Accounting Answers

Debit Receivable

Credit Contract Liability

• What does this journal entry mean?

Debit Contract Liability

Credit Revenue

• What does this journal entry mean?

Debit Contract Asset

Credit Revenue

• What does this journal entry mean?

Debit Receivable

Credit Contract Asset

Credit Revenue

• What does this journal entry mean?

Debit Cash

Credit Refund Liability

Credit Sales Revenue

• What does this journal entry mean?

1. F. Directions: Read the following extended definitions. Discuss with a partner the kind of information that has been included. Does the definition mainly discuss components, applications, history, examples, or something else? Explain your answer 

23-25. Lateralization is a developmental process during which the two sides of the brain become specialized for different functions. As a child develops, the two sides of the brain become asymmetric in that each side controls different abilities. Language, for instance, is controlled by the left side of the brain and certain types of pattern recognition by the right. However, there is some disagreement as to when this specialization is complete. Some researchers believe the process is not complete until puberty, while others maintain that the brain is lateralized by age five. 

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1. F. Directions: Read the following extended definitions. Discuss with a partner the kind of information that has been included. Does the definition mainly discuss components, applications, history, examples, or something else? Explain your answer 

21. -22. A pollution is a form of environmental contamination resulting from human activity. Some common forms of pollution are wastes from the burning of fossil fuels and sewage running into rivers. Even litter and excessive noise or light can be considered forms of pollution because of the impact they can have on the environment. 

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A, B and C are partners sharing profits in the ratio of 5:4:1. C is guaranteed that his share in a year will not be less than ₹5,000. Profit for the year ended 31st March, 2021 is ₹40,000. Deficiency in the guaranteed profit of C is to be borne by B. Deficiency to be borne by B is: