Q: Explain the alternatives in accounting for prepaids.
A: Prepaid expenses: Prepaid expenses refer to the payments which are made in advance and the amount…
Q: Unearned Service Revenues are revenues with Credit as a normal balance O True O False
A: The question is multiple choice question. Required Choose the Correct Option.
Q: Receivables are amounts due from others that arise from the sale of goods or services. Select one:…
A: Accounts receivables represents the amount due to firm for the goods or services sold on credit.…
Q: True (t) or False (f) ____ The matching principle states that debits mus equal credits in each…
A: Matching concept follows the accrual accounting concept of business.
Q: How do debits and credits work
A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…
Q: What is the difference between a credit score(FICO) and a credit report. How/where can you check…
A: Credit Score- It is a number that helps the lender to evaluate the credit worthiness of an…
Q: The Write Checks window can be used to pay expenses such as rent, utilities, and insurance. Group of…
A: An expense or an outlay is the amount that is incurred by an entity to generate income and to manage…
Q: A note payable can be used to extend the payment due on an account payable. O True O False
A: Solution: A notes payable is used for financing, it indicates the money owed by issuer. By issuing…
Q: Which of the following is included in the calculation of the acid-test (quick) ratio?…
A: No, option A is not the correct answer for this question.
Q: What is meant by Partial payments. From your stu payments and mention the differences between t
A: Partial payment refers to the payment of an invoice that is less than the full amount due. Partial…
Q: DO DEBITS AND CREDITS HAVE TO EQUAL ON A TRIAL BALANCE??
A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…
Q: If the debit side of the Trail balance equal the credit side that's mean all the transactions…
A: Duality principles represent the double effects of every transaction of business. every transaction…
Q: Credit scoring is the:
A: Credit scoring: It is a statistical analysis done by financial institutions and lenders to decide a…
Q: Unearned Service Revenues are revenues with Credit as a normal balance True O False
A: Unearned Service Revenue The concept of unearned revenues in a firm in which the nature is not for…
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: True or False: The amount-owed component of the FICO score includes the proportion of credit…
A: Below is the correct answer
Q: Assuming HST is not charged, what will a POS Summary result in a credit to: * Bank O A/R O A/P O…
A: Point of sale (POS) is place where a customer made payment for goods or services. Point of sale…
Q: What steps are taken to prepare Income and Expenditure Account from a Receipt and Payment Account?
A: Introduction: Non-trading entities keep a revenue and expenditure account to determine the surplus…
Q: Which form of payment is not considered as advance payment? A) Payment by wire transfer B)…
A: Documentry payment is not considered as advance payment because Documentary payment is a method of…
Q: What is Receipt and Payment Account? How is it different from Income and Expenditure Account?
A: Receipts and payment account is a real account. This account is a summarised cash book which…
Q: For every debit there will be an equal credit according to a. Money measurement concept b. Dual…
A: According to the Dual aspect concept, each and every transaction has two aspects one is Debit and…
Q: what is debit and credit?
A: Debits and credits seem to be a bookkeeping notation framework that determines how and where every…
Q: A knowledgeable investor tries to asses -earnings quality -accounts receivable a -accounts payable…
A: Investor is the person who invests in some property or asset.
Q: Difference between a debit and a credit.
A: Debit and credit are the two aspects of a transaction and a ledger account. The short form used for…
Q: What are the feature of Receipt and Payment Account?
A: Receipt and Payment Account is a summary of cash Receipts and payments in an accounting period. Not…
Q: Define each of the following terms: l. Stretching accounts payable; free trade credit; costly trade…
A: Trade credit is the outstanding due arising from sales or purchases made on credit. Accounts Payable…
Q: Identify the two major accounts of the balance of payments and explain the key difference between…
A: The two major accounts of a nation’s balance of payments are: Current Account Capital Account
Q: A credit balance to a client's accounts payable account representing right to receive payment for…
A:
Q: Hi why is the net income on the credit side and not debit?
A: Net Income - Net Income is the result of the revenue over expense incurred by the company. It will…
Q: The chart that gives data about payments and payment schedule is called what?
A: Introduction: Payments and payment schedules: payment schedule includes all the periods of payment…
Q: What is the extent of the assignment of credit? Explain
A: Assignment of credit is explained as under:
Q: How do I find the credit for partial payment?
A: Discount is a selling goods or service below the price of goods. This reduction in price is offered…
Q: GROSS PAY is pay before any deductions are taken. Your answer: O True O False
A: An individual works for an employer to generate salary revenue and to advance in his career. The…
Q: Explain the differences between a CD, a checking account, and a saving account.
A: Introduction: CDs are short for certificate of deposits. CDs provide small business owners with…
Q: Credit sales are recorded by crediting an account receivable for specific customer. True or false?
A: Lets understand the meaning of credit sales. Credit sales refers to transferring ownership of goods…
Q: The purchase of good on credit require: O A. Amount of payment O B. Timing of payment O C. Credit…
A: Purchase of goods means when goods are bought or purchased from some other party. These goods can be…
Q: t important to keep a schedule of accounts payable
A: Option A is wrong because the schedule of accounts payable is not used to track number of vendors.…
Q: The process that determines the present value of a single payment or stream of payments to be…
A: Discounting : Discounting determines how much will be the worth of money if it is received today…
Q: For part 2, do "written off" and "previously written off accounts collection" fall under debit or…
A: Allowance for doubtful accounts: Allowance for doubtful accounts refers to the allowance prepaid or…
Q: What is the normal balance of accounts payable? Group of answer choices debit either debit or credit…
A: Solution: Accounts payable are liabilities due to purchase of merchandise or services on account.…
Q: Distinguish between Receipts and Payments Account and Income andExpenditure Account.
A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…
Q: What is receipt and payment account
A: The answer is provided as follows:
Q: Diffrence between debit and credit ?
A: Debit and credit are two sides of general ledger account. For some accounts, debit means increase…
Q: If total debits equal total credits on the trial balance, is the trial balance error-free? Explain…
A: The statement which shows the summary of debit and credit balance is called trial balance. If both…
Q: An account will have a credit balance if the
A: Credit Balance of an Account: As the name implies, a debit entry indicates a transfer of money into…
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- True or False: The amount-owed component of the FICO score includes the proportion of credit available for you to use. O True O FalseThe matching principle states that debits should be matched with credits.For every debit there will be an equal credit according to a. Money measurement concept b. Dual aspect concept c. Cost concept d. Matching concept
- True (t) or False (f) ____ The matching principle states that debits mus equal credits in each transaction.Which of the following is NOT a factor in the calculation of a FICO score? Total amount owed Amount of new credit utilized History of on-time payments Income levelThe Write Checks window can be used to pay expenses such as rent, utilities, and insurance. Group of answer choices True False
- Please see attached image. In the question, the unilateral transfer is stated as a debit, but in the calculation for the answer, it is calculated as a credit(Gain). Why?If the safety of worker is not threatened at work, he may Select one: O a. Abandon the work and retain full rights O b. Abandon the work and retain no rights O c. Not abandon the work and retain partial rights d. Abandon the work and retain partial rightsPlease explain what this phrase means: "Debit the Receiver, Credit the Giver."