Which depreciation method is most frequently used in businesses today? Select one: a. Straight-line b. Declining-balance c. Units-of-activity d. Double-declining-balance

Q: Studying GAAP Accrual accounting. There is also cash-basis accounting which does not comply with…

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A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

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A: Accrual basis of accounting says that all expenses incurred in the business should be recorded in…

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A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

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A: I assumed the first MCQ as first question And next MCQ as second question.

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A: Lets understand the basics. Adjustment entry is required to make to record correct amount of revenue…

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Q: For each of the following independent transactions, indicate whether there was an increase,…

A: Each financial transaction has respective effect on the asset equation. The asset equation is…

Q: * ?Which one of the following is correct The term 'Sales' include the sales of fixed assets for cash…

A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account…

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Q: SFP accounts of Cullumber Inc., which follows IFRS, follow: Cullumber Inc. Comparative Statement of…

A: Cash flow statement is the part of financial statement prepared at the end of the accounting period.…

Q: Accounts receivable are long term assets for the business Select one: True False

A: Long term assets are generally referred to as the non current assets of the business which takes…

Q: Which of the following accounts will be credited to close it? a.Accumulated Depreciation b.Rent…

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

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A: Ratio analysis: Ratio analysis helps in understanding and determining the performance of a business.…

Q: Costs that are treated as assets until the product is sold are called A. Product cost B. Period cost…

A: Period cost is costs incurred by organisation which are not related to production of product. These…

Q: 1.Accumulated Depreciation appears on the:          a. Statement of Financial Statement        b.…

A: 1) Accumulated depreciation is the total depreciation expense of an asset which was charged in the…

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A: Correct option with proper explanation are as follows

Q: 1) Describe the difference between accrual and cash basis accounting.

A: Cash system of accounting means where all expenses , losses , income and gain are recognized on the…

Q: 1. Which T-account is incorrect? a. Depreciation Expense b. Interest Receivable c. Capital Stock d.…

A: The T-accounts are prepared as debit on left side and credit on right side.

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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A: The accounting equation is considered to be the foundation of the double entry accounting system. On…

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A: Income statement records income and expenses. It shows the net income or loss of a company for a…

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A: Total asset turnover ratio is calculated as Sales/Average assets and the impairment of a company's…

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A: Here's how you can get started on the updated balance sheet: 1. Update the cash balance: Begin by…

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A: The quick assets ratio is calculated as quick assets divided by current liabilities.

Q: Jasper Corp. collects payment on an accounts receivable balance. This transaction Select one: O a.…

A: Increase in assets should be debited and decrease in assets should be credited.

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A: Ans. All the accounting treatments are based on principles of accounting. They are to be followed in…

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A: The correct answer is: (D) Cash  Cash would not decrease if a business decided to increase its…

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A: Current assets are the assets that provide the financial benefit over a year. If the assets is held…

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A: The T-accounts are prepared with posting of journal entries to specific accounts.

Q: A ____ will cause Accumulated Depreciation to decrease. A. Debit  B. Credit

A: Particulars debit credit Depreciation Amt   Accumulated depreciation   Amt

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A: JOurnal entry for written off of Accounts receivable: DATE ACCOUNTS DEBIT CREDIT   Allowance…

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A: Accumulated depreciation is the total of depreciation applied on a fixed asset on a particular point…

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A: 1. Earning revenue on account:  It means supplying goods or services on account and payment will be…

Q: which of the following items is listed as a current asset on a balance sheet a. accounts receivable…

A: Current assets refer to those assets that are expected to be sold within a year and it includes…