The Journal entry to update the accounts for rent expense recorded that has not expired is which of the following types of adjusting entries? Multiple Choice Prepaid item Uneamed Revenue Accrued Expense Accrued Revenue Not an adjusting entry

Q: Horizontal analysis is often referred to as the simplest approach of analyzing information. True…

A: Horozontal analysis also known as trend analysis is used to analyse and compare the data present in…

Q: True or false: IFRS is based on the same characteristics of information as AspE

A: IFRS:It stands for International Financial Reporting Standards, a set of accounting standards…

Q: Define Reconciliation method

A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from…

Q: Highlight concept of faithful representation and is it valid or not?

A: The concept of Faithful representation advocates that the financial statements and information…

Q: State the meaning of incomplete records?

A: Accounting refers to the process through which the financial transactions related to a business are…

Q: How does the Representational faithfulness is enhanced if information is free from error?

A: Accounting:   Accounting is the process of recording the financial transaction of the organization…

Q: Which is an error of omission

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

Q: How can forwardrates be used for hedging purposes?

A: SOLUTION:- Risk management is the main stimulus for forward contracts. Forward contract is a…

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…

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.