Which account is least likely to be debited when revenue is recorded? a. Accounts Payable b. Accounts

Question:

Which account is least likely to be debited when revenue is recorded?

a. Accounts Payable
b. Accounts Receivable
c. Cash
d. Deferred Revenue

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Fundamentals Of Financial Accounting

ISBN: 9780073527109

3rd Edition

Authors: Fred Phillips, Robert Libby, Patricia A Libby

See More Books

Question Posted: Oct 29, 2021 02:31 AM

See More Questions

Which of the following procedures is least likely to be performed before the balance- sheet date? a. Observation of inventory. b. Review of internal control over cash disbursements. c. Search for...
Which of the following is LEAST likely to be a firm in an imperfectly competitive industry? Group of answer choices - A KFC in Sydney, NSW - Optus Telecommunication Company - A wine producer in...
Which of the following is least likely to be considered a substantive procedure relating to payroll? (a) Investigate fluctuations in salaries, wages, and commissions. (b) Test computations of...
Rare Earth Clothing is a retail store specializing in women's clothing. The store has established a liberal return policy for the holiday season in order to encourage gift purchases. Any item...
A piston held by a pin in an insulated cylinder, shown in Fig. P5.130, contains 2 kg water at 100C, quality 98%. The piston has a mass of 102 kg, with cross-sectional area of 100 cm2, and the ambient...
Jack Colsen wants to buy a new high-end audio system for his car. The system is being sold by two dealers in town, both of whom sell the equipment for the same price of $2,000. Jack can buy the...
Which placement procedure carries the most risk for a bank? Why?
(a) What are Harry and Belindas major sources of risk from home and automobile ownership, and what is the potential magnitude of loss from each? (b) Given the choices listed in Step 3 of the...
Convert the angle to degrees, minutes and seconds form. 45.22
Kelly requests a copy of his current treatment plan. You should: a. Have Kelly put the request in writing and discuss the issue with the treatment team. b. Make a copy of the current treatment plan...
Webby Corporation reported the following amounts on its income statement: service revenues, $32,500; utilities expense, $300; net income, $1,600; and income tax expense, $900. If the only other...
When expenses exceed revenues in a given period, a. Stockholders equity will not be impacted. b. Stockholders equity will be increased. c. Stockholders equity will be decreased. d. One cannot...
What is the result of the following expression: 96 Mod 30? a. 3 b. 3.2 c. 6 d. None of the above.
Question 5 As a part of credit analysis, you want to evaluate the financial statement of AusGroup Limited for 2020 and Fortescue Metals Limited for the year 2020. Before starting financial statement...
Hayley purchased 9 0 0 shares of Pelican Town Inc. common stock exactly one year ago for $ 5 6 . 6 0 per share. Today, the corporation\'s shares are selling for $ 5 3 . 8 0 per share. Over the last...
Joel and Ali played for opposing AFL teams. They had been playing a tough match and Joel was angry that Ali kept tackling him. Joel hit Ali in a head high tackle which gave Ali a mild concussion....
Amy files her 2 0 2 3 individual tax return as a single filer. Her taxable income is $ 7 0 0 , 0 0 0 . To determine whether or not her alternative minimum tax liability is higher than her regular...
Owen Eyewear is planning to purchase a $520,000 machine to improve the quality and lead time of its eyewear production. Management estimates that this investment will result in an increase in annual...
If a taxpayer has $140,000 of employee salary, how much will be withheld for the Social Security and Medicare taxes in 2016?
An item of depreciable machinery was acquired on 1 July 2009 for $120,000 by cash It is expected to have a useful life of 10 years and zero salvage value On 1 July 2012, it was decided to revalue the...
Briefly explain what is meant by transaction analysis. What are the two steps in transaction analysis?
Recording Investing and Financing Activities Refer to E2-5. Required: 1. For each of the events (a) through (f) in E2-5, prepare journal entries, checking that debits equal credits. 2. Explain your...
Explain why stockholders equity is increased by revenues and decreased by expenses.
Norm and Linda are married, file a joint return, and have one 5-year-old child. Their adjusted gross income is $436,000 . What is their child tax credit for 2021 ?
The following data relate to direct labor costs for the current period: Standard costs 7,400 hours at $11.40 Actual costs 6,200 hours at $10.70 The direct labor time variance is a.$13,680 unfavorable...
Cane Company manufactures two products called Alpha and Beta that sell for $155 and $115, respectively. Each product uses only one type of raw material that costs $6 per pound. The company has the...

Which account is least likely to be debited when revenue is recorded? a. Accounts Payable b. Accounts

Question:

Step by Step Answer:

Option a is correct The accounts payable should never be debited while recording revenue Accounts pa...View the full answer

Fundamentals Of Financial Accounting

Students also viewed these Business questions