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An economic resource of an entity is:A. A revenue.B. An asset.C. A liability.D. A contra asset till used.
The balance in retained revenue at the end of the year is established by retained income at the start of the year:A. To add revenues, minus liabilities.B. To add accruals, minus deferrals.C. Plus network income, minus dividends.D. Add to assets, minus liabilities.
Permanent accounts execute not include:A. Interest expense.B. Salaries payable.C. Prepaid rent.D. Deferred sales revenue.
Temporary accounts carry out not include:A. Incomes payable.B. Depreciation expense.C. Gives expense.D. Expense of goods sold.
Somerset Leasing received $16,800 because that 12 months" rental in advance. Exactly how should Somerset document this transaction?
Davis Hardware company uses a perpetual list system. Just how should Davis document the sale of merchandise, costing $770, and sold on account because that $1,260?
Ace Bonding company purchased merchandise inventory on account. The inventory expenses $4,000 and is meant to offer for $7,000. Exactly how should Ace document the purchase?
Making insurance payment in breakthrough is an example of:A. One accrued union transaction.B. An accrued legal responsibility transaction.C. A deferred revenue transition.D. A prepaid cost transaction.
When a magazine company collects cash for marketing a subscription, the is an example of:A. An accrued legal responsibility transaction.B. An accrued union transaction.C. A prepaid expense transaction.D. A deferred revenue transaction.
Cost of products sold is: A. An legacy account. B. A revenue account.C. An expense account.D. A permanent equity account.
The accountancy processing cycle:A. Is a three-wheeled vehicle used to supply audit documents to clients.B. Is the process of delivering revenue and also expense balances to preserved earnings.C. Is the procedure of pass the company"s financial info up to date before preparing the gaue won statements.D. Is the procedure used come identify, analyze, record, and summarize transactions and prepare jae won statements.
D. Is the process used to identify, analyze, record, and summarize transactions and also prepare jae won statements.
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A repertoire of warehouse areas, dubbed accounts, offered to keep track that increases and also decreases in financial position facets is:A. A journal.B. A ledger.C. A gaue won statement.D a locker.