Which of the following are NOT examples of selling expenses a.Insurance Expense b.Sales Salary Expense c.Delivery Expense d.Advertising Expense

Q: The Trading Account shows the result of which of the following a Buying and selling of goods O…

A: Trading Account Consist of the following items   1. Opening Stock of Goods 2. Purchases Made 3.…

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 would normally be classified as a Selling expense of Merchandising business?…

A: Merchandising business means business of purchase of goods from market and sale of goods to market.…

Q: Which of the following are not expenses? * O Cost of goods sold Wages earned but unpaid O Dividends…

A: Expenditure is the transfer of capital or some other source of wealth, to another individual or…

Q: Which of the following accounts does not appear in the acquisition and expenditure cycle?a. Cash.b.…

A: Acquisition and expenditure cycle: It includes a set of all the business activities that are…

Q: Sales revenues are usually considered earned when Select one: a. goods have been transferred from…

A: Definition: Sales Revenue: Sales Revenue is considered as the income received from the sale of the…

Q: Due to this accounting principle I postpone the moment I reveal expenses on my goods to the moment I…

A: Accounting principles are designed and implemented to bring consistency in financial statement for…

Q: Which of the following is not considered an Operating Expense? Transportation out Cost of Goods Sold…

A: Operating expenses are the expenses  incurred  in ordinary course of business.These include those…

Q: Which of the following is classified as a general expense? U A) Depreciation costs of showroom O B)…

A: General expenses are different from selling and distribution expenses A) Depreciation costs of…

Q: Which of the following statements is not true?   Expense is the amount incurred or paid in earning…

A: Expense: Amount spent for running business activities in return for some benefit.

Q: All of the following are nominal accounts except Prepaid Expense Cost of Goods Sold Interest…

A: Solution: Nominal accounts are those account which are related to revenue, expense, gain or loss…

Q: 31-Which of the following would normally be classified as a Selling expense of Merchandising…

A: 31. d. Advertising expense

Q: Expenses related to office maintenance will be called as a. Sales Discount expense b. Selling…

A: (A) Sales Discount Expense: It is expense given to buyer of goods to incentivize his purchases. It…

Q: What are revenues that have been earned but not recorded in the accounts called? Group of answer…

A: Deferred revenue, also known as unearned revenue, refers to advance payments a company receives for…

Q: The Trading Account shows the result of which of the following   O a. Buying and selling of goods…

A: The trading account contains details relating to incomes and expenses that are directly related to…

Q: Which of the following doesn't correctly describe a journal entry which debits rent expense and…

A: The asset and expenses have the debit balance and liabilities and revenue have credit balance.

Q: Due to this accounting principle I postpone the moment I reveal expenses on my goods to the moment I…

A: Principle means the fundamental upon which the books of account are prepared.

Q: Would you please describe the following accounts and tell me 1) What Financial Statement(s) they…

A: 1)

Q: What is false about the matching principle? a. Incurred expenses should be matched with earned…

A: Matching principles are those principles which emphasize on matching of revenues of the business…

Q: Which of the following is an example of revenue or expense to be recognized in the current period’s…

A: Income statement forms a part of financial statements and is prepared with a view to show the net…

Q: Which of the following cannot be considered an expense for the business? O Cost of goods sold O…

A: Expenses of the business means all expenditures that are made in routine day to day activities of…

Q: Which accounts are increased by using debits?   Dividends, Revenue, Liabilities   Cost of Goods…

A: Assets and expenses accounts normally have debit balance and are increased by debits and decreased…

Q: Which of the following is an example of a prepaid expense? Please explain with full explanation. a.…

A: A prepaid expense is an asset for which we have paid in advance and for which the benefit shall be…

Q: The Sales Returns and Allowances account is reported as a

A: Sales Return refers to the process of returning goods by a customer back to the company or…

Q: The expenses which do not vary with the amount of business written in insurance are called: a.…

A: Expenses are the payments that are made by the business to meet its obligations. The expenses can be…

Q: Which of the following is not considered an operating expense

A: Operating expenses are those expenses incurred for normal day-to-day business activities and…

Q: The balance of the Cost of Goods Sold account: O a. increases when there is a sale. O b. increases…

A: When there is a sale then unit of goods would be sold more and which will increase the cost of…

Q: Choose between the two choices (Debit or Credit). Then, write your answer before the number.…

A: Financial accounting records all the financial transaction of the business in order to prepare the…

Q: When recognizing revenue, a company has a performance obligation when it agrees to receives cash…

A: Solution: When recognizing revenue, a company has a performance obligation when it agrees to…

Q: The expense recognition principle requires: Multiple Choice that expenses should be split between…

A: The expenses recognition principle states that expenses should be recognized in the same accounting…

Q: 6. An example of a contra-revenue account found on the Income Statement is the M O A. Sales Returns…

A: A revenue account that is anticipated to have a debit balance is referred to as a contra revenue…

Q: Selling expenses DOES NOT include: O A. Delivering goods to customers OB. Accounting and Human…

A: The answer is given below:

Q: When a customer pays in advance for products or services, which of the following accounts is…

A: We have the following question: When a customer pays in advance for products or services, which of…

Q: The calculation of Operating profit does not include the following item: a. Direct expenses O b.…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: The combination of Selling Expenses and Administrative Expenses is referred to as Select one: a.…

A: Cost sheet is a method of allocating total cost into different categories such as direct material…

Q: When a payment is made to a supplier for goods previously purchased on account, the debit is to an…

A: Solution:- Discussion of clarification regarding payment is made to a supplier for goods previously…

Q: Income from operations will always result if a. revenues exceed operating expenses. O b. gross…

A: 25) Income from operation will always result if- the cost of goods sold exceeds the operating…

Q: Which of the following expenses is usually listed last on the income statement?  a. Advertising…

A: The income statement is one of the financial statements of the business. It tells about the…

Q: Sales Returns and Allowances account is report it like

A: Sales returns occur when goods are given back by the customer due to defects in terms of…

Q: Which account is not classified as selling expenses? O A. Sales Discounts O B. Transportation out O…

A: Answer) The correct answer in the given question is: (B) Transportation Out   Selling expenses are…

Q: 7-Which of the following would normally be classified as a Selling expense of Merchandising…

A: Selling expenses are the expenses that are incurred to increase the sales of company.

Q: Which of the following accounts are characterized as a "contra" account? (Select ALL tha apply) O…

A: Contra account: Contra effect of the transaction recorded on the opposite side

Q: Which of the following is not a revenue account? a. Professional fee b. Interest income c. Cost…

A: A revenue account is classified as an equity account and shall have a credit normal balance.

Q: Which of the following is an example of a prepaid expense? a.Unearned Subscription Revenue…

A: Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…

Q: Several accounts are listed below a. Purchases Returns and Allowances b. Sales Discounts c. Wages…

A:

Q: The account that appears in the chart of accounts for a merchandising entity but not for service…

A: Merchandise Entity - In this type of entity corporation is mainly generate revenue through sale of…

Q: What is the difference between Accounts Payable foradvertising and Advertising Expense?

A: Operating expenses: These are the expenses that are incurred in carrying out the normal operations…

Q: Which of the following accounts has a normal debit balance? A. Interest Revenue B. Inventory C.…

A: All assets and expense accounts normally have debit balance. All liabilities and incomes would…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.