Which of the following statements is correct?   Options: • Going concern principle assume that in preparing the financial statements only properties, liabilities, income and expenses of a particular business are reported therein • The total value of debits in most cases is higher than the total value of credits • All accounting information must be free from error to be reliable

Q: Interest expense is listed on the Income Statement in 'Other revenue and Expenses'. Assess the…

A: Interest Expenses: The cost that an organization must pay to service its interest obligation is…

Q: Please answer with reason for all why the option is correct and why the other options are…

A: Realisation Concept: Realisation concept assumes that revenue is recognized only when there is a…

Q: Accountants use reserve accounts for various reasons, for each of the cases below describe a…

A: Uses of reserves

Q: Which of the following items will not be shown in the balance sheet of ahotel

A: Balance sheet is an orderly arrangement of assets and liabilities of a  business entity on a…

Q: Using practical example discuss why current asset is not seen not part of the income  statement

A: Answer: As per Q/A guidelines, first question is answered. Please repost the question to be answered…

Q: Information that is reported free from error​ ________.   A. does not include estimates…

A: Accounting Error: An accounting error is described as a discrepancy which is non-fraudulent in…

Q: true or false  Asset accounts normally have a credit balance

A: Assets are debited when increased and credited when decreased. So the balance remains at the end…

Q: Accumulated depreciation account and allowance for doubtful accounts account are two examples of…

A: A contra asset account is one in which the account's natural balance is either zero or credit…

Q: 1.How can exit value accounting be used to assess the financial risk of a balance sheet.…

A: Answer:-  Balance sheet meaning:- A balance sheet can be defined as the financial statement that…

Q: How is the valuation of cuIrent assets affected if the company follows IFRS? OValuation is based on…

A: SOLUTION- HISTORICAL COST  IS THE ORIGINAL OF AN ASSET , AS RECORDED IN AN ENTITY'S ACCOUNTING…

Q: Which of the following is NOT true of revenue expenditure? It is an expenditure that keeps an asset…

A: Revenue expenditure is considered as a short-term expense while capital expenditure is long-term i.e…

Q: Which one of the following accounts is unlikely to ever be seperately disclosed in the income…

A: Financial statement:The financial statement is the statement or the record that is prepared by the…

Q: Which of the following is not an example of an asset? 
   Group of answer choices Supplies. Accounts…

A: Supplies are the current assets which represent the cost of supplies on hand. Account receivable are…

Q: Directions: Please select the appropriate answer on the statement below; B - If the statement is…

A: Shareholder's Equity:- It is the amount which the company accumulated from the investment made by…

Q: a. Current assets are long term assets b. Current assets are not recorded inside the balance sheet…

A: The right answer  is option c . Account receivable & cash are current assets

Q: On December 31, 2021, Interlink Communications issued 8% stated rate bonds with a face amount of…

A: n= 30 years i= 9%   Cashflow Amount Present value factor@9% Present value Interest…

Q: 6. Application of the full disclosure principle a. Is theoretically desirable but not practical. b.…

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

Q: 2) Accounts receivable erroneously debited to note receivable  Effect on retained earnings -Since…

A: We know that both the accounts receivable and notes receivable are current assets. Retained earnings…

Q: Which of the following assets would not be included as a quick asset? a.Merchandise inventory b.Cash…

A: We first need to understand the meaning of quick asset. Quick assets are the assets which is…

Q: Which of the following statements is correct?   Options: • Prepayments of supplies initially…

A: Solution: "If unpaid expenses incurred during the accounting period are not accrued, the income for…

Q: What do the terms 'debit' and 'credit' mean from an accounting perspective?  What are the two…

A: The terms ‘debit’ and ‘credit’ forms the basis of accounting. It is on the basis of these two terms…

Q: e process of developing a reformulated Balance Sheet

A: Option 1 is wrong because the statement is correct. Derivative financial liabilities are the…

Q: The normal balance of an asset account is:

A: Resources used by a firm to generate future returns is known as an asset. The amount of total asset…

Q: Companies that use GAAP O do not have any guidelines as to what should be reported on their balance…

A: GAAP is also written as generally accepted accounting principles and it is set of standards or…

Q: Please answer with reason for all why the option is correct and why the other options are…

A: Lets understand the basics.There are steps which needs to follow for preparing statement of…

Q: Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset…

A: solution:- Introduction:- Allowance for doubtful accounts means as follows under:- Allowance for…