Accounting Answers

Directions: Answer the following questions with the most correct answer whether the selection is in multiple-choice or supply the answer.

1. Which of the following attributes will classify an item which can be seen as a liability in

the Statement of Financial Position?

a.Expenses paid before the actual utilization

B. Expenses already utilized and paid for.

c.Expenses already utilized but have not yet paid for

D. All expenses cannot be classified as a liability component

4. If the normal operating cycle is 8 months to August 30, 2023, and the 12 months after the reporting period will jump to the date of December 31, 2023, when is the threshold of

proving that the asset or liability is current? (Pick between August 30, 2023, and December 31, 2023, only Explain your position.

 Differentiate a service, merchandising, and manufacturing entity by providing 2 examples

or each type of business.

8. What is the normal balance of Bonds Payable?

7. Suppose Ms. Ellana has to owe you money for selling goods on May 12, 2021 and she

will be going to pay only on November 2, 2021, prove that your accounts receivable is

current in nature.

4. If the normal operating cycle is 8 months to August 30, 2023, and the 12 months after the reporting period will jump to the date of December 31, 2023, when is the threshold of

proving that the asset or liability is current? (Pick between August 30, 2023, and December 31, 2023,) Explain your position.