Which of the following is true about accounts payable? Accounts payable are also called trade accounts payable. When accounts payable are recorded at the net amount, a Purchase Discounts account will be used. When accounts payable are recorded at the gross amount, a Purchase Discounts Lost account will be used.       1   2   3   Both 2 and 3 are true

Q: Which of the following accounts will be used in equation, if the goods are sold on credit to Mr.…

A: The basic accounting equation is Assets = liabilities + equity   If an asset is account is…

Q: When the seller advances the transportation costs and the terms of sale are FOB shipping point, the…

A: FOB shipping point - Under FOB Shipping term of sale the purchaser have to bear the cost of…

Q: Which of the following is True about accounts payable? Accounts payable should not be reported at…

A: Accounts payable refers to the money owed to vendors or suppliers for products or services purchased…

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

Q: It is a system of accounting for recording transactions, based on record and decreases in accounts…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

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A: 1)

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A: Following is the answer to the given question

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A:

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A: Solution: Double entry accounting system is a system of accounting that ensures that every financial…

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Q: Accounts payable

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A:

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A: Creditor: It can be defined as the party that lends the money to the business or any individual.

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A:

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Q: Which of the following situations has to .5 ? do with account payable )2 نقطة( Sales on credit…

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…

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A: Liability refers to state of being liable or taking legal possession of something.

Q: hen the seller advances the transportation costs and the terms of sale are FOB shipping point, the…

A: Solution: When the seller advances the transportation costs and the terms of sale are FOB shipping…

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A: The Question has covered the concept of Liabilities. Liability means which have an obligation to…

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