7. Which of the following accounts is an liability? a. Bank deposit b. Prepaid insurance expense c. Account payable d. Short term investment

Q: accounts typical of the

A: A balance sheet or statement that explains a company's assets, liabilities, and shareholders' equity…

Q: 6.The assignor's equity in assigned accounts that is required to be disclosed in the notes to the…

A: Accounts receivable shall form part of current assets of the balance sheet.

Q: 20. Which of the following types of financial assets represents a creditor relationship with an…

A: Any liquid asset which acquires its value from a contractual right or ownership claim is known as a…

Q: Interest earned is a [A] personal account [B] real account [C] nominal account [D] Intangible real…

A: Real account: A real account is used to record material assets of a business. Nominal Account: A…

Q: which of the followings is considered as long term liability :Select one .a mortgage payable .b…

A: a. mortgage payable is the right answer. Other option are incorrect as they are short term…

Q: 3.  which of the following transactions will result in the increase and decrease in liability? a.…

A: A) Payment of a loan involves cash payment which is an asset account. Due to this, both asset and…

Q: _______________________ accounts is a liability

A: Accounts receivables are the items acquired on credit from vendors that have not yet been paid for.…

Q: Identify which one of the following is also called as Fixed deposit account? a. Demand deposit b.…

A: Fixed deposit accounts are fixed deposit accounts have fixed MATURITY period and can be withdrawn…

Q: hat is the doubtful accounts expense for the year 2021? 2. What is the net realizable value of the…

A: A certain percentage of expected uncollectible amount is derived through historical analysis of the…

Q: Which of the following would be considered a long-term liability? a. interest payable b.…

A: Analysis of options a. interest payable Since interest will be paid within 12 months or normal cycle…

Q: Liabilities are generally classified on a statement of financial position as a. present liabilities…

A: Liability means the amount which is to be paid to an outsider by business.  It is the present…

Q: Making insurance payments in advance is an example of: Select one: a. An accrued receivable…

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

Q: Accounts that normally have a credit balance are… lag stion © A. Expenses, capital & liabilities B.…

A: The normal balance is the balance side that increases the value of an item. And the opposite side of…

Q: 3. Which ofthe foll owing is an expense? A. Interest paid on loan B. Withdrawal of cash made by the…

A: All the given options are discussed hereunder: 1) Interest paid on loan: This is the interest…

Q: Distinguish between financial liabilities and non-financial liabilities.

A: Liabilities are defined as the amount of money which is owed by a firm in exchange for goods and…

Q: When a liability is paid, which account should be credited? A, Cash B.Accounts payable

A: Cash (money or coins) is legal tender that may be used to exchange products, debts, or services. It…

Q: What type of account is Discount on Bonds Payable, and what is its normal balance?a. Adjusting…

A:

Q: The account, Discount on Notes Payable, is a a.contra-asset. b.deferred charge. c.liability.…

A: Discount on notes payable -  It is the amount payable by the concerned investor is less than the…

Q: 6. Discount on Note Payable should be classified as a a. current asset b. contra account to Notes…

A: The Discount on Notes Payable account should be reported as an asset on the balance sheet. balance…

Q: Chapter 10, Question 16: What are contingent liabilities? List three examples of contingent…

A: Contingent liabilities are the liabilities which will arise on the happening or not unhappening of…

Q: Accounts receivable is ______________ of an organization. a. Current assets b. Current liabilities…

A: Current assets are all the assets of a company that are expected to be converted into the cash…

Q: Question 7 What is the impact on the accounting equation when an accounts receivable is collected? O…

A: Accounts Receivables comes under the head of current assets in the Balance sheet .

Q: 17-Which of the following is a contra-liability account? a. Accumulated Amortization b. Taxes…

A: Conntra liability account are those liabilities where the balance is debit balance.

Q: Listed below are several terms and phrases associated with current liabilities. Pair each item from…

A: Given items are matched with the relevant terms:

Q: Question 7 Common examples of short-term or current liabilities include the following EXCEPT: O A.…

A: SOLUTION-   CURRENT LIABILITIES  ARE A COMPANY'S SHORT TERM FINANCIAL OBLIGATIONS THAT ARE DUE WITH…

Q: List four examples of interest-bearing liability accounts commonlyfound in balance sheets. What…

A: Liability:   A liability is the money owed by the business towards outside entities. Liabilities…

Q: receipt of cash from customers in payment for products or services

A: First option is wrong because the prepaid expense is the expense paid in advance. A credit to…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Accounts…

A: Asset is a resource from which a entity expects  future economic benefits from its use. Liability is…

Q: receipt of a performance bond or a security deposit id credited to

A: Performance bond and security deposit are amount received which have to be refunded upon fulfillment…

Q: 3. the major item in the liability side of the balance sheet is loans investment securities deposit…

A: Liabilities are payments which are owed by the firm to other counterparties of the business which…

Q: A deposit received is reported as a * A.liability B.current asset C.investment D.revenue

A: Deposit received means amount of money received from vendors or suppliers as deposit.

Q: a. What is the difference between permanent and temporary accounts? b. Calculate ROA from the…

A: Permanent Accounts : Cash Account, Equipment account,  share capital and  Retained earnings account…

Q: In which of the following types of accounts are increases recorded by credits?   Question 8 options:…

A:

Q: Discount on Note Payable should be classified as a a. current asset b. contra account to Notes…

A: SOLUTION-  IT HAS DEBIT BALANCE  BECAUSE IT IS A CONTRA ACCOUNT TO NOTES PAYABLE ACCOUNT (A…

Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An…

A: The correct answer is  d. An asset

Q: Through financial reporting perspective, what are the liability three essential characteristics…

A: Liabilities:   Liabilities are referred to as the obligation of the business towards the creditors…

Q: Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current…

A: Advance is the money which is given by one party (customer) in advance to the other party (other…

Q: Classifying Liability-Related Accounts into Balance Sheet or Income StatementIndicate the proper…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Which of the following is a connector account? O Retained Earnings O Prepaid Rent O Common Stock O…

A: Connector accounts are those accounts which connects or joins two particular financial statements.

Q: Prepaid insurance is reported on the balance sheet as a?

A: If insurance permium is paid in adavance in current accounting period. Generally, it is divided in…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Prepaid…

A: Owners’ equity: It is a owner's value and amount invested by an individual in the firm. It is…

Q: Which of the following is an arrangement by which one party promises to pay a sum of money to…

A: Options a,b and d are not correct. This is because investments are amount deposited in different…