Date t. 1 Account Titles and Explanation Cash Common Shares
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- a) Write explanatory notes on the following terms as used in consignment accounts:i. Account saleii. Del-credere commissioniii. ConsigneeWhich one of the following equations will yield the available balance in an expenditure subsidiary ledger account?a. Appropriations Expenditures Totalb. Appropriations Encumbrances Balancec. Appropriations Expenditures Total Encumbrances Balanced. Appropriations Expenditures Total þ Encumbrances BalanceWhat type of account is Unearned Revenue?a. Assetb. Liabilityc. Revenued. Expense
- punts receivable ipment umulated deprec tes payableWhich of the following concept is also called as Revenue Recognition Concept? O a. Accrual concept Ob. Realization concept Oc Matching concept Od. Disclosure conceptReversing entries maybe used in unearned income when the original collection is recorded as a. Asset b. Liabilty c. Expense d. Income
- Which of the application of of a. Presenting a the related s b. Deducting fe gains and pr c. Deducting u trading secu d. Deducting a account andUnder which of the following categories would Accounts Receivable appear? A. long−term assets B. current assets C. long−term liabilities D. current liabilitiesAccount for notesreceivable and interestrevenue
- What is an account receivable? O a. Sales O b. Asset Oc. Income O d. Creditorswhat account balances are included in a revenue and collection cyle?The expense recognition principle (“matching”) controlsa. Where on the income statement expenses should bepresented.b. When revenues are recognized on the incomestatement.c. The ordering of current assets and current liabilities onthe balance sheet.d. When costs are recognized as expenses on the incomestatement.