On the Chart of Accounts, why are the category and detail type selections important? To explain...
On the Chart of Accounts, why are the category and detail type
selections
important? To explain the category and detail types, use 3 accounts
– one
asset, one liability, and one expense account. Identify the
Category Type,
Detail Type, Name, Number and financial statement.
Homework Answers
O the chart of accounts, category and detail type selections are important because it helps in classifying a particular transaction as an expense or asset or liability or an income. Moreover, it makes easier preparation of the financial statements thereby giving true and fair view of the accounts.
Category Type: Asset
Detail Type: Property, Plant and Equipment
Name: Machinery ABC
Number: 500000
Financial statement: Balance Sheet
Category Type: Liability
Detail Type: Outstanding Expenses
Name: Salary
Number: 40000
Financial statement: balance Sheet
Category Type: Expenes
Detail Type: Miscellaneous Expenses
Name: Travelling and commuting expense
Number: 20000
Financial Statement: Profit and Loss Account.
Add Answer to:
On the Chart of Accounts, why are the category and detail type
selections
important? To explain...
QuickBooks Online Question: On the Chart of Accounts, why are the category and detail type selections...
QuickBooks Online
Question:
On the Chart of Accounts, why are the category and detail type
selections important? To explain the category and detail types, use
3 accounts – one asset, one liability, and one expense account.
Identify the Category Type, Detail Type, Name, Number and financial
statement.
Here are some examples of accounts the textbook shows:
Detail Type Name Prepaid Expenses Prepaid Rent Number 123 Category Type Other Current Assets Other Current Liabilities Loan Payable Loan Payable 205 Income 403...
Chart of Accounts The following accounts appeared in recent financial statements of Delta Air Lines. Identify...
Chart of Accounts The following accounts appeared in recent financial statements of Delta Air Lines. Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or stockholders' equity. For each income statement account, identify it as a revenue or an expense. Item Financial Statement Type of Account Accounts Payable Advanced Payments for Equipment Air Traffic Liability Aircraft Fuel (Expense) Aircraft Maintenance (Expense) Aircraft Rent...
QS 2-3 Reading a chart of accounts LO C3 A chart of accounts is a list...
QS 2-3 Reading a chart of accounts LO C3 A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R), or expense (E) account. a. Advertising Expense b. Bills Payable c. Buildings d. Commissions Earned ces e. Common Stock 1. Concessions Expense 9. Delivery Expense h. Equipment LFood Drink Expense
Prepare a chart of accounts. Start by selecting the balance sheet accounts, and then complete the...
Prepare a chart of accounts. Start by selecting the balance sheet accounts, and then complete the chart of accounts by selecting the income statement accounts the accounts. Il a box is not used in the chant of accounts, leave the box empty Note that in some cases in may be necessary to select a general account in which Balance Sheet Accounts More Info Assets Liabilities Owner's Equity Microsoft Surface Tablet Salary Expense Accounts Payable Accounts Receivable Repair Expense Legal Fees...
A chart of accounts is a list of all ledger accounts and an identification number for...
A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R) or expense (E) account a. Advertising Expense b. Rent Revenue Rent Receivable d Machinery e Accounts Payable Furniture Common Stock Utilities Expense
Give an example of a real account. Give an example of a nominal account. Why are...
Give an example of a real account. Give an example of a nominal account. Why are balance sheet accounts considered real and permanent? Why are income statement accounts considered nominal and temporary? Which account are dividends closed into? How would the proceeds received from the advance sale of nonrefundable tickets for a theatrical performance be reported in the seller’s financial statements before the performance? A. Revenue for the entire proceeds. B. Revenue to the extent of related costs expended. C....
A chart of accounts is a list of all ledger accounts and an identification number for...
A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R), or expense (E) account. a. Wages Payable b. Accounts Payable C. Accounts Receivable d. Advertising Expense e. Bills Payable f. Buildings g. Commissions Earned h. Common Stock i. Concessions Expense
Exercises CHAPTER 2 A list of accounts and their balances at a specific time Used to...
