Give one word or a term used to describe the following:  a) An allowance by a creditor to debtor for prompt payment. b) Commodities in which a business deals.  c) An obligation which may or may not materialise. d)An exchange of benefit for value. e) Things of value owned by business to earn future profits.  f) Assets like brand value, copy rights, goodwill.

Q: What  are business transactions called that increase owner’s equity as a result of providing a…

A: A liability is amount payable or obligation which results from past event, whose payment needs…

Q: Which of the following accounting concepts considers the investment made by the owner in the…

A: Accounting Principles are the rules and guidelines to be followed by a business while preparing and…

Q: Receivables are amounts due from others that arise from the sale of goods or services. Select one:…

A: Accounts receivables represents the amount due to firm for the goods or services sold on credit.…

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: Purchasing power gain or loss results from: a. Monetary asset only b. Monetary liability only c.…

A: This question is answered as per IAS 29 "Financial Reporting in Hyperinflationary Economies".

Q: Which financial ratio under the categories of profitability, asset utilization, liquidity, and debt…

A: Financial ratio can be defined as the accounting ratio which helps the business in evaluating the…

Q: Only business expenses incurred in the generation of business gross income are deductible. a.…

A:

Q: Which of the following represents amounts owed for goods, supplies, or services purchased? Group of…

A: The question is asking to identify the term that represents the amounts that a company owes for…

Q: Define goodwill for accounting purposes

A: When one firm is acquired by another, an intangible asset known as goodwill is transferred together…

Q: Explain an example of seller is a principal or an agent can have a significant effect on its…

A: Principal: Principal is the legal owner of goods or service which is transferred to the customer…

Q: How would you describe the accounting profit?

A: The answer is about the accounting profit:

Q: On a company's financial statements, do you have to list/note if an asset is being used as…

A: Disclosures are additional information which are meaningful and important for the stakeholders to…

Q: Which of the following is treated as business expense?  a. Installation cost of business equipment…

A: Business expenses are the expenses which are incurred for the business and required for the…

Q: Explain the concept of goodwill in accounting and how it is recognized and measured. Provide an…

A: Goodwill is an intangible asset that represents the excess of the purchase price of a business over…

Q: What transactions are included in income from continuing operations? Briefly explain why it is…

A: Income from continuing operations includes the revenue, expense, gain, and loss transactions that…

Q: When is revenue recognized by service provider? By a merchandiser? By a manufacturer? Differentiate…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Montem - Fitness Pole Division Balance Sheet 6/30/2021 Inventory $ 500,000 Packaging $ 75,000 Brand…

A: Goodwill The net difference between the fair value of all the assets acquired through the…

Q: these are economic resources owned by the business expected for future gain. They are property and…

A: Answer) The correct answer in the given question is: Assets

Q: ccording to Generally Accepted Accounting Principles (GAAP), revenue is ncome when: a contract is…

A: According to Generally Accepted Accounting Principles (GAAP), Revenues are recognized as income when…

Q: Which of the following assets would not be included as a quick asset? a.Merchandise inventory b.Cash…

A: We first need to understand the meaning of quick asset. Quick assets are the assets which is…

Q: When is revenue recognized in the following situations?(a) Revenue from selling products, (b)…

A:

Q: Each economic event or transaction will have a dual effect on financial position. Explain what is…

A: An event that has an impact on a business entity and results in transactions that can be quantified…

Q: Accountants refer to an economic event as a Select one: a. transaction b. purchase. C. change in…

A: Transaction : Generally, the transaction is defined as the agreement between the seller and the…

Q: Which of the following concept is also called as Revenue Recognition Concept? O a. Accrual concept…

A:

Q: The costs of doing business are classified as:a. assets.b. liabilities.c. revenues.d. expenses.

A: The correct option is option “d”. d. Expenses

Q: Assets = Liability+ Capital where 'assets' are resources of the business; 'liabilities' are…

A: After each transaction, the debit side must equal the credit side. The transaction record is based…

Q: What business transaction will increase asset and increase liability

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…