Contra account amounts - Study guides, Class notes & Summaries

Account - ACCURATE ANSWERS an accounting record in which the results of transactions are accumulated; shows increases, decreases, and a balance Accounts receivable - ACCURATE ANSWERS a current asset representing money due for services performed or merchandise sold on credit Accrual accounting - ACCURATE ANSWERS the process of recording expenses and revenues when incurred and earned, regardless of when cash is received, and of adjusting original transaction data into refined measures of a f...

ACA Accounting Exam Questions and Answers 100% Verified and Updated Which of the following would require adjustments to the cash at cash account in a bank reconciliation? 1. Bank charges 2. Unpresented cheques 3. Returned cheques 4. Uncleared lodgements Bank charges and returned cheques Unpresented cheques and uncleared lodgements are just timing differences What is the double entry for VAT (purchases)? D/R Purchases (Net) D/R VAT C/R Trade Payables (Gross) What is the double entry...

ACA Accounting Exam Questions and Answers 100% Verified and Updated Which of the following would require adjustments to the cash at cash account in a bank reconciliation? 1. Bank charges 2. Unpresented cheques 3. Returned cheques 4. Uncleared lodgements Bank charges and returned cheques Unpresented cheques and uncleared lodgements are just timing differences What is the double entry for VAT (purchases)? D/R Purchases (Net) D/R VAT C/R Trade Payables (Gross) What is the double entry...

Accounting Cycle correct answers The sequence of steps in the accounting process completed during the final fiscal period Accrual correct answers Recognition of an expense or a revenue that has been incurred or earned but has not yet been recorded Accrued wages correct answers Unpaid wages owed to employees for the time between the end of the last pay period and the end of the fiscal period Adjusting entries correct answers Entries that bring the books up to date at the end of the fisca...

2024/2025 Peregrine Exam - Questions and Answers When the costs of supplies increase in an industry, the low cost leader_____ - ANSWERS is the only firm able to pay the higher prices and continue to earn average or above average returns Accounts Payable - ANSWERS current liability account in which a company records the amounts it owes to suppliers or vendors for goods or services that it recieved on credit accounts receivable - ANSWERS current asset account in which a company records t...

On-a-Roll, Inc. amortizes its copyright of $20,000 over 20 years. Miss Hap, the bookkeeper, forgot to record the amortization in the current year. The effect of this mistake causes ______. assets to be overstated net income to be overstated Which of the following is contra-asset account? Allowance for Doubtful Accounts During the year, ABC Corp. realizes that a particular customer will never pay. What action should ABC take? Write off the uncollectible account and its corresponding allowance f...

©BRAINBARTER 2024/2025 CFE Exam Questions With 100% Verified Answers Falsified Hours & Salary Schemes - answerThe most common method of misappropriating funds from the payroll is the overpayment of wages. For hourly employees, the size of a paycheck is based on two factors: the number of hours worked and the rate of pay. Therefore, for hourly employees to fraudulently increase the size of their paycheck, they must either falsify the number of hours they have worked or change their wage r...

There are 10 parts to question 1. For each of the parts (a) to (j) below there are four possible answers, A, B, C and D. Choose the one you consider correct and place a tick () in the box to indicate the correct answer. 1 (a) Harpreet is a credit customer of Suzanna. Harpreet’s account in Suzanna’s books shows a credit balance. How could the credit balance have arisen? A A cheque from Harpreet was dishonoured. B Harpreet has overpaid his account. C Interest ...

Solutions Manual For Fundamental Accounting Principles (Volume 2) 15TH Canadian Edition By Larson/Jensen/Dieckmann 2024. The cost of a property, plant and equipment asset includes all normal, reasonable, and necessary costs of getting the asset in place and ready to use. For example, cost includes such items as the invoice price paid, freight costs, non refundable sales taxes (PST, HST) and all costs incurred related to installing and testing an asset before it is put into use. 4. Land is a...

Chapter 9 Property, Plant and Equipment and Intangibles Chapter Opening Critical Thinking Challenge Questions* You are asked by the CFO of YVR to evaluate the newest capital asset, the Airside Operations Building at YVR, and to break it into major components for depreciation purposes. Identify at least five major components and determine an expected life for each of those components. Components of the Airside Operations Building could include: 1. Building exterior walls 40 years 2. Roofi...