In bookkeeping, why are revenues credits?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (9 reviews)
In bookkeeping revenues are credits because revenues cause owners equity or ...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
Question Posted:
Students also viewed these Cost Accounting questions
-
Although all the following questions deal with the accounting equation, they are not related: 1. Explain the advantages of double-entry bookkeeping to a friend who is opening a usedbook store. 2....
-
Brown Company provides the following office support services for more than 100 small clients: 1. Supplying temporary personnel 2. Providing monthly bookkeeping services 3. Designing and printing...
-
Brown Company provides office support services for more than 100 small clients. These services include supplying temporary personnel, providing monthly bookkeeping services, designing and printing...
-
A person who is 6 feet and 3 inches tall and weighs 185 pound force (lbf) is driving a car at a speed of 65 miles per hour over a distance of 25 miles between two cities. The outside air temperature...
-
A horizontal cylindrical tank 2.20 m in diameter is half full of water. The space above the water is filled with a pressurized gas of unknown refractive index. A small laser can move along the curved...
-
This question considers how the FX market will respond to changes in monetary policy. For these questions, define the exchange rate as Korean won per Japanese yen, EWON/. Use the FX and money market...
-
85-year-olds and older. Figure 11.5 is a histogram of the percentages of residents aged 85 and older in the 50 states in 2006. Describe the shape, center, and spread of this distribution. Are there...
-
Clarity Communication issued $42,000 of 8%, 10-year bonds payable on October 1, 2012, at par value. Claritys accounting year ends on December 31. Requirements 1. Journalize the issuance of the bonds...
-
Question 7 (1 point) It is common that many packaged soup mixes popularly consumed in Europe are instead marketed in the United States as sauces or dips. Which of the following strategies is this...
-
1. What type of contact is between the Ridpath Sandstone and the Kavalier Shale? How did you determine this? (Refer to the Geologic Time Scale, which is Figure 1 in the Geologic Dating lab, to help...
-
Which date is used to record a credit card transaction?
-
Why are sales a credit?
-
(Note: This is the same problem as Problem 8-4, but assuming use of the complete or the partial equity method.) Trial balances for Porter Company and its subsidiary, Spitz Company, as of December 31,...
-
Following the example shown in (a) below, indicate the effects of the listed transactions on the assets, liabilities, and stockholders equity of John Dallmus, certified public accountant, a...
-
What effect does the ordering of a search tree have on the efficiency of the search? What effect does it have on the quality of the results? How would order affect the way that depth-first search or...
-
For each of the accounts listed below, indicate whether the account is increased by a debit or a credit: Accounts Receivable Sales Revenue Equipment Common Stock Notes Payable Retained Earnings...
-
Smart Sports is also planning to launch a range of drinks products. The products have been developed by Hydration Labs Ltd and are designed to be sold as powders that dissolve easily in water. They...
-
Baucom Company accepted credit cards in payment for \(\$ 6,850\) of services performed during March 2011. The credit card company charged Baucom a 4 percent service fee. The credit card company paid...
-
According to the passage, why did medical research first focus on the treatment of polios symptoms, instead of the disease itself? F. Scientists and medical experts did not understand the cause of...
-
Is it ethical to provide safety training in English to immigrant workers who speak little English, in order to reduce costs?
-
Docs Auto Body has budgeted the costs of the following repair time and parts activities for 2009: Doc's budgets 6,000 hours of repair time in 2009. A profit margin of $7 per labour hour will be added...
-
QUESTION 28 In a perpetual inventory system, the cost of inventory sold is: Debited to accounts receivable. Debited to cost of goods sold. O Not recorded at the time goods are sold. O Credited to...
-
The following financial statements and additional information are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 $105,709 69,500 66,800 4,700 246,700 127,eee...
Study smarter with the SolutionInn App