I have completed a journal and a Ledger and now I need to know how to determine the excess of revenues over expenses. what and how do i do that

Q: A debit has the same impact on expenses and which of the following? Multiple Choice liabilities…

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Q: Give an example of pre-paid expenses and show the impact on the balance sheet?

A: The balance sheet is the important financial statement of the business. It tells about the financial…

Q: Accounting for revenues and expenses - give examples

A: The answer is provided as follows:

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Q: Accrual basis accounting is defined as: (Check all that apply.) an accounting system that uses the…

A: Accounting: It implies a process of maintaining a company's accounts by recording the financial or…

Q: Why did the loan officer ask your brother whether he used the accrual basis of accounting for…

A: The reason to ask whether he used the accrual basis of accounting for revenues and expenses may be :…

Q: Identifying capital and revenue nature receipts and expenses from following information: Salary…

A: Revenue nature expenses are those expenses, which are incurred for daily operations. Capital nature…

Q: Under accrual accounting, when should expenses be matched against revenue? after cash is collected…

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…

Q: Which type of debit account is balanced in the income statement columns of a work sheet?…

A: Income statement:   It is a financial statement that calculate the net income after deducting all…

Q: The owner's contributions and withdrawals are reported on the income statement. True. False.

A: The income statement is a part of the financial statement. It includes all the revenue and expenses.…

Q: Which of these is NOT a list of revenue expenditures? Rent, insurance, machine repair expense…

A: Revenue expenditure are those which are debited to the income statement & expensed off in the…

Q: List various accounts in the balance sheet that representdeferred expenses.

A: Deferred expense: Expense which can be only be recognized on a future date.

Q: State whether the following items are Capital or Revenue expenditures: 1.Replacement of old…

A: Capital expenditures is non-recurring in nature and it was incurred to increase the operational…

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Q: Accrual Accounting - The Matching Concept How can expenses be recognized in the income statement…

A: The matching concept is a fundamental principle in accounting that requires the recognition of…

Q: What will happen to your balance sheet if you go from cash to accrual accounting? What would happen…

A: The business's revenue and expenses may be tracked using either a cash or accrual basis.

Q: We report accounts receivable in the balance sheet at the amount expected to be collected. Explain…

A: Account receivable: The amount of money to be received by a company for the sale of goods and…

Q: Question: Which of the following statements best describes the accrual basis of accounting? Options:…

A: Under cash basis of accounting, revenues are recorded in books of account when cash received for…

Q: What is the meaning of the term revenue? Does the receiptof cash by a business indicate that revenue…

A: Realization principle: It can be defined as a concept that is based on the rule that the revenue…

Q: Consider the following accounts and identify each account as an Asset(A), Liability(L), or…

A: Assets accounts are those accounts that are related to resources of the organisation. Liability…

Q: Which of the following is an example of revenue or expense to be recognized in the current period’s…

A: Income statement forms a part of financial statements and is prepared with a view to show the net…

Q: A personal balance sheet

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Q: Explain accrued expenses in detail .

A: In the above question we have asked to explain accrued expenses which is as below.

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A: Asset is the useful thing we have us like property, car, machines. These are valuable things that…

Q: The account used to keep track of earnings and losses?

A: The summary of income, expenditures, and spending for a certain time period are listed in the…

Q: Fill in the blank with these terms : long term, expense, balance sheet, Stockholder's equity,…

A: Solution: 1. Revenues are monies an organization received in exchange for goods and Service it…

Q: If you want to create a financial report that shows owner's equity, which statement will you create?…

A: Owner's equity, also known as shareholder's equity, is a company's residual interest in the assets…

Q: Define the expenses of products and periods and explain how they affect financial accounts.

A: This question explains about products and periods and financial accounts.

Q: HOMEWORK Please tell me if the following are found Assets, Liabilities, Equity, Revenue, or Expense…

A: Type of accounts:

Q: Classify each account below using the following alternatives: Asset, Liabilities, Equity, Revenue,…

A: The income statement involves the net income or net income that is calculated by deducting the…

Q: The ___________ reports information about assets, liabilities and equity. Select one alternative:…

A: The financial statements of the business includes balance sheet and income statement.

Q: Capital Expenditures are Select one: O a. None of the these O b. Reduces profit O c. Expenses…

A: Since you have posted multiple questions we will answer the first question for you as per the…

Q: TB Problem 17-186 (Static) The following is an incomplete... The following is an incomplete pension…

A: Accounting for pensions is the process of keeping track of how much future employee retirement…

Q: Under the cash basis of accounting: expenses are matched with the revenue that is produced. cash…

A: Under the cash basis of accounting cash must be received before revenue is recognized.