The accounts that records expenses gains and losses are

Asked by admin @ 11/08/2021 in Accountancy viewed by 533 People

5. The accounts that records expenses, gains and losses is

a) Journalb) Ledgerc) Ledger postingd) Voucher

Answered by admin @ 11/08/2021

Examples: Income statement accounts such as revenues, expenses, gains, and losses are nominal accounts. On the other hand, balance sheet accounts such as the assets, liabilities, and the owner's equity are real accounts.

Gain or loss percent is always calculated on

Asked by admin @ 26/08/2021 in Math viewed by 291 persons

Gainer loss percent is calculated on

How to prepare trading and profit and loss account

Asked by admin @ 17/08/2021 in Accountancy viewed by 471 persons

Why do you prepare trading and profit and loss account

A purchase of supplies on account is recorded in the

Asked by admin @ 26/11/2021 in Business viewed by 277 persons

On January 7, Bravo purchased supplies on account for $1,000, and recorded this purchase to the Supplies account. At the end of January, Bravo had $600 of these supplies still …

Goodwill should be recorded in the accounting records only when

Asked by admin @ 05/11/2021 in Business viewed by 350 persons

Select the assumption, principle, or constraint that most appropriately justifies these procedures and practices. (Do not use qualitative characteristics.) (a) Fair value changes are not recognized in the accounting records. …

Accounting is not concerned only with the recording of transactions

Asked by admin @ 03/08/2021 in Accountancy viewed by 478 persons

Accounting is not concerned only with the recording of transaction .coment

Accrual basis of accounting records revenues when they are

Asked by admin @ 17/08/2021 in Accountancy viewed by 443 persons

The accrual basis of accounting records revenues when they are: Collected Earned Contracted Readily Available For use

Accounting records of a business enterprise is required by

Asked by admin @ 13/08/2021 in English viewed by 361 persons

Accounting records and information of business enterprise is required by which

Discount is not recorded in the books of accounts

Asked by admin @ 11/08/2021 in Accountancy viewed by 442 persons

Which discount is not recorded in the books of accounts?

Accounting does not record non financial transactions because of

Asked by admin @ 11/08/2021 in Accountancy viewed by 442 persons

Accounting does not record non-financial transactions due to

Where were the monthly accounts of the baker recorded

Asked by admin @ 10/08/2021 in English viewed by 273 persons

Where were the monthly accounts of the baker recorded?

What effect will this adjustment have on the accounting records

Asked by maham237 @ 12/06/2021 in Business viewed by 267 persons

Unearned Fees 6,375 Fees Earned 6,375 increase revenues reported for the period increase net income decrease liabilities All of these choices are true.

Outstanding expenses are recorded in which basis of accounting

Asked by admin @ 20/08/2021 in Accountancy viewed by 461 persons

Name the basis of accounting in which outstanding expenses are recorded

Accounting is an art of recording classifying summarizing analyzing

Asked by admin @ 17/08/2021 in Accountancy viewed by 504 persons

The art of recording, classifying and summarizing is called: (a) Journalizing (b) Accounting(c) Bookkeeping (d) Record Keeping

Adjusting entries are recorded when cash basis accounting is used

Asked by admin @ 28/10/2021 in Business viewed by 307 persons

Which of the following is false? Group of answer choices Under accrual basis accounting, companies record revenues when they receive cash and record expenses when they pay cash. There are …