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Accounting Questions and Answers (Q&A)

What is Technical’s monthly fixed fee?
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

2100 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

2086 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

1909 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

1502 views
Which among the following is not an intangible asset?
Lnwilcox
Answered: Jan 20, 2025
All of the above are intangible

1 Answer

1421 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

1184 views
What happens if goods in transit are shipped FOB destination?
Lekden
Answered: Jan 20, 2025
The seller has title to the goods until they are delivered.

1 Answer

1154 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

1055 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

991 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

912 views
Is it true that the trial balance totals should agree?
Itess.valencia
Answered: Jan 20, 2025
Yes, always

1 Answer

870 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

850 views
What are the 3 key elements used to decide whether an intangible fixed asset should be recognised in the accounts?
John Smith
Answered: Jan 20, 2025
Control, identifiability, economic benefits

Remember intangible non-current assets include capitalised development costs

1 Answer

789 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

771 views
What is the basic summary device of accounting?
H. callum, Content Writer
Answered: May 10, 2019
Accounting is a practice of measuring and organizing information and data for a business or company. An accountant usually does it. The primary summary device of accounting is the account itself....Read More

2 Answers

732 views

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