Estimated discount on property taxes is considered to be assets contra account .a FALSE .b TRUE

Q: Answer the following questions correctly. a. The interest is computed on the principal and on the…

A: Note: I am suppose to provide solution of first question.Please repost the remaining questions…

Q: Interest earned is a [A] personal account [B] real account [C] nominal account [D] Intangible real…

A: Real account: A real account is used to record material assets of a business. Nominal Account: A…

Q: ne Income Statem

A: The correct statement is  False

Q: For assets acquired on credit or by installment, the cost or fair value is equal to:  A. cash…

A: The fixed assets are the assets acquired by the business to use for long run.

Q: Deductions from gross income are subtracted from gross income to derive taxable net income. TRUE OR…

A: Gross income is the aggregate total income that is received by a taxpayer that is not tax-exempt…

Q: The following are the balances of NBO for the year ended 31/12/20 Particulars OMR Particulars OMR…

A: SOLUTION- WORKING NOTE- 1-NET INTEREST INCOME MEANS DIFFERENCE BETWEEN INTEREST RECEIVED ON INTEREST…

Q: A loan borrowed by an individual secured against the personal property is. a. Character b.…

A: The provided options are known as the main Cs that a lender considers when providing a loan.…

Q: Failure to accrue interest expense results ina. an overstatement of net income and an understatement…

A: Amswer: a. an overstatement of net income and an understatement of liabilities.

Q: Compounding refers to the earning of interest on interest earned previously.   Group of answer…

A: Compounding frequency is the number of times in a particular year that the last investment amount is…

Q: Typically, the estimated amount available for short-term payments in a statement of affairs…

A: Statement of accounts: It is the periodic statements summarizing all the account activity of the…

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: 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 following is not a liability?a. Income taxes payableb. Accrued warranties payablec.…

A: Liability are the obligations which are to be paid in current period or in future.

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: Liabilities are the owner's claim on assets.  Group of answer choices True False

A: The owner's claim on assets is known as owner's equity.

Q: EBIT is Select one: O a. equity before tax and interest O b. gross profit O c. net profit O d. EBT…

A: EBIT means earnings before interest and taxes. This is an important element of income statement of…

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: Extracts from CeeCee's accounts: Statement of Comprehensive Income, Statement of Financial Position…

A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…

Q: Matching Principle Concept How does interest expense associate with revenue?

A: The matching principle is a fundamental concept in accounting that dictates that expenses should be…

Q: True or false Credits Increases in liabilities and revenue. Decrease in assets and expenses?

A: Assets - Assets are the resources owned by the company from the capital invested. Liabilities -…

Q: Which of the following is used when computing for the accounting rate of return (ARR)? a. Income…

A: The accounting rate of return is the average net income an asset is expected to generate on the…

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: Interest earned on only the original principal amount invested is:                Select one: a.…

A: Interest is a percentage rate which an investor received for its investment for a particular period…

Q: A deposit received is reported as a * A.liability B.current asset C.investment D.revenue

A: Deposit received means amount of money received from vendors or suppliers as deposit.

Q: The term ‘Operating Profit’ means profit before _____ a. Interest b. Tax c. Interest and tax d.…

A: Formula: operating profit = Sales - Cost of goods sold - Operating expenses - Depreciation.

Q: Net Capital gain is an item of income, while net capital loss is not an item of deduction. a.true…

A: Net capital gains is the gain that arises when the net long term capital gain is more than net short…

Q: 1. A statement of comprehensive income includes Net income and Comprehensive income. True False

A: The statement of comprehensive income summarizes both standard net income and other comprehensive…

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: 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: 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: Which of the following is not affected by a change in interest expense?   a. gross margin   b.…

A: The question is based on the concept of Financial Accounting.

Q: 3. The following records were taken from the books of the Company and its branch on December 31,…

A: Home office branch Opening stock 115000 35600 (44500/125%) Add: purchases 820000   Add:…