Which of the following is not one of the major groups that make up the balance of payments? O a. capital account O b. current account C. profit account d. financial account

Q: Accounts receivable is

A: Account  Receivable is classified as an  Correct answer :- A.  An Assets

Q: Which of the following best describes the classification and normal balance of the accounts…

A: Accounts receivable account generally shows the amount to be received from the customers against the…

Q: What is the difference between a nominal account and a real account?

A: The various accounts in the business are classified as personal accounts, real accounts, and nominal…

Q: Which of the following is a permanent account? a. Dividends Distributed b. Allowance for Doubtful…

A: Permanent accounts means an account which we do not write off in profit and loss account or trading…

Q: In respect to financial accounts, what do you understand by "materiality?" Also, name two variables…

A: Here is the Answer :

Q: In which of the following types of accounts are increases recorded by credits?   A. revenues and…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What's the difference between accounts payable and receivable?

A: Accounts Payable is the current liability for the business and Accounts Receivable is a current…

Q: Which among the following is considered as an expense? a. Accounts payable b. Rent expense c. Sales…

A: Expenses means the amount spent on running the business.

Q: hat is the difference between a nominal account and a real account?

A: Accounting transactions for a separate fiscal year are recorded in a nominal account. Accounting…

Q: What is the difference between a nominal account and a real account?

A: A nominal account records accounting transactions for a single fiscal year. Accounting transaction…

Q: Is Accounts Payable a debit, a credit, or a combination of the two?

A: Account payable has always a credit balance. It is liability for a person who have acquired some…

Q: 1. What is the formular for Accounts Recieveables?  2. What is the formular for Accounts Payable?

A: Accounts Receivable - Accounts Receivables are the amount that is not paid by the customers who had…

Q: What is an account receivable? O a. Sales O b. Asset O c. Income O d. Creditors

A: Following is the answer to the given question

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: 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: 0. Accounts receivable and accounts payable are most likely classified as which financial statement…

A: Account receivable are the credit sales which are receivable in few days

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: 1) What is the difference between Interest Receivables and Account Receivables and Interest…

A:

Q: Which one of the following account groups normally has a credit balance? O A. assets and liabilities…

A: 1.Assets - It includes:- Current assets long term investments fixed assets intangible assets  other…

Q: 3. ACP and Accounts Receivable [LO1] Kyoto Joe, Inc., sells earnings forecasts for Japanese…

A: To find the average balance sheet amount, we will use the following formula  Average balance =…

Q: Under which of the following categories would Accounts Receivable​ appear?     A. long−term assets…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: Explain the difference between the current account and the capital and financial account in the…

A: The balance of payment shall be the record of payment or receipt between a nation and a national of…

Q: State which account title the following terminologies belong: A. Asset account title, B. Liability…

A: Financial accounting is one of the important branch of accounting being used. Main account titles…

Q: Which of the following correctly describes how accounts payable will appear on the financial…

A: Accounts Payable: Accounts Payable are the short-term liabilities that an entity owes to its…

Q: Define the followings? a. Real Account. b. Temporary Account.

A: a.Real Account:Real accounts are a general ledger account that does not close during the accounting…

Q: A credit balance on accruals account indicates?

A:

Q: Define the following and their differences : Real accounts                capital account  Nominal…

A: In accounting, there are several type of accounts being used in business. These are personal…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is