elect the correct account type(asset, liability, equity, revenue, expense) for the below accounts: Depreciation expense Answer 1Choose...RevenueAssetLiabilityEquityExpense Drawings Answer 2Choose...RevenueAssetLiabilityEquityExpense Prepaid Insurance Answer 3Choose...RevenueAssetLiabilityEquityExpense Unearned Service Revenue Answer 4RevenueAssetLiabilityEquityExpense

Q: Recognise the correct category in the Classified Balance Sheet for the given accounts: Patents…

A: Assets: Properties are things are owned by a business.

Q: C. Our Funding (cont'd) C6. Net Interest Expense Accounting policies Finance income is recognised in…

A:

Q: hich one of the following category prepaid expenses belong to? a. Current asset b. Intangible asset…

A: Prepaid expenses are those expenses which are paid in advance for future period of time and expenses…

Q: Accounts payable and accrued liabilities are interchangeable account titles.

A: Accounts payable: accounts payable is the amount that have to be paid to the supplier of goods or…

Q: Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current…

A: Outstanding expenses are those expenses which have been incurred during the period but not yet paid.…

Q: A seller recognizes the amount of returns from right to return sales as a/an ________. Group of…

A: The question is asking about how a seller recognizes the amount of returns from right to return…

Q: Which of the following is not an asset inventory Revenue Acounts receivable Prepaid insurance

A: In accounting, an asset is a resource with economic value that an individual, corporation, or…

Q: Under valuation balance sheet the net liability is the difference between: Premium to be received…

A: Net Liabilities:- It is an excess of Accounts Payable over Accounts Receivables. It includes all…

Q: 3. A liability created for receiving cash for future services to be provided is termec Oservice…

A: The accrual basis accounting records the revenue and expenses as soon as they are incurred…

Q: Which of the following revenue whose recognition is put off into the future even though payment has…

A: Revenue is the total proceeds from sale of goods or services in the business. This is an important…

Q: Accumulated Depreciation is: Multiple Choice A contra-asset account A liability An expense account A…

A: Depreciation expense is the amount a firm's assets are depreciated for a single month, whereas…

Q: Ac  Amortization Expense of Right of Use Asset Select one or more than one:   a. Normal balance…

A: The amortization expense of ROU (right-of-use) is to be shown under "Lease liability" in the income…

Q: Which of the following is not an asset inventory Revenue Acounts receivable Prepaid insurance

A: In accounting, an asset is a resource with economic value that an individual, corporation, or…

Q: Interest payable is shown on the Oincome statement as an operating exp Obalance sheet as a long-term…

A: Interest payable is a liability account, shown on a company's balance sheet, which represents the…

Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…

A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…

Q: Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current…

A: Outstanding expenses means those expenses which pertains to current period and recorded in the…

Q: Under IFRS, receivables are to be reported on the balance sheet at: a.    amortized cost. b.…

A: Amortization: Amortization is a process in which the cost of intangible assets is spread equally…

Q: 1. Record the preceding transactions in MSK's books assuming it recognizes revenue over time and…

A: Given: Estimation of factory building = $ 525,000

Q: Also known as the historical cost principle, ________ states that everything the company owns…

A: Accounting principles are those rules or regulations which are used by all the accountants in…

Q: T-Account (Liability) CRNEED UNKOWN CR amountPlease provide in detail the equation for finding out…

A: The equation to be used for ending balance of Liability Account from where we can find out any…

Q: Blossom Limited organized late in 2022 and set up a single account for all intangible assets. The…

A: Journal entry is the primary step to record the transaction in the books of accounts. An intangible…

Q: punts receivable ipment umulated deprec tes payable

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

Q: Identify an example of a non-current asset. O a. Machinery O b. Bank overdraft O c. Inventory d.…

A: Non-current asset refers to the asset which will not realize in cash within a year from the…

Q: Three different lease transactions are presented below for Sandhill Enterprises. Assume that all…

A: Leasing allows businesses or individuals to access and utilize high-quality assets that might be…

Q: a. Current assets are long term assets b. Current assets are not recorded inside the balance sheet…

A: The right answer  is option c . Account receivable & cash are current assets

Q: is prepaid reant an expense

A: Prepaid expense:Prepaid expense is the advance payment for future expenses is called as prepaid…

Q: assume that we report the reinsurance company amount of recoverable claims 35000, expected amo…

A: Adjusting Entry-An unrecorded transaction can be tracked via altering journal entries, which are…

Q: Which of the following is a current asset?   Question 3 options:     goodwill     prepaid…

A: Goodwill is a intangible asset.   Prepaid expenses is a current asset.   Accrued liabilities is a…

Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: The financial statements are prepared by passing the journal entries, adjusting entries,…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is