Exercises CHAPTER 2 A list of accounts and their balances at a specific time Used to decrease the balance in an asset account A list of all of a company's accounts An accounting record where transactions are recorded in chronological (date) order (g) (h) () E2-3 Kobayashi Company has the following accounts: Identify type of account, financial statement, and normal balance. Explain normal balances. (LO 1) (1) Account (2) Financial Statement Type of Account (3) Normal Balance Cash Asset M....
Create a chart of accounts for ABC Company using the Excel below. Part 2 ABC Company...
Create a chart of accounts for ABC Company using the Excel below. Part 2 ABC Company Minimum Required Accounts: Chart of Accounts 5 Asset accounts 2 Liabilities accounts Account Number Account Name 2 Equity accounts ASSETS: 1 Revenue account 5 Expense accounts Tip: Remember the order of account numbering for each category LIABILITIES: EQUITY: REVENUE: EXPENSES:
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing,...
For the accounts listed below, identify the type of account (asset, liability, owner’s capital, owner’s drawing, revenue, or expense), the normal balance (debit or credit), and which financial statement you would find the account on (income statement, owner’s equity statement, or balance sheet). Type of Account Normal Balance Financial Statement A Cash B Accounts Payable C Rent Expense D Accumulated Depreciation E Interest Revenue F Notes Payable G Advertising Expense H Owner's Drawings I Equipment J Owner's Capital K Sales...
QuickBooks Online
Question:
On the Chart of Accounts, why are the category and detail type
selections important? To explain the category and detail types, use
3 accounts – one asset, one liability, and one expense account.
Identify the Category Type, Detail Type, Name, Number and financial
statement.
Here are some examples of accounts the textbook shows:
Detail Type Name Prepaid Expenses Prepaid Rent Number 123 Category Type Other Current Assets Other Current Liabilities Loan Payable Loan Payable 205 Income 403...
Chart of Accounts The following accounts appeared in recent financial statements of Delta Air Lines. Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or stockholders' equity. For each income statement account, identify it as a revenue or an expense. Item Financial Statement Type of Account Accounts Payable Advanced Payments for Equipment Air Traffic Liability Aircraft Fuel (Expense) Aircraft Maintenance (Expense) Aircraft Rent...
QS 2-3 Reading a chart of accounts LO C3 A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R), or expense (E) account. a. Advertising Expense b. Bills Payable c. Buildings d. Commissions Earned ces e. Common Stock 1. Concessions Expense 9. Delivery Expense h. Equipment LFood Drink Expense
Prepare a chart of accounts. Start by selecting the balance sheet accounts, and then complete the chart of accounts by selecting the income statement accounts the accounts. Il a box is not used in the chant of accounts, leave the box empty Note that in some cases in may be necessary to select a general account in which Balance Sheet Accounts More Info Assets Liabilities Owner's Equity Microsoft Surface Tablet Salary Expense Accounts Payable Accounts Receivable Repair Expense Legal Fees...
A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R) or expense (E) account a. Advertising Expense b. Rent Revenue Rent Receivable d Machinery e Accounts Payable Furniture Common Stock Utilities Expense
A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R), or expense (E) account. a. Wages Payable b. Accounts Payable C. Accounts Receivable d. Advertising Expense e. Bills Payable f. Buildings g. Commissions Earned h. Common Stock i. Concessions Expense
Exercises CHAPTER 2 A list of accounts and their balances at a specific time Used to decrease the balance in an asset account A list of all of a company's accounts An accounting record where transactions are recorded in chronological (date) order (g) (h) () E2-3 Kobayashi Company has the following accounts: Identify type of account, financial statement, and normal balance. Explain normal balances. (LO 1) (1) Account (2) Financial Statement Type of Account (3) Normal Balance Cash Asset M....
Most questions answered within 3 hours.
-
Computer Programming II CS141(Java)
Mention the appropriate relationship between following
classes:
HOD–StaffMember
Car–Ferrari
Student-Address
BankAccount–FixedAccount
House-Building...
asked 2 hours ago -
Assume one of your finals has 50 questions on it, and
lucky for you, it's all...
asked 3 hours ago -
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 4 hours ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 5 hours ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 5 hours ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 5 hours ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 5 hours ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 6 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 9 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 10 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 10 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 10 hours ago