Listed below are nine accounts. How many o f these accounts would be classified as nominal ac counts? 1. Notes payable Cash 2. 3. Retained earnings 4. Cost of goods sold 5. Unearned revenue 6. Depreciation expense 7. Prepaid rent 8. Gain on sale of land 9. Dividends 02 03 4 05 6 07

Q: Attributes about an entity- Select one. O a. Database O b. Record O c. Field O d. File

A: Attributes about an entity are fields.

Q: What is the difference between vote book and dva book

A: The purpose of maintaining a vote book is to; (i) To have complete control over expenditure.(ii) To…

Q: Define terminal date

A: Answer: In finance, horizon date is called as terminal value. It is the date from which individual…

Q: Explain IO and PO Strips?

A: Interest only (IO) strips are a financial product shaped by unraveling the principal and interest…

Q: Define what is meant by a tick mark. What is its purpose?

A:

Q: incorfrect please redo with a accurate answer

A: Molding FabricationMachine Hours $      2,500.00 $      1,500.00Fixed Manufacturing Overhead cost  $…

Q: is the target of data flow. Select one: O a. Destination O b. Pass O c. Source O d. Stores

A: Which is the target of data flow as follows:-

Q: What is accounting explain briefly?

A: Accounting is a broad term and it also has many branches like Cost accounting, Management…

Q: Fill in the blank. ______ standards reflect what is expected to occur.

A: Standards are a set of rules that define the threshold of any activity. In accounting, there are…

Q: What does the blank section post mean or what goes there

A: Post Column : It is the Column through which book keeper identify whether journal entries are…

Q: What is the definition and explanation of the closure procedure and closing entries

A: Entries that have been closed : When the accounting period concludes, a closing entry is a journal…

Q: How should documents removed from workpapers be treated?

A: Workpaper is the most important part of the audit. It contains all the documentation regarding the…

Q: What are the classes of transcription errors?

A: Definition: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Explain the difference between deferrals and accruals and give two examples from each.

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: The scope of coverage under Section I is greatest with an [HO-1|HO-5] policy. Question 98…

A: Insurance coverage is provided based on the types of policy chosen by the policyholder. Some policy…

Q: What is the effect of not returning all client-provided documents upon request?

A: If an auditor is not returning all client provided documents upon request, then this act is an…

Q: Bramble Corp. is a retailer operating in Calgary, Alberta, Bramble Corp. uses the perpetual…

A: Lets understand the basics.There are various methods followed for calculating cost of goods sold and…

Q: Fill out the missing column

A: Net revenue = Gross profit + Cost of goods sold = 511000+673400 = $1184400 Operating expense = Net…

Q: What exactly are reversing entries, and why do we need them?

A: Journal entry is the entry which is made at the date on which the transaction which relates to the…

Q: Suppose that both the direct material and rent costs are tied to the таниfаcturing of the equivalent…

A: Compute the average unit costs for direct materials assigned to 900,000 units as follows:

Q: What is involved in the posting process?

A: Posting: Posting process means posting of all transactions of business into general ledgers. Every…

Q: Which is an error of omission

A: Accounting error is error in entering, computing, and analysis of data. This includes the recording…

Q: What are reverse journal entries? Are these required by GAAP?

A: Reversing entries are journal entries made at the beginning of an accounting period to reverse or…

Q: it is still incorrect, please find correct answer

A: Accounts receivable is amount that is yet to be recovered from the customers to whom goods or…

Q: Differentiate between letters, memo and report?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Describe about the deferrals? Explain it in detail.

A:

Q: What are reversing entries, and how do they work?

A: The journal entries recorded would be general entries, adjusting entries and reversing 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