true or false  Expense Accounts normally have a credit balance

Q: Explain the difference between permanent accounts and temporary accounts. Why does an accounting…

A: Permanent accounts are the accounts which appear in the balance sheet of the entity and represent…

Q: On a classified balance sheet, allowance for uncollectible accounts would be classified among

A: A balance sheet is a statement which provides financial data related to the assets, liabilities and…

Q: Define prepaid accounts? Give example?

A: Prepaid account: It is an account which records the prepayment transactions. From the buyer’s point…

Q: Define Accounts payable.

A: Accounts payable refer to money owed by a entity to its creditors or suppliers from whom the entity…

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: In the deposit function, banks treat interest as income. True False

A: The deposit function function is the creation of deposits through credit extension, either in the…

Q: Distinguish between accounts receivable and account payable.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: A credit memorandum results in a(n) ___ in a customers accounts receivable file. A. memo B.…

A: Credit memo - Indicates a decrease in the amount of customer owed to the seller. Components of the…

Q: Are drawing a credit or debit

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Which accounts commonly requires both debit and credit entries?

A: Debit and credit sides are two sides of a general ledger account. Normally all assets and expenses…

Q: Credit sales are recorded by crediting an account receivable for specific customer. True or false?

A: Lets understand the meaning of credit sales. Credit sales refers to transferring ownership of goods…

Q: With credit tranching, the subordinated tranches may absorb credit losses as they occur.   Select…

A: Credit Tranching:- It is a system which is generally used by the international monetary funds. under…

Q: What is a credit memo? When is it used?

A: Credit memo also known as credit memorandum or credit note  Credit memo is issued by the seller of…

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.