Reversing entries maybe used in unearned income when the original collection is recorded as a. Asset b. Liabilty c. Expense d. Income

Q: comprehensive income i

A: Other comprehensive income is closed to Correct answer :- D     - Accumulated other comprehensive…

Q: The cost that is incurred in the process of generating the income will be called as O a. Expense O…

A: Expense is the amount of cost incurred during the period. Revenue is the total amount of receipts.…

Q: Reversing entries maybe used in unearned income when the original 1 point collection is recorded as…

A: Answer In a business unearned income record as a assets instead of a liability.

Q: The expense recognition principle (“matching”) controlsa. Where on the income statement expenses…

A:

Q: Unearned Revenue is classified as​ a(n) ________ account.         A. equity   B. revenue   C.…

A: Unearned revenue is money received by an individual or company for a service or product that has yet…

Q: Compute the consignment income to be reported by the consignor

A: Consignment is a arrangement of principal and agent where cosignor the principal sends goods the…

Q: how does the change in accounting of nonrecurring items?

A: Non Recurring items are the ones that do not occur frequently.

Q: Сapital Projects Fund Government-wide Special Revenue Internal Service Financial Statements Fund…

A: Solution:- Introduction:- The following different types of funds are Government Funds, Proprietary…

Q: When a loss contingency is recognized, where is it reported on the income statement?

A: A financial statement that lists the company's earnings and expenses is called an income statement.…

Q: Which of the following is not an expense excluded when calculating EBITDA? Depreciation expense,…

A: EBITDA is the earning available to compare the profitability of various companies, this eliminates…

Q: Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees…

A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses…

Q: Difference between deferral of expenses/revenue and accrued expenses/ revenue?

A: The business adjust the profits of the business for the current year considering deferred and…

Q: what items are included in an income summary repor?

A: An income summary account is prepared at the end of accounting period to which all the incomes and…

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: Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current…

A: Outstanding expenses means those expenses which pertains to current period and recorded in the…

Q: Which of the following is the correct calculation of book value? a. Cost - Impairment expense b.…

A: Book value (B.V) is the worth of the asset at a specified date.

Q: d.  Record the entry for reclassifying the net assets.

A: As per the requirement  the entry for reclassifying the net assets has been recorded in the next…

Q: Under the U.S.​ GAAP, which of the following is not an approach used to determine when to report an​…

A: The U.S. GAAP are accounting policies followed by US companies for financial reporting purposes.

Q: Theseransactions which are related to revenue or expense recognition, identify whether they are are…

A: Accruals: Accruals are the revenues that are earned but not received, and expenses that are incurred…

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

A:

Q: for serving a d $5,000 whe response to

A: Expenses  are the spendings against  cetain benefits. Incomes are benefits received  or…

Q: Monster Co. submits the following information on account sales: Account Sales: November 30, 2010…

A: Consignment: It is a process wherein the goods are sent out by the owner to a person called agent…

Q: Which among the following suits best for Unearned revenue? a. Liability b. Expense c. Revenue d.…

A: Unearned Revenue: Unearned Revenue means money received from the customer in advance for the service…

Q: How does accrued but uncollected revenue affect the bal-ance sheet?

A: Accrued revenue: It can be defined as the revenue that has already been earned by the business but…

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: Outline revenue recognition criteria under modified accrual accounting

A: Modified accrual accounting: The standards for this approach are set by the Government Accounting…

Q: What items are included in Accumulated Other Comprehensive Income (Loss)?

A: In Accumulated Other Comprehensive Income (AOCI) we report unrealized gain/loss of special items in…

Q: Advanced collections from customers prior to the performance obligation being satisfied is accounted…

A: 1) Advanced collections from customers prior to the performance obligation being satisfied is…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.