WHich of the following is not a major element of the accounting equation. cashflow, expenses, assets, withdrawls

Q: Which of the following transactions would be recorded if using the accrual basis ofaccounting but…

A: Given: To determine the following transactions would be recorded if using the accrual basis…

Q: Cash is Appear in Which Side of Balance Sheet?

A: The balance sheet is one of the financial statements of the business. The balance sheet represents…

Q: Revenue and Expense Accounts Are revenue and expense accounts equal to equity in how cash is a part…

A: Revenue: Revenues are earnings of business by sale of goods and services in business. It is earned…

Q: How does the double-entry accounting system ensure the accuracy of financial transactions and…

A: The double entry system of accounting or bookkeeping means that for each and every business…

Q: The two objectives of financial management are Select one: a. Assets and Liabilities b. Profit and…

A: The two objectives of financial management are optimum fund utilization optimum profits

Q: The assumption that requires that only those things that can be expressed in money are included in…

A: The generally  accepted principles of accounting are called concepts.The concept guide the…

Q: What is the difference between a debit and a credit in accounting? How do these concepts relate to…

A: The relationship between a firm's profits, liabilities, and equity is represented by the accounting…

Q: Identify the asset from the following? A. Cash and Cash equivalents B. Creditors

A: Something that will or already has economic worth to a business is referred to as an asset. All…

Q: Discuss the recognition, measurement and disclosures for 'cash' as per accounting standards

A: Cash is considered as the most liquid asset or quick asset for the business in the balance sheet…

Q: How does expense recognition impact the accounting equation

A: The accounting equation states that assets equal to sum of liabilities and equity.

Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.…

A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing…

Q: What is the difference between cash basis accounting and accrual basis accounting?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Does Derecognition only apply to the balance sheet? If so, Why? Why are other statements not used?…

A: Derecognition is the process of removing an asset or liability from the financial statements of a…

Q: What is the impact on the accounting equation when an accounts receivable is collected

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: What advantage do you see in compiling financial data into standardized statements like the Income…

A: Standardized statements also acknowledged as financial statements, these statements such as balance…

Q: Explain the differences between cash and accrual accounting.

A: Account: A record, that documents or records the change in assets, liabilities, or equity for a…

Q: Which is not undertaken by financial accounting? O a. Income statement O b. Customer data O C.…

A: Financial accounting deals with the economic transactions. In this, various statements are to be…

Q: owing? Select one: a. Income and cash flow

A: The  right answer is option b. Cash balances and cash flows.

Q: Which of the following is not typically found on an Income Statement? A. Revenue B. Expenses C.…

A: Liabilities are typically reported on a company's balance sheet, not on its income statement. The…

Q: Liquidity is simply: O a. another term for non-current assets O b. a company's ability to pay…

A: Liquidity is the ability of the firm to repay its current liabilities.  it's the ability of the firm…

Q: How does the rule of debit and credit relative to accounting equation?

A: Accounting equation:   It is a mathematical expression that presented all assets of the firm are…

Q: Which of the following accounts is not a permanent account?   Select one: a. Utilities Expense b.…

A: A permanent account is the account which is not closed at year end and same is carried to balance…

Q: Discuss the principles of accrual accounting and how they differ from cash accounting. What are the…

A: Accrual accounting is an accounting method that records revenues and expenses when they are earned…

Q: In accounting, what is the distinction between a nominal account and a real account?

A: Solution Concept Nominal account Expenses and losses Debit Income and gains Credit…

Q: accounting on cash basis

A: Accounting on cash basis is one of the two methods of accounting.

Q: Subject : Accounting   The existence or occurrence assertion as related to cash is concerned with…

A: Assertion means a statement made by the Company's management regarding the completeness and accuracy…

Q: Which of the following is NOT included in the financial assets? A. Cash. B. Investments in…

A: The financial assets include the liquid assets of the business.

Q: Do the term debit and credit signify increase or decrease, o

A: Debit means increased under limited conditions . You must look at what type of an account you are…

Q: Explain Cash versus Accrual Accounting.

A: Cash basis accounting: Cash basis accounting is the method of accounting that record revenues only…

Q: at is the main difference between basic and completed accounting system? 2- What is the main…

A: What is the main difference between basic accounting system and complete accounting system What is…

Q: b) Explain the difference between Accrual and Cash Accounting. Give an example to assist in your…

A: Under the Cash Basis of Accounting, revenue is considered only when the actual amount is received…