The balance of royalty payable account is transferred to

Asked by admin @ 17/08/2021 in Accountancy viewed by 485 People

Royalty Account is in the nature of______a)Personal accountb)Real accountc)Nominal account.

Answered by admin @ 17/08/2021

c) Nominal account....

Royalty is payable by a user to the owner of the property or something on which an owner has some special rights. ... It is a nominal account and at the end of the accounting year, balance of Royalty account need to be transferred to the normal Trading and Profit & Loss account.

The balance of depreciation account is transferred to

Asked by admin @ 25/08/2021 in Economy viewed by 291 persons

At the end of the year, Depreciation Account is transferred to :(a) Balance Sheet(b) Trading Account(c) Profit & Loss Appropriation Account(d) Profit & Loss Account

Balance of an expense account is transferred to the

Asked by admin @ 13/08/2021 in English viewed by 250 persons

28. The balance of an expense account is transferred to the (A) Balance Sheet(B) Cash Flow(C) Profit and Loss account(D) Trading account

After each transaction the accounting equation must remain in balance

Asked by admin @ 27/11/2021 in Business viewed by 342 persons

Which of the following statements below lists the rules of entering transactions into the accounting equation? a. The accounting equation can be out of balance only when payment will be …

Which of the following accounts has a normal debit balance

Asked by admin @ 26/11/2021 in Business viewed by 378 persons

Which accounts have a normal credit balance? choose all answers that are correct A) Supplies B) Accounts Payable C) Cash D) Insurance E) Capital F) Sales

Which of the following accounts normally has a debit balance

Asked by admin @ 26/11/2021 in Business viewed by 332 persons

For the following, mark a "D" if the following account normally has a debit balance and mark a "C" if the following account normally has a credit balance. 1. Notes …

Sales discounts is a revenue account with a credit balance

Asked by admin @ 22/11/2021 in Business viewed by 313 persons

The Sales Discounts Forfeited account ________. Select one: A. represents additional sales revenue B. is a contra Sales Revenue account C. is a balance sheet account D. represents the discount …

A credit is not the normal balance for which account

Asked by admin @ 10/11/2021 in Business viewed by 314 persons

Assuming normal balances, which of the following statements is not true for T accounts? a.The excess of the credits of a liability account over the debits is the balance of …

The normal balance of an expense account is a credit

Asked by admin @ 10/11/2021 in Business viewed by 278 persons

For the accounts listed below, indicate if the normal balance of the account is a debit or credit. Accounts Normal Balance 1. Service Revenue 2. Rent Expense 3. Accounts Receivable …

The post closing trial balance contains balance sheet accounts only

Asked by admin @ 05/11/2021 in Business viewed by 324 persons

A post closing trial balance is a list of permanent accounts and their balances afterclosing entries have been journalized and recorded in the accounting system. These accounts will be carried …

The current account in a nation's balance of payments includes

Asked by admin @ 05/11/2021 in Business viewed by 309 persons

Which of the following are included in a nation’s balance of payments accounts?I. International tradingII. International lendingIII. Domestic investmentI only.I and II only.I and III only.II and III only.

Does accounts receivable have a normal debit or credit balance

Asked by admin @ 29/10/2021 in Business viewed by 326 persons

Account(s) with a normal credit balance include:_________. A) Accounts Receivable B) Allowance for Uncollectible Accounts C) Bad Debt Expense D) Cash E) Sales Revenue

Normal balances are the side that increases the account balance

Asked by admin @ 29/10/2021 in Business viewed by 305 persons

Which of the following is true regarding normal balances of accounts? a.All accounts have a normal debit balance. b.Accounts that have a normal debit balance will only have debit entries, …

Accounts receivable is classified on the balance sheet as a

Asked by admin @ 28/10/2021 in Business viewed by 309 persons

Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet at the end of the quarter on …

An account is said to have a debit balance if

Asked by admin @ 03/10/2021 in Business viewed by 321 persons

An account is said to have a debit balance if a) its normal balance is debit without regard to the amounts or number of entries on the debit side. b) …