Need/Activity 1. Acquisition of equipment 2. Franchise of a fast-food outlet 3. Purchase of inventory for a clothing 4. Loan for agricultural needs (i.e. pala 5. Loan for purchase of a commercial 6. Development of a subdivision 7. Auto-loan 8. Loan for sari-sari store supplies 9. Housing Loan

Q: which expense is the easiest to reduce if necessary? a. housing, b.food consumed outside of home,…

A: There are few items which can be avoided and few which are necessary

Q: 1. Why is important for a loan officer to determine the net worth of an individual or business…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

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Q: Which of the following is included under the financing activities in O Payment of salaries to…

A: Solution: Financing activities are those activities which includes transactions related to sources…

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A: Financial statement elements are the main kinds of line items contained within the statements. These…

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Q: Which of the following statements is not true?   Expense is the amount incurred or paid in earning…

A: Expense: Amount spent for running business activities in return for some benefit.

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A: Classification of accounts as shown below: Assets are assigned number 1Liabilities are assigned…

Q: Which of the following is expensed under the principle of systematic and rational allocation a.…

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A: a. The income statement would be needed to determine whether there are any accrued expenses apart…

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A:

Q: What kind of decisions are taken by the users of financial information?

A: Financial information helps the users to know their current amount they have, the amount they can…

Q: Sadie Hawkins owns The Education Supply Center, a small store that sells educational supplies.…

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Q: Identify the normal balances Debit or Credit for the following: (example: building is an asset, so…

A: Assets and expenses accounts have a debit balance, while liabilities, capital and revenue account…

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A: Assets:These are the resources owned and controlled by business and used to produce benefits for the…

Q: Which of the ollowing dOEs Söld in its income statement? Why? LAW Firm SARI- SARI STORE Water…

A: The income statement is one of the important financial statements of the business.

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A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Directions: Identify whether the given is a process or nature of accounting. Write your answers on a…

A: The accounting process includes: Collecting & analyzing documents Journalization Posting to…

Q: a) Briefly explain the “going concern” and “accrual” concepts which are the assumptions and concepts…

A: Accounting principles are the norms and criteria that businesses must adhere to when reporting…

Q: A business purchased Furniture for RO 25, 000. The manager estimates the value of the machine to be…

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A: Journal Entry Financial transactions are documented in journals. You enter transaction information…

Q: Which business transaction will affect the quick ratio?     a. Purchase a fixed asset with money…

A: The quick assets ratio is calculated as quick assets divided by current liabilities.

Q: A number of business transactions carried out by Smalling Manufacturing Company are as follows:a.…

A:

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A: Income statement means the statement which show the cost of goods sold and selling price and give…

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A: As per IFRS 16 property plant and equipment Cost of piece of equipment consists of  Its purchase…

Q: Which of the following is an example of expense?

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Q: Mr Ventura engaged in a Milling business to serve the needs of farmers in the rural areas of…

A: Every business records the transactions undertaken by them during an accounting period. The initial…

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A: Definition: Accounting concepts and principles: Financial statements are prepared in accordance with…

Q: What is the amount to be collected by the business from customer who receive the product or services…

A: Option a. Accounts payable is a liability which represents that an asset is purchased on account and…

Q: 7-Which of the following would normally be classified as a Selling expense of Merchandising…

A: Selling expenses are the expenses that are incurred to increase the sales of company.

Q: A number of business transactions carried out by Smalling Manufacturing Company are as follows:…

A:

Q: Which of the following would be an expense for the business a. Buying camping equipment b. Paying…

A: The income statement records the revenue and expenses of the current period. The net income is…

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A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: 4. Which of the following is an example of an operating activity? a. Purchasing equipment b. Selling…

A: Solution Concept   Operating activity                 Operating activity means the activity that is…

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A: Asset accounts means all tangible and intangible resources of the business, which the business has…

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.