Which of the following adjusting entries involves the recognition of an accrued expense? a. recording depreciation on a long-lived asset b. writing off the portion of an insurance policy that has expired c. recognition of salaries owed to employees for work done during the current period that will be paid during the next accounting period d. recognition of bad debt losses that are expected to result from making sales on credit terms

Q: When faced with uncertainty there is a need to exercise prudence. Which of the following would be…

A: PRUDENCE IS USALLY SEEN AS A VIRTUE . HOWEVER , IT CAN BE EXCESSIVE IF IT HAS AN UNREASONABLE IMPACT…

Q: The debts written of as bad, if recovered subsequently are a. Credited to bad debts recovered…

A: Debtors are the persons to whom business has made credit sales and amount has not been received yet.…

Q: how to correct a Notification has been received that the outstanding balance on one of the debtors…

A: Introduction:   Rectification entry has to be passed when any error has been made in the books of…

Q: An allowance doubtful debts account is created to estimate ___. Select one: A. the expected number…

A: An allowance doubtful debt account is created . Thus the correct option - D:  to estimate the amount…

Q: What is the difference between the Allowance Method and the Direct Write Off Method for recording…

A: Lets understand the basics. When seller sells goods on credit then account receivable arise. When…

Q: Why does the recording of adjusting entries require a bet-ter understanding of the concepts of…

A: Routine revenue and expense transactions are transactions of normal sales, purchases or occurrence…

Q: The direct write-off method records bad debt expense when an account is determined to be…

A: Answer is true

Q: Using the allowance method, is Bad Debt Expense recognized in the period in which ( a ) sales…

A: Using the allowance method, Bad Debt Expense is recognized in the period in which sales related to…

Q: Which of the following would NOT be reflected in the income statement?

A: Income statement- it is a part of financial statements prepared by the company that shows the…

Q: Why does the accounting profession require the use of the allowance method of accounting for losses…

A: Step 1 Basically, the allowance method is the reporting way to report the loss of credit in books of…

Q: What is the effect of omission of accrued income in assets at the end of the year of error? a.…

A: Accrued income: Increases assets Increases Owners' equity

Q: On January 1, 2019. Hernandez Corporation issued $18,000,000 of 10 % ten-year bonds at 103. The…

A: Requirement of the question : calculation of gain/loss on reacquisition.Meaning of bonds : Bonds are…

Q: Explain the adjustments that may be made for the accounting discretions about the following:…

A: The accounting discretions refer to the choices and judgments made by accountants when preparing…

Q: If a company fails to make an adjusting entry to estimate uncollectible accounts, then this error: A…

A: Effect of failure in making entries results over or understatement.

Q: Which of the following statements is true regarding using the allowance method in accounting for…

A: In the allowance method, bad debt expense is indeed an estimate that is based on historical data…

Q: When the amount of interest accrued shown in the adjustments, then it has to be: a. Deducted from…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: On a Closing Disclosure, the method used to compute adjustments for insurance and taxes is known as…

A: A contract that provides a policyholder with financial protection or reimbursement against losses…

Q: Choose the incorrect statement below:

A: The answer for the multiple choice question on choosing the incorrect statement and relevant…

Q: Deferred revenues represent liabilities recorded when cash is received from customers in advance of…

A: Adjusting entries:Adjusting entries are the journal entries, which are recorded at the end of the…

Q: If the statement of financial position error is discovered in the year of error, what action is to…

A: Errors mean the data entered in the financial system is not as per accounting standard. There has…

Q: For the accounting period in which a short-term loan is paid off, which of the following correctly…

A: A short-term loan refers to an obligation of an entity that is going to be settled by the outflow of…

Q: a correction in the calculation of earnings per share of a prior period   a material difference…

A: Prior period adjustments are adjustments made to periods that are not current but have already been…

Q: When the allowance method for recognizing uncollectible accounts receivable is used, the allowance…

A: If the write-offs are equal to the difference between the beginning and ending balances, it implies…

Q: Corrections of significant errors of past periods are charged or credited directly to the Retained…

A: Retained earnings comes under the head liabilities in the balance sheet .

Q: The adjusting entry for a bad debt expense has a debit and credit to what account.     Bad debt…

A: Bad debts also called Uncollectible accounts expense is monetary expense which is due on creditor of…

Q: The allowance for doubtful is not:  a. credited when bad debts expense is estimated and recorded…

A: Allowance for doubtful account is a contra asset account which is related to accounts receivables.…

Q: For journal entries 1 through 10, identify the explanation that mostly closely describes it. A. To…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Which one of these statements is true of the accumulated depreciation account? O the account is to…

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

Q: Which of the following will be affected by an increase in the provision for doubtful debts? Gross…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: I. Write "T" if the statement is True and write "F" if otherwise 1. Depreciation charges throughout…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: What would signify the net amount that a business foresees to receive when the allowance method of…

A: Allowance method indicates the computation of estimated bad debts which the company expected to…

Q: Which of the following are examples of changes in the gross carrying amount of financial instruments…

A: Here topic related with the credit risk management practices.  It is important for the entity to…

Q: Which of the following accounts would not be included in the closing entries?a. Service Revenueb.…

A:

Q: Entry Explanation F 1 2 3 لنا 4 5 6 7 8 9 10 11 12 A F H D A G C H E D Cash Accounts Receivable…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Which of the following accounts should be closed?

A: Closing entries are those entries which are prepared at the end of accounting period. This will…

Q: Which of the following would NOT be shown in the Statement of Profit or Loss? Expired portion of…

A: Income statement shows the income earned and loss incurred by the organization in the financial…

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.