30 - Which of the following is the gross amount of the values obtained from the sale of goods and services that are in the main field of activity of the enterprise or the sale of assets other than the main field of activity, interest, rent, participation income and the like ? a) Capital B) debts NS) Snow D) Income TO) Balance

30 - Which of the following is the gross amount of the values obtained from the sale of goods and services that are in the main field of activity of the enterprise or the sale of assets other than the main field of activity, interest, rent, participation income and the like ? a) Capital B) debts NS) Snow D) Income TO) Balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

30 -

Which of the following is the gross amount of the values obtained from the sale of goods and services that are in the main field of activity of the enterprise or the sale of assets other than the main field of activity, interest, rent, participation income and the like ?

Capital

debts

NS)

Snow

Income

TO)

Balance

Expert Solution

Step 1

the sale of goods and services that are in the main field of activity of the enterprise or the sale of assets other than the main field of activity, interest, rent, participation income is know as Income.

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

a.With relevant examples, explain the following.i. International Financial Reporting Standardsi. Property, plant and equipmentii. Recoverable amountiii. Entity-specific value
Balance Sheets show the Flow of Assets and Liabilities between one accounting period and another. True or False Saving is the balancing Item of the Capital Account True or False In addition to the balancing item brought across from the Primary Distribution of Income Account, the Secondary Distribution of Income Account records the same types of social transfers on the Resources side as the Uses side. True or False
The monetary value charged to customers for the performance of services sold is called a(n) O asset O capital net income O revenue F
Describe the method of determining the Company Cost of Capital?
The term ‘Operating Profit’ means profit before _____ a. Interest b. Tax c. Interest and tax d. Interest or tax
11. Which type of financial assets are purchased only with the intent of selling them in the near future? DAFVTPL financial assets ⒸBFVTOCI Financial assets C. Amortized Cost financial assets OD. Investment accounted for using the equity method
Financial reporting purposes, long-lived, revenue-producing assets typically are classified in two categories. What are the two categories explain?
which of the following comes first in the income statement O a. finance cost O b. gross profit O C. C. cost of sales O d. distribution cost
Essay: 1. What are the components of a working capital? Is it important? Why or why not? 2. What is the effect of the Current Ratio to the company’s operation?
8. Income is: a. An amount for payment of services, interest, or profit from investment b. The gain derived from capital or labor c. Any material gain, not otherwise excluded by law, realized out of a closed and completed transaction, where there is an exchange of economic value for economic value, with a specified taxable period, under the method of accounting employed. d. A flow of service rendered by capital by the payment of money from it or any other benefit rendered by a fund of capital in relation to such fund through a period of time.
Describe the process of calculating the Company Cost of Capital?
Which of the following are increased by credits?: a) revenues and gains b) expenses and losses c) assets d) dividends