114 Best Accounting Questions and Answers (Q&A) - ProProfs Discuss

Bergeront Tiffney, Computer Engineer
Answered: May 02, 2019

The answer to this is B. The monthly fixed fee is $90 but because of the additional copies that need to be made, the extras will be charged for every copy. This means that for the month of...Read More

2 Answers

2000 views

Which term is associated with "right" or "right-side?

Olive landon, Health science specialist
Answered: Sep 21, 2020

Although the term "right side" might be a very common term in different professions and might mean different things, the only profession that uses this term the most is in any business-related...Read More

2 Answers

1972 views

Which financial statement covers a period of time?

W. Mocroft, Philanthropist
Answered: Nov 27, 2018

A balance sheet reports a company's assets, liabilities and shareholders' equity at a specific point in time. In the case of an income statement, this reports a company's financial performance...Read More

1 Answer

1840 views

What should be included in the cost of land?

Anthony Paul Bonadio, Teacher
Answered: Jan 03, 2019

The cost of land should include the cost of removing unwanted buildings and the cost of grading and clearing the land. When you’re buying land for a business, you have to take into account...Read More

2 Answers

1403 views

Which among the following is not an intangible asset?

Lnwilcox
Answered: May 30, 2023

All of the above are intangible

1 Answer

1369 views

What happens if goods in transit are shipped FOB destination?

Lekden
Answered: May 30, 2023

The seller has title to the goods until they are delivered.

1 Answer

1086 views

What is the correct sequence for recording transactions and preparing financial statements?

Anthony Paul Bonadio, Teacher
Answered: Jan 03, 2019

The correct course of action is journal, ledger, trial balance, financial statements. The financial statement is pretty much submitting your final essay, and the other three are your rough...Read More

2 Answers

996 views

Who are the primary users of general-purpose financial statements?

O. Miller, Content Optimization Executive
Answered: May 10, 2019

Financial statements are one of the most important documents or reports, especially in business. These reports show the status of a business such as the labor unions, stockholders, and board of...Read More

1 Answer

951 views

What famous document begins: When in the course of human events?

O. Miller, Content Optimization Executive
Answered: May 10, 2019

The United States Declaration of Independence starts with the line, When in the course of human events… This document was approved on July 4th, 1776, by the Continental Congress. It states...Read More

2 Answers

873 views

Is it true that the trial balance totals should agree?

Itess.valencia
Answered: May 30, 2023

Yes, always

1 Answer

850 views

Which is not included on a balance sheet?

Anie Nikahi
Answered: Aug 19, 2018

Revenue is not included in the balance sheet because a balance sheet only record Assets, Liability, and Owner's Equity. Revenue is recorded in the Income Statement where it summarises cash...Read More

2 Answers

835 views

What are the entries to revenues accounts such as Service Revenues usually called?

Bcjunk
Answered: Jan 28, 2020

The answer to this question is definitely CREDIT. Think about a cash sale. Your cash will increase, so you debit cash; therefore, your entry on the revenue side MUST be credit. Revenue is also on...Read More

6 Answers

796 views

What are the 3 key elements used to decide whether an intangible fixed asset should be recognised in the accounts?

John Smith
Answered: May 30, 2023

Control, identifiability, economic benefits

Remember intangible non-current assets include capitalised development costs

1 Answer

707 views

What is the difference between CAT and AAT?

H. Jones, Web Content Writer
Answered: Sep 11, 2019

CAT and AAT are two different qualifications. However, many people don’t know their differences. CAT is the acronym for Chartered Certified Accountant, and AAT is the acronym for...Read More

4 Answers

703 views

What financial statement lists assets from current to long term?

Terrijones
Answered: May 30, 2023

Balance Sheet

1 Answer

698 views

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