liability, credit…

A: Prepaid expenses normally have a debit balance and considered assets.

Q: From othe basic accounting equation Assets = Liabilities + Owners Equity, where does uncollectible…

A: As per accounting equation, assets = Liabilities + owners' equity

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

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, 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: Which of the following normally have a debit balance? Liability accounts Equity or capital accounts…

A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances.Their…

Q: Choose the correct statement below: A. Unearned income is income earned and already collected. B.…

A: The deferred expenses are the expenses incurred but not yet due for payment. The deferred revenue is…

Q: Unearned revenues O a. are recorded as assets when cash is received. O b. are referred to as future…

A: Revenue is the total income earned by a company by selling all its goods or services. It is recorded…

Q: TRUE OR FALSE   The Accrual Method (basis) of accounting records income in the period earned and…

A: Under the Accrual Method, a transaction relating to revenue and expense is recognized when it is…

Q: Which of the following contains only accounts found on the balance sheet? Cash, notes payable, gross…

A: The question is multiple choice question.The question is related to only accouts found on the…

Q: Which of the following accounts are debited to record increases?   A. assets and liabilities…

A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

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 organization. Liability…

Q: Identify the financial statement(s) that the following items appear on. a)interest expense, b)…

A: The Financial Statements consists of: 1- Profit & Loss Account (Income Statement) 2- Balance…

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: . Which of the following are all temporary accounts?. liabilities, revenues, and expenses a. b.…

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

Q: Accrued revenues would appear on the balance sheet as A. assets B. liabilities C. capital D.…

A: As per revenue recognition principle,  revenues earned during a period should be recognized as…

Q: What type of account is accrued income

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: Which of these accounts is an asset? A. Common Stock B. Supplies C. Accounts Payable D. Fees Earned

A: Introduction: Assets: Asset means having Economic value to the resource. Assets are of two types: 1…

Q: What is the impact on the accounting equation when a payment of account payable is made?A. both…

A: Accounting equation of the business has three elements, these are Assets, Liabilities and Equity.…

Q: Classify the following into assets and liabilities a) Building b) Мachincry c) Creditor di Debtor e)…

A: Assets are the items that will provide economic benefit to the business in the future, while…

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: The account type and normal balance of Fees earned is a. asset, debit b. expense, debit c. revenue,…

A: In accounting, there are three types of accounts:1. Personal account: This account represents the…

Q: Under the accrual basis of accounting, revenue is recorded O when earned and realizable O when…

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

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: 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: Bills for collection are shown  O a. On Assets side of the balance sheet  O b. On liabilities side…

A: Balance sheet and income statement are two important financial statements of business. Income…

Q: All of the following are current assets excepta. prepaid expenses.b. accounts payable.c.…

A: Definition: Current assets: The assets which could be converted into cash within one year like…

Q: Which of the following is a connector account? O Retained Earnings O Prepaid Rent O Common Stock O…

A: Connector accounts are those accounts which connects or joins two particular financial statements.

Q: Under the accrual basis of accounting, revenue is recorded a. when earned and realizable b. when…

A: Solution Accrual basis is the method of recording transaction for revenue when earned and expenses…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.