Who among the following uses accounting information to know the possible wage increments? a. Owners b. Customers c. Employees d. Bankers

Q: Who among the following uses accounting information to know the possible wage increments? O a.…

A: The main purpose of accounting information is to circulate the information to the relevant…

Q: Who among the following uses accounting information to know the possible wage increments? O a.…

A: Employees use the accounting information to know the possible wage increments because they are…

Q: Which of the following is expensed under the principle of systematic and rational allocation a.…

A: Systematic and rational allocation: In systematic and rational allocation, some of the expenses are…

Q: Salary Expenses are shown in the a. Statement of Changes in Equity b. Income statement and balance…

A: Salary expenses are the fixed expenses paid to the employees.

Q: Money paid by a company to help cover needed and unforeseen expenses

A: Insurance are the protection for unseen events. It is a measure  used for hedging against the risk.…

Q: Which account is debited when the net wages of the employees are paid? Select one: A. Wages B. Bank…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Identify the TWO accounts in 'Accounting Equation' for "Salary paid to employees"? O a. Employees…

A: Assets = Liabilities + owner's equity Here, liabilities = salary payable to the employees Assets =…

Q: Which type of debit account is balanced in the income statement columns of a work sheet?…

A: Income statement:   It is a financial statement that calculate the net income after deducting all…

Q: The following are users of fi nancial statements. ________Customers ________Securities and Exchange…

A:

Q: Which of the following accounts would appear only in an accrual basis accounting system, and which…

A: Cash basis of accounting system :  In cash basis of accounting system , the accounts are recorded…

Q: Which of the following is an example of liability of a business? a. prepaid insurance. b. cash. c.…

A: UNEARNED REVENUE : It is the revenue received in advance by a person or company before the delivery…

Q: Which of the following is NOT related to accounting? O a. Management accounting O b. Financial…

A: Accounting:- Accounting includes recording of business transactions. Professional accountants…

Q: Statement 1: Compensation income refers to all income payments, in money or in kind, arising from…

A: Compensation refers to the cash as well as non-cash payments made by the employer to their employees…

Q: Which of the following users is not considered an internal user of accounting O a. An employee O b.…

A: Internal user of accounting means the stakeholder within the organization who uses the accounting…

Q: Label each of the following accounts as asset (A), liability (L), owner’sequity (OE), revenue (R),…

A: Assets are the resources that are employed by the business for the end goal of maximizing the…

Q: The net income or net loss reported on the income statement must be the same as the net income or…

A: A Worksheet is a multi-column spreadsheet that contains the ending balances of all general ledger…

Q: Select all the items that are not relevant for decision making from the list below: A. Loss…

A:

Q: MCQS: External reporting is the result of?     (a) Financial accounting     (b) Management…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: External users of fi nancial accounting information includeall of the following except:a. Investors.…

A: External Users:   The external users are the users of the information who are outside the…

Q: Net Pay is: Group of answer choices credited to Salaries Payable. Credited to Salaries Expense.…

A: Correct answer in 'Credited to Salaries Payable.'

Q: An account used to record the employees' salary claims in a business is called a(n): OA. Revenue…

A: All dues and claims should be recorded under the liabilities account such as Outstanding wages,…

Q: salary to an employee just hired b. Setting up of chart of accounts c. Payment of rent in advance

A: The correct answer is  b). Setting up of chart of accounts

Q: Question 1 For each of the following records, indicate the appropriate related file structure:…

A: Following is the answer to given question

Q: Which of the following defines outstanding salary account? [A] natural personal account [B]…

A: Outstanding salary refers to the amount which a business has to pay to persons, employees for…

Q: Which sole proprietors compute the cost of goods sold? Sole proprietors who:  Make goods to sell,…

A: The cost of goods sold is estimated to know the actual cost of the goods which are sold by sole…

Q: What is the difference between a balance sheet and an income statement? Your answer should discuss…

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: For each of the following, identify which expense recognition approach should be used to recognize…

A: Expense Recognition Principle: Expense recognition principle emphasizes that the expense should be…

Q: One of the staff members asks you to explain the difference between the terms gross and net on the…

A: An employee gets compensated for the service by the employer. The employee receives a basic salary,…

Q: Accrued salaries decreases the liabilities of the company under the salaries payable account * O…

A: Accrued Salaries :  a) Accrued salaries means salaries which is required to be payable to the…

Q: Which of the following describes the transaction resulting in a journal entry with a debit to…

A: Salaries payable are debited when previously incurred salaries expenses are being paid now.…

Q: Which account is debited when the net wages of the employees are paid? Select one: O A. Wages о В.…

A: The expenses are o be debited and revenues are to be credited in the journal.

Q: s an accountant how would I use hiring decisions

A: Hiring Decision refers to decisions that are taken while hiring personnel.  For effective hiring…

Q: Which Accounting Principles says personal expenses should be debited to Drawings Account. a.…

A: Lets understand all the accounting principal given in the option. As per the accounting entity…

Q: Question 1: What should an employer use to complete Form W-3? Answer: A. O Employee earnings records…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Who among the following uses accounting information to know the possible wage increments? Bankers b.…

A: Employees use the accounting information to know about the wage increments about the business…

Q: What is the amount to be collected by the business from customer who receive the product or services…

A: Option a. Accounts payable is a liability which represents that an asset is purchased on account and…

Q: yment for a company’s office building?

A: Operation related checking account. Rent payment is an expense for company. Rent expense treated as…

Q: The employment income of an individual is reported on ________ slip, while investment income are…

A: Investment income is money received in interest payments, dividends, capital gains realized with the…

Q: A debit to the FICA Taxes Payable accounta.  results in an increase in the cash account of the…

A:

Q: What is the role of accountant in setting the price of the goods or services?

A: Price of product shows the amount of product that the seller is willing to offer to the buyer.

Q: What is the difference between Wages Payable and Wages Expense? What statement do they appear on?…

A:

Q: All of the following accounts are presented under liabilities, except Accrued expenses Due to…

A: Liabilities are amounts that are owed by a firm while assets are amounts that are owed to a firm.

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.