salaries payable is creditors claim On assets true or false?

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: What is meant by the term unearned revenue? Where should an unearned revenue account appear in the…

A: Revenue: It refers to the amount earned by a business from selling its goods or services to the…

Q: What is the impact of annuity dues in consideration to business matter?

A: An annuity due is one whose payment is due right away at the start of each period and the difference…

Q: Is accrued interest an asset, liability or owner's equity?

A: Accrued interest refers to the amount of interest that is earned or incurred till the reporting…

Q: difference between debt and quity

A: A company’s capital consists of two forms, one is equity and the other is debt. When a company is…

Q: What do we mean by debtors and creditors?

A: Accounting is the process which begins with the identifying the event or transactions and ends with…

Q: Matching Principle Concept How does interest expense associate with revenue?

A: The matching principle is a fundamental concept in accounting that dictates that expenses should be…

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: Which of the following transaction costs will not be included in the pro-forma adjustment to net…

A: Net earnings are the net income or loss being generated by the business. Proforma adjustment to net…

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: How are the balance sheet and income statement affected by fair value accounting?

A:

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.