Prepaid expense - Study guides, Class notes & Summaries

"No Gain No Loss" - a replacing policy pays for ongoing claims under the policy it replaces Absolute Assignment v. Collateral Assignment - - absolute: a permanent and irrevocable transfer - collateral: a temporary and/or revocable transfer of benefits (collateral for debt) Accidental Bodily Injury Provision - require RESULT of injury unexpected or accidental Accidental Death and Dismemberment Insurance - - covers fatal accident or dismemberment of accidental injury - pure accident cover...

An adjusting entries for unearned revenue affects correct answers Revenue and Liabilities How will it affect total Assets in the balance sheet if tangible fixed assets are not depreciated at the end of the period? correct answers Total Assets are overstated How will it affect Income Statement if an accrued expense of $450 is forgotten to record at the end of the period? correct answers Net Income in the Income Statement will be overstated for $450 What accounting principle requires cred...

ACC101 Full Exam Questions With 100% Correct Answers Guaranteed Pass. An adjusting entries for unearned revenue affects - AnswerRevenue and Liabilities How will it affect total Assets in the balance sheet if tangible fixed assets are not depreciated at the end of the period? - AnswerTotal Assets are overstated How will it affect Income Statement if an accrued expense of $450 is forgotten to record at the end of the period? - AnswerNet Income in the Income Statement will be overstated for $...

Solutions Manual For Fundamental Accounting Principles Volume 1 Canadian 15th Edition By Larson - Newest Version Complete Chapters (2024/2025) When a company sells services or goods, they will exchange their service or good for cash. When the company sells services or goods, they earn revenue. In the account equation, Cash (Asset) increases and Revenue (Equity) increases. If the customer does not pay today, the company records an accounts receivable instead of cash. Accounts receivable holds...

What is the proper closing entry for dividends? - Answer *Debit retained earnings, credit dividends* Ken just started a business and made the following 3 inventory purchases in November: -Nov 1- 150 units @ $780 -Nov 8- 200 units @ $1170 -Nov 22- 200 units @ $1260 A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cost method, the amount allocated to ending inventory for November is: - Answer 150+200+200=550 (150x$780)+(2...

The accounting equation states: correct answersAssets = Liabilities + Owners Equity Owner's Equity has two components: correct answersOwner's Equity = Contributed Capital + Retained Earnings Contributed Capital correct answersThe amount of payments in cash or assets that the owners have made to the company The accounting equation can be expanded to: correct answersAssets = Liabilties + Contributed Capital + Retained Earnings The 5 different accounts of a typical for-profit organiza...

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 On August 1 of Year 1, a company paid $7,200 for two years' rent. The rental period starts on August 1 of Year 1. Which debit or credit is correctly included in the adjusting journal entry necessary on December 31 of ...

Which of the following statements describes why accrual accounting better reflects a business's performance? (Check all that apply.) - Answer *Revenues are always recorded in the period in which they are earned. *Comparability of financial statements is improved. *Expenses are always recognized in the period in which they are incurred. The expense recognition matching principle aims to record ___ in the same accounting period as the ___ that are earned as a result of those costs. This...

Accounting 211 exam 1What is the proper closing entry for dividends? - correct answer *Debit retained earnings, credit dividends* Ken just started a business and made the following 3 inventory purchases in November: -Nov 1- 150 units @ $780 -Nov 8- 200 units @ $1170 -Nov 22- 200 units @ $1260 A physical count of merchandise inventory on Nov 30 reveals that there are 150 units on hand. Using the average cost method, the amount allocated to ending inventory for November is: - correct answer...

Assets Cash, inventory, equipment, prepaid assets, invoices Liabilities Accounts payables, salaries, sales taxes payable, unredeemed gift certificates, long term debt Owner's Equity Contributed capital, retained earnings Module 4 Explicit transactions triggered by some sort of activity, event, or transfer of resources (usually cash) from one party to another; often accompanied by invoices, receipts, or other paper documentation that initiate the recording of the transaction...