Accounting type Question: Income received in advance is a A. An asset B. An income C. A liability D. None of the above

Q: ollowing situations does not base an accounting measure on a present value? Prepaid insurance ,…

A: It analyzes comprehension of how accounting measures and financial reporting may or may not require…

Q: process of incorporating

A: Option a is wrong because one of the options is correct. Option b is wrong because de-recognition…

Q: state the differences between unearned revenue and accounts payable? both accounts are liabilities…

A: Definition: Normal balance refers to the excess of the amount on one side, over the amount on the…

Q: escribe what is termed as “contingent liabilities” and discuss their accounting treatment.

A: Liabilities can be define as the group of financial obligations which have to be paid by the…

Q: What is unearned revenue? Why is it considered a liability? Does unearned revenue impact both the…

A: The adjustment entries are prepared for deferred, accrued revenue and expenses for the period. The…

Q: Which of the following accounts would never be reportedin the income statement as an expense?a.…

A:

Q: What is the difference between a liability and an expense in accounting?

A: A company's future debt or obligation to a third party is known as a liability. This can include…

Q: Which of the following is not an expense excluded when calculating EBITDA? Depreciation expense,…

A: EBITDA is the earning available to compare the profitability of various companies, this eliminates…

Q: Elements of gross income

A: Option B is wrong because realized income is an element of gross income. Option C is wrong because…

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: Income taxes payable is an example of an accrued liability. a. True b. False

A: The liabilities are the amount due to paid by the business in future period. The current liabilities…

Q: Which of the application of of a. Presenting a the related s b. Deducting fe gains and pr c.…

A: Presentation of Financial Statements PAS 1 describes the basis for presenting the general purpose…

Q: What items are not presented on the income statement?

A: Income statement:The financial statement which reports revenues and expenses from business…

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: Interest revenue need not be added to the gross income to compute for the total income.

A: Gross income and net income are two concepts associated with the accounting that helps to identify…

Q: Does the deductibility of an expense or loss follow accounting practice?

A: The accounting practice is the practice of recording the day-to-day financial transactions of the…

Q: Which item below is not a current liability? Select one: a. Unearned revenue b. Trade accounts…

A: Which item below is not a current liabilityExplainationCurrent Liabilties :- Current liabilities…

Q: Which of the following is usually not an accrued liability? Select one: a. Notes payable b. Taxes…

A: Accrued liability refers to the amount of liability that represents the expenses for the current…

Q: Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d.…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: How does accrued but uncollected revenue affect the bal-ance sheet?

A: Accrued revenue: It can be defined as the revenue that has already been earned by the business but…

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: What does it mean when you have a debit balance of accrued interest income? Does a Debit balance…

A: The accrued expenses are the expenses incurred but not paid yet and hence are recorded as liability.…

Q: How does EVA differ from accounting net income?

A: Economic Value Added and accounting net income are the methods of businesses that can be used to…

Q: How does the revenue-expense approach differ from the asset-liability approach for defining…

A: In accounting there are many methods of preparing the account statement each method have own…

Q: Bad debt expense is normally reported on the income statement as a(n) a. Operating expense b.…

A: An expense that is recognized as a receivable is no longer collectable is known as a bad debt…

Q: Allowance for Uncollectible Accounts is An Asset A Liabilitity An Expense A Contra-Asset

A: Uncollectible accounts are those accounts from whom it is estimated that amount will not be…

Q: whats the difference between an expense and liability according to accounting?

A: Accounting: Accounting is defined as recording, summarizing and classifying the financial…