acash basis financial statements may distort the portrayal of financial position and operating results of a business because the revenue and expenses for determining net income do not depend on the time period when cash is actually received or expended.Consequently 现金收付制财政决算也许变形财政状况和...
Classify the owner's withdrawals account as a revenue, an expense, an asset, a liability, or an equity account. Is its normal balance a debit or a credit? The classification and normal balance of the accounts payable account are: a. Liability, debit b. Liability...
Credit Normal Balance:Liability accounts like accounts payable, loans payable, and accrued expenses have a credit normal balance. Moreover, equity accounts such as owner’s capital and retained earnings, as well as revenue accounts like sales and interest income, also have a credit normal balance....
A credit is not the normal balance for which account listed below() A.Supplies Expense B.Service Revenue C.Notes Payable D.Owner,Capital 点击查看答案 第5题 The ___ is the net value of the flows of goods, services, income, and gifts. A、capital account balance B、current account balanc...
The revenue accounts (which are temporary accounts) also have credit balances because revenues cause the owner’s equity account balances to increase. Contra asset accounts and contra expense accounts will also have credit balances. Example of Accounts Where Credit is Not the Normal Balance Accounts...
aBusinesses that receive revenue or subsidy from the government and have to claim the amount would often receive the revenue after the expenditure was made and this balance-day adjustment would be normal. 从政府接受收支或补贴,并且必须要求数额经常将接受收支的企业,在开支被做了之后,并且这平衡天调整...
Which of these acounts has a normal debit balance().A.Rent ExpenseB.WithdrawalsC.Service RevenueD.Both A and B have a normal debit balance
The balance sheet represents: Assets = Liabilities + Depreciation + Equity. a. True b. False The Statement of Revenue is one of the firm's financial statements. a. True b. False True or false? When a business makes a cash payment, the Cash account is debited. The cash budge...
Accounting profit is the difference between the total revenue and the total costs of a business in a single period, such as a fiscal year. It is calculated using theGenerally Accepted Accounting Principles (GAAP), and it takes the items on the debit and credit side of the balance sheet. ...
revenue sharing - distribution of part of the federal tax income to states and municipalities share-out, sharing - a distribution in shares 4. distribution - the commercial activity of transporting and selling goods from a producer to a consumer commerce, commercialism, mercantilism - transactions (...