The balance in the profit and loss account is transferred to the:   profit and loss account. capital account. bank account. drawings account

Q: THE NORMAL BALANCE IN A SALARIES PAYABLE ACCOUNT Choose. THE NORMAL BALANCE IN UTILITIES EXPENSE…

A: Each account in a balance can have Debit or credit balance.

Q: The standard accounting equation Assets - Liabilities = Owner's Equity allows the analysis of normal…

A: The question is related to True and False. The basic Accounting equation ia as under  Assets =…

Q: dentify whether each account type is permanent or temporary: Assets I Select] Liabilities ISelect]…

A: Solution: Permanent accounts are those which are present on balance sheet and temporary accounts are…

Q: which of the following transactions will result in the increase and decrease in liability? a.…

A: Liability is increased when the amount is borrowed when the liability is paid it is decreased by…

Q: c. receivab

A: Cash Management: It is the technique to meet out all the payment obligations of day to day operation…

Q: Classify the following cash flows as either operating (O), investing (I), or financing (F)…

A: Cash flow from operating activities refers to activities done by the company in their normal course…

Q: Multiple choice: 1. This includes money or its equivalent that is readily available for unrestricted…

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

Q: Required a. Record the events in a statements model shown below. b. Prepare an income statement, a…

A: Worksheet can be defined as the multi-columnar recording of the business transactions. It shows the…

Q: Any transaction between a current account and another current account does not affect [A] profit…

A: Working capital: The measure which evaluates the ability of a company to pay off the short-term debt…

Q: Balance Sheet accounts are considered to be   Question 2 options:   A)  nominal…

A: The balance sheet refers to a financial statement which shows the financial position of a business…

Q: Explain how the following may be ascertained from incomplete records:(a) Opening capital and closing…

A: Requirement a:   Ascertaining opening capital can be ascertained by preparation of a statement of…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. Cash

A: Assets, liabilities, and equity are balance sheet elements.

Q: 18. Which one of the following items is classified as an investing activity? O A. Receipts of cash…

A: Investing activities refers to the purchase and sale of long-term assets and other business…

Q: Question 9 The permanent accounts are: a.Assets, expenses and capital b.Assets, liabilities and…

A: The major purpose of preparing the final account is to maintain track of all of an organization's…

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

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

Q: A credit is used to increase which of the following accounts? a. Dividends. b. Insurance Expense. c.…

A: Credit: It refers to an entry that is recorded on the right side of the account. It implies an…

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: cash basis and the accrual basis

A: Cash basis and accrual basis are two methods of accounting. One of these methods is used to…

Q: Question 1: Part į Explain the following: Define the matching and realization principle and Briefly…

A: Accounting principal or standards are the principles and rules that organizations should follow when…

Q: To capitalize an expenditure is to: Multiple Choice Debit an expense account. Credit an expense…

A: Explanation: Capitalization of expense: Capitalization of expense refers to adding the amount…

Q: 1. Which financial statement will reflect the balance of accounts receivables? a. Cash Flow…

A: SOLUTION EXPLANATION ACCOUNTS RECEIVABLE ARE FUNDS THAT CUSTOMERS OWE YOUR COMPANY FOR PRODUCT AND…

Q: Differentiate (compare) among t

A: Answer: Balance sheet: A company’s balance sheet provides an overview of the business’s financial…

Q: Question Please classify each of the following accounts into its right category of cash flow…

A: Cash flows from operating activities is a section of a company's cash flow statement that explains…

Q: .identify and discuss by giving examples for both cash basis and accrual basis of accounting from…

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the financial…

Q: QUESTION 11 All the following are permanent accounts except: O A. Accounts payable. B. Owner's…

A: Accounts that keep continued balances over time are known as permanent accounts. The asset,…

Q: CClassify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE)

A: Assets are used in business operation and is investment made by company using its equity and…

Q: Which of the following is not a financial statement? Multiple Choice All of the above are financial…

A: List of financial statements include the following: Income statement Balance sheet Statement of…

Q: Cash withdrawn by the Proprietor should be credited to:(i) Drawings account(ii) Capital account(iii)…

A: Introduction: The drawing account is an accounting record used in a business formed as a sole…

Q: indicate how to increase each of the accounts below (credit or debit) cash- accounts payable-…

A: Double entry accounting (Double entry book-keeping): This is a system of accounting where a…

Q: Classify each item as an asset, liability, or stockholders' equity. Accounts payable Cash Equipment…

A: Liabilities is amount payable which occurs due to past events or transactions.They can be current or…

Q: Investment is a [A] personal account [B] real account [C] nominal account [D] representative…

A: An investment account is related to the investment being made by acquiring shares in companies or…

Q: Which of the following transactions will increase an asset and increase a liability?a. Purchasing…

A: An assets is a resource having an economic value that generates positive cash flow in the future for…

Q: Stute whether the following are non-current assets, current assets, owner's equty. non-current…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Identify each expense or revenue as a cash flow from operating activities (O), a cash flow from…

A: The above question relates to the identification of cash flow activities while preparing a Cash Flow…

Q: Required: a) Prepare a Statement of Profit & Loss and Statement of Financial Position. 5) Prepare a…

A: Lucky House Ltd Trading & Profit and loss Account for the year ended 30th September…

Q: Required State whether each item is reported: 1. in the statement of financial position 2. in profit…

A: Financial statements are statements that are prepared at the end of accounting period in order to…

Q: . Multiple-Choice Question Under the accrual basis of accounting, revenues are reported in the…

A: Solution: Accrual basis of accounting refers to the revenue and expenses to be recognized in…

Balance of Payments

BOP is categorized into the following three components: