Income taxes payable is an example of an accrued liability. a. True b. False

Q: state the differences between unearned revenue and accounts payable? both accounts are liabilities…

A: Definition: Normal balance refers to the excess of the amount on one side, over the amount on the…

Q: Which of the following would be considered a long-term liability? a. interest payable b.…

A: Analysis of options a. interest payable Since interest will be paid within 12 months or normal cycle…

Q: escribe what is termed as “contingent liabilities” and discuss their accounting treatment.

A: Liabilities can be define as the group of financial obligations which have to be paid by the…

Q: Interest expense

A: Interest expense paid on a loan which has prescribed is deductible from gross income of the payor…

Q: Why is Unearned Revenue considered a liability?

A: Unearned revenue is the revenue that has not been earned yet but payment has been received from the…

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

A: Property taxes are the amount of obligations or dues to the authorities for holding property of any…

Q: What is unearned revenue? Why is it considered a liability? Does unearned revenue impact both the…

A: The adjustment entries are prepared for deferred, accrued revenue and expenses for the period. 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: ayment made by the lessee to the lessor? A. None of the above B. If the advance payment representing…

A: A lessee is someone who rents property or land from a lessor. The lessee, sometimes known as the…

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 one of the following is a special type of liability? a. Accrued expenses b. Salaries payable…

A: Accrued expense: These are those expenses which due but not yet paid.This is short term liability…

Q: The practice of recording advance payments from customers as a liability is an example of applying…

A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…

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: Does the deductibility of an expense or loss follow accounting practice?

A: The accounting practice is the practice of recording the day-to-day financial transactions of the…

Q: 5- Which one of the following is a special type of liability? a. Deferred income taxes b. Salaries…

A: Liabilities refer to the obligation to pay those people from whom the company has borrowed the cash…

Q: Which item below is not a current liability? Select one: a. Unearned revenue b. Trade accounts…

A: Which item below is not a current liabilityExplainationCurrent Liabilties :- Current liabilities…

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: Estimated losses on uncollectible taxes receivable should be accounted for as an allowance for…

A:

Q: Example of liabilities include notes payable and taxes payable True False

A: Liabilities refer to the amount that is payable to the outside entity by the company as a result of…

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: Which of the following is least likely to be classified as a current liability? Select one:…

A: The objective of the question is to identify which among the given options is least likely to be…

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: Choose an example of non-current liability. O a. Interest payable O b. Bonds payable Oc. Wages…

A: Following is the answer to the given question

Q: Which of the following is not a from AGI deduction? A. The exclusion of an item of gross income B.…

A: The qualified business income deduction is a deduction from taxable income, not adjusted gross…

Q: Some items are treated as a deduction for tax purposes when they are paid but are recognised as…

A: A temporary difference is caused by the requirements of accounting standards or framework and the…

Q: Accrued taxes payable are generally reported on the balance sheet as a current liability. True…

A: WHAT ARE ACCRUED TAXES PAYABLE : ACCRUED TAXES PAYABLE ARE THE TAXES WHICH ARE ASSESSED…

Q: What is generally not a deductible business expense on Schedule C?

A: The sole proprietor type businesses are not allowed to get deduction under Schedule C.

Q: Which of the following is not a liability?

A: Liabilities:   Liabilities are referred to as the obligation of the business towards the creditors…