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Is motor vehicle a real or nominal account?
A motor vehicle account is considered a real account. Real accounts, also known as permanent accounts, represent assets, liabilities, or equity that exist beyond a single accounting period. In this case, the motor vehicle is an asset that retains value and is recorded on the balance sheet, as opposed to nominal accounts, which relate to income and expenses and are closed at the end of each accounting period.
Is discount expenses an indirect expense?
Yes, discount expenses are typically considered indirect expenses. They are not directly tied to the production of goods or services but rather relate to sales activities, such as discounts given to customers to encourage purchases. As indirect expenses, they can impact overall profitability but do not directly contribute to the cost of goods sold.
What is the Difference between account payable and accrued expense?
Accounts Payable are supported by invoices or billing statements. Accrued Expenses are expenses which relate to the current period; however, there is not an invoice on hand. For example, the company lawyer bills the company for his services on an invoice on the 15th of each month, you would post his invoice in Accounts Payable and accrue legal fees for the 16th to the end of the month.
Identify and state two generally accepted accounting principles that relate to adjusting the accounts?
The matching principle and the revenue recogntion principle.
Why is the Drawing account not extended to the Income Statement section?
The Drawing account is not extended to the Income Statement because it represents withdrawals made by the owner from the business for personal use, rather than business expenses or revenues. It is recorded in the equity section of the balance sheet, affecting the owner's equity but not the company's profitability. Including it in the Income Statement would misrepresent the business's financial performance, as it does not relate to the operations that generate income or expenses.
What are the Important adjustment entries in a profit and loss account?
Important entries in profit and loss account are..... 1. Depreciation 2. Bad Debts 3. Interest on capital & drawings 4. Prepaid expenses 5. outstanding expenses ......etc
Is motor vehicle a real or nominal account?
A motor vehicle account is considered a real account. Real accounts, also known as permanent accounts, represent assets, liabilities, or equity that exist beyond a single accounting period. In this case, the motor vehicle is an asset that retains value and is recorded on the balance sheet, as opposed to nominal accounts, which relate to income and expenses and are closed at the end of each accounting period.
How does Facebook get its revenue?
Facebook makes its revenue through advertising. Facebook takes your private information and markets it to companies that will manipulate their ads to relate to your likes and interests.From Advertisement
How do frequency and period relate to each other?
Frequency and period are mutual reciprocals.
How does the period of a pendulum relate to how hard the pendulum is pushed?
It shouldn't relate at all. The period of a pendulum depends only on its length, not on how far it swings side-to-side.
How does equivalent relate to ecological equivalents?
by moving the period table
Is discount expenses an indirect expense?
Yes, discount expenses are typically considered indirect expenses. They are not directly tied to the production of goods or services but rather relate to sales activities, such as discounts given to customers to encourage purchases. As indirect expenses, they can impact overall profitability but do not directly contribute to the cost of goods sold.
What is the Difference between account payable and accrued expense?
Accounts Payable are supported by invoices or billing statements. Accrued Expenses are expenses which relate to the current period; however, there is not an invoice on hand. For example, the company lawyer bills the company for his services on an invoice on the 15th of each month, you would post his invoice in Accounts Payable and accrue legal fees for the 16th to the end of the month.
How do you Relate group period and transition metals to the periodic table?
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Identify and state two generally accepted accounting principles that relate to adjusting the accounts?
The matching principle and the revenue recogntion principle.
Why is the Drawing account not extended to the Income Statement section?
The Drawing account is not extended to the Income Statement because it represents withdrawals made by the owner from the business for personal use, rather than business expenses or revenues. It is recorded in the equity section of the balance sheet, affecting the owner's equity but not the company's profitability. Including it in the Income Statement would misrepresent the business's financial performance, as it does not relate to the operations that generate income or expenses.
Is selling cost a period cost?
Yes selling cost not directly relate to production of units that's why it is period cost.
