The adjusting entry for accrued revenue should a. debit the expenses account and credit the asset account.

Question:

The adjusting entry for accrued revenue should

a. debit the expenses account and credit the asset account.

b. debit the expenses account and credit the liability account.

c. debit the asset account and credit the income account.

d. debit the liability account and credit the income account.

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

Step by Step Answer:

Related Book For book-img-for-question

Principles Of Islamic Accounting

ISBN: 9781119023296

1st Edition

Authors: Nabil Baydoun, Maliah Sulaiman, Roger J. Willett, Shahul Ibrahim

See More Books

Question Posted: Jan 31, 2024 04:00 AM

See More Questions

The adjusting entry for accrued expenses should a. debit the expenses account and credit the asset account. b. debit the expenses account and credit the liability account. c. debit the asset account...
The adjusting entry for unearned revenue should a. debit the expenses account and credit the asset account. b. debit the expenses account and credit the liability account. c. debit the asset account...
Read ALL instructions before getting started! ABC Corporation is a new company that buys and sells office supplies. Business began on January 1, 2012. Given on the first two tabs are ABC's 12/31/12...
The accountant of your business has recently been taken ill through overwork. In his absence his assistant has prepared some calculations of the profitability of a project, which are to be discussed...
What are the two components of a plan's funding strategy? What is the primary goal of a plan's investment strategy? MINI CASE Southeast Tile Distributors Inc. is a building tile wholesaler that...
Working backward from data on marketable securities transaction. (Adapted from a problem by S. A. Zeff.) Dunne Year 3. Fischer/Black Co. purchased equity securities classified as securities available...
1. Define a granular perspective for performance measurement. Why is this crucial for performance measurement at large companies?
Calculate the rate of cooling (kW) required to bring 300 kg/mm of carbon monoxide from 450C to 50C, performing the calculation (a) Using Table B.2 and (b) Using Table B.8. Considering how much...
Question One: The following are commonly performed tests of controls and substantive tests of transactions audit procedures in the sales and collection cycle, acquisition and payment cycle, and...
Asset book value can be defined as a. historical cost b. market value c. replacement value d. cost less accumulated depreciation
The adjusting entry for prepaid expenses should a. debit the expenses account and credit the asset account. b. debit the expenses account and credit the liability account. c. debit the asset account...
A number of myths are identified (see also Chapter 3) including those associated with alignment, strategic IT, knowledge management and competitive advantage. Do you agree with identifying these as...
Which one of the following is not a part of the Deployment phase of a machine learning development project? Explain what phase(s) address this issue, and why then? Training end users to incorporate...
Assist with the following discussion: Topic Discussion #1B: The first half of the term is devoted to leaders preparing themselves for leadership. Peter Senge and his coauthors discuss in The Dawn...
You are managing an employee who is not a self-starter, and thus you need to devise a plan to effectively lead this employee. Draft a one page (Times New Roman 12) single space response (plus title...
Ontario's minister of training, colleges and universities defended changes to post-secondary education on Monday, saying recently announced decisions are all about the making the system more...
"The power of globalization is not about leveraging economies of scale. It's about leveraging economies of knowledge and coordination figuring out how not to reinvent the wheel everywhere you do...
Explain how hard links and soft links differ with respective to i-node allocations.
What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability...
Give an example of a foreign-made product (other than an automobile) that you pe r sonally have purchased. Give some reasons why you purchased that product. Do you think that there was a good...
ko, Inc.s managers are comparing the profitability of a target marketing strategy with a mass marketing strategy. The spreadsheet gives information about both approaches. The mass marketing strategy...
Do you think it makes sense for a firm to base its mission statement on the type of product it produces? For example, would it be good for a division that produces electric motors to have as its...
C0 = 10.648148 b) ( 4 Marks ) As of now, Given the above conditions on the option, what is the intrinsic value of the call option? What is the time value of the call option?
interest revenue 19,500 retained earning,end 5,000 selling expenses 145,00 prepaid insurance 20,000 loss and disposal of a business (discountied),net 28,000 income from operation 140,000 unearned...
cost that do not extend the acid capacity or it's useful life, but merely maintained the assd, or restore it to working order are recorded as losses True or False

The adjusting entry for accrued revenue should a. debit the expenses account and credit the asset account.

Question:

Step by Step Answer:

The answer is c Debit the asset account and credit the income account Accrued revenue is revenue tha...View the full answer

Principles Of Islamic Accounting

Students also viewed these Business questions