dentify whether each account type is permanent or temporary: Assets I Select] Liabilities ISelect] Owner's Capital I Select Owner's Drawings ( Select) Revenue (Select]

Q: Describe the accounting for refund liabilities.

A: Liabilities:   The liabilities are the amount of money which a business has to pay to the outside…

Q: Allowance for uncollectible account falls under what classification in a balance sheet?  Current…

A: Allowance for uncollectible Accounts: This is a contra asset account to the Accounts Receivables…

Q: Accounts receivable is

A: Account  Receivable is classified as an  Correct answer :- A.  An Assets

Q: What classification does the allowance for uncollectible accounts come under on a balance sheet?…

A: The allowance for uncollectible accounts come under on a balance sheet will be explained:

Q: Define Accrued liabilities.

A: Liability are the obligations owed by an organization to the outsiders. Liabilities are classified…

Q: What is owner Capital listed as a debit or credit

A: Solution: Owner capital is the amount of capital invested in business by owner. This is shown as…

Q: What do you mean by tangible real accounts and intangible real accounts?

A: Real Account :Real Accounts are the ones that are related with properties, assets or possessions.…

Q: n what way do assets differ from liabilities?

A: Solution: Asset is a resource owned by the business having some economic value with expectation of…

Q: What type of function models a savings account

A: The saving accounts contain compound interest charge on their balances which indicates the…

Q: Assets created by payments that expire as they are used are called?

A: The assets are resources that are owned by the individual or organization. The assets are in…

Q: True (t) or False (f) ______ Notes receivable are generally reported as noncurrent assets.

A: Generally, Notes receivable are expected to be matured within 12 months. Therefore, notes…

Q: Define liabilities

A: Accounting:   Accounting is the process of recording the financial transaction of the organization…

Q: The following accounts appear in the ledger of Sheridan Ltd. after the books are closed at December…

A: The equity section of a company's financial statements represents the residual interest of its…

Q: le

A: Formula:  Current ratio = Current assets / Current liabilities Working capital = Current assets -…

Q: hat is the difference between a nominal account and a real account?

A: Accounting transactions for a separate fiscal year are recorded in a nominal account. Accounting…

Q: Describe how debits and credits impact assets, liabilities , owner,s equity

A: The books of accounts are prepared as per the double accounting system. All the debits shall be…

Q: Differentiate between Current Account vs Capital Account.

A: Account: A record, that documents or records the changes in assets, liabilities, or equity for a…

Q: vable retention must be included in the calculations for the collection period? True or false. If…

A: Account receivable retention is period for which the amount of time for which money is held by the…

Q: Define financial assets, trade and other receivables and financial liabilities Thanks tutor

A: Financial assets and trade and other receivables are different types of assets that are part of…

Q: Discuss, using practical example the effect of prepayment figures on the preparation of a  financial…

A: Note: As per the policy we are supposed to solve one question at a time, Kindly repost the further…

Q: A "receipt on account" results in a credit to: An A/P account Bank An A/R account Capital

A: Receipt on account means, cash received from previously made credit sales.

Q: Define Debit

A: Accounting depends on double entry system. As per dual aspect principle of accounting, each and…

Q: The realizable amount of notes receivable is considered. a. Income b. all of the above c. Noncurrent…

A: A note receivable is also known as a promissory note. In other words Notes receivable are a balance…

Q: 2. Differentiate pledging, assignment and factoring of receivable,

A: The receivables are referred to as the current assets of the company. These are the amounts that a…

Q: How is the account Accounts Payable classified and what kind of balance should it have? Group of…

A: Accounts payable is the term for current liabilities in regard to purchases made on credit. Such…

Q: punts receivable ipment umulated deprec tes payable

A: particulars amount particulars amount To rent expenses $45000 By service fee earned $177500 To…

Q: What is the difference between a permanent and a temporary account? Give examples of each.

A: answer Difference between temporary and permanent account let us briefly discuss both the accounts…

Q: What types of accounts are referred to as temporary accounts?

A: Accounting follows the double-entry bookkeeping system. The basic rules of double-entry bookkeeping…

Q: What mathematical relationship is used among proprietary account balances?

A: Answer:-  Mathematical relationship meaning:- A mathematical relationship in the general term can be…

Q: Amount of money borrowed or invested on the origin date.

A: Initial Investment - Owner of the organization either borrowed money or invested their own fund to…