Contra revenue - Study guides, Class notes & Summaries

In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages earned in 2018. Any earned but unpaid wages will be paid during the first quarter of 2019. Using only the information provided, which of the following statements is most accurate? Liabilities increased by $1.0 million in 2018 Liabilities increase...

ACCY 200 Chapter 5 Questions and Answers Graded A+ 1. What happens to the allowance for bad debts in relation to accounts receivable? It is subtracted from It is added to It is adjusted against It is accounted for by Answer: It is subtracted from 2. How is "Net accounts receivable" defined on the balance sheet? It's the balance of an asset account minus a liability account It's the balance of an asset account plus a revenue account It's the balance of an asset account le...

Which additional income statement items do merchandizing businesses use beyond the measures service businesses use? correct answers cost of goods sold and gross profit A physical count of inventory at the end of the accounting period is required under which inventory system(s)? correct answers Periodic system Some companies may prefer to use a periodic inventory system because they correct answers prefer not to keep detailed records of inventory on hand. an enterprise that buys and sell...

MGT 8803 Accounts (Exam 1) Latest 2023 Rated A+ cash Current Asset (BS) Deferred Revenue Current Liability (BS) Treasury Stock Contra-Equity (BS) Cost of Goods Sold Expense (IS) Interest Expense Expense (IS) Sales Revenue (IS) Sales Discounts Contra-Revenue (IS) Sales Returns Contra-Revenue (IS) Discounts on Bonds Payable Contra - Liability (BS) Inventory Current Asset (BS) Wages Payable Current Liability (BS) Common Stock Equity (IS) Accumulated Depreciation Contra - Asset (BS) Tax...

Current Assets - Answer Used w/n a year. When used it becomes an expense. E.g. Cash, Accounts Recievable, Supplies, Inventory, Prepaid Insurance Fixed Assets - Answer More permanent. Each fixed asset (except for land) has an Accumulated Depreciation account which is a Contra-asset. Cash flow going into it, is an Investment. E.g. Equipment, land, building Current Liabilities - Answer Paid w/n a year E.g. Accounts payable, Wages payable, unearned revenue. Long-term Liabilities...

MGT8803 Accounting Exam Questions with Correct Answers Cash - Answer-Current Asset - Balance Sheet Deferred Revenue - Answer-Current Liability - Balance Sheet Treasury Stock - Answer-Contra Equity - Balance Sheet Cost of Goods Sold - Answer-Expense - IS Interest Expense - Answer-Expense - IS Sales - Answer-Revenue - IS Sales Discounts - Answer-Contra-Revenue - IS Sales Returns - Answer-Contra-Revenue - IS Discounts on Bonds Payable - Answer-Long Term Contra-Liability ...

Comparing actual outcomes with budget outcomes, then following up, is an example of a ~~> Controlling activities Which of the following is typically a starting point for the budget process? ~~> a sales budget Tax accounting is generally most used by: ~~> Internal revenue service (IRS) Management accountant place more emphases on which of the following ~~> future activities Which of the following organization would be most likely to accept a process costing system? ~...

Question 1 Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages earned in 2018. Any earned but unpaid wages will be paid during the first quarter of 2019. Using only the information provided, which of the following statements is most accurate? • Liabilities increased ...

Excel Crash Course Exam from Wall Street Prep - Wall Street Prep Questions And Answers Updated 2024 Wall Street Prep The Premium Package Review: Accounting & Financial Statement Analysis Exam. Score: 95%, 38 correct out of 40 Question 1 Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 20...

Wall Street Prep The Premium Package Review: Accounting & Financial Statement Analysis Exam Latest 2023/2024 Questions and Answers (Score: 95%, 38 correct out of 40). Score: 95%, 38 correct out of 40 Question 1 Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages ...