Basic accounting for non accountants exercise
1. Basic accounting for non accountants exercise
Answer:
uy thank you po
2. Define accountable and non- accountable business activities.
Answer:
For accountable plans, the reimbursement or excess amount is excluded from income and is not subject to withholding taxes. In non-accountable plans, the reimbursement or excess amount is included in income and subject to withholding taxes.
3. Which of the following statement is not true? Select one: a. A non-CPA may be engaged in Public accounting. b. A non-CPA may be the chief accountant of a business enterprise. c. To be a good accountant, one must have mastery of mathematics. d. A non-accounting graduate may work as a bookkeeper or accountant or accountant of a business enterprise.
Answer:
b. A non-CPA may be the chief accountant of a business enterprise.
4. examples of non accountable events
Answer:
For example, if an employer were to give an employee $500 to cover the cost of meals while away on a business trip, under a non-accountable plan, the employee could eat inexpensive food for every meal and pocket the savings.HOPE IT HELPS^^
Step-by-step explanation:
accountable events” are recorded in the accounting books. “ Non-accountable events” are. not recorded in the accounting books. “Accountable events” (or 'economic events') are those that affect the assets, liabilities, equity, income and expenses of a business.
5. TRUE OR FALSE6. A non-guest account is the record of financial transactions between and a resident guest and the hotel. 7. A guest account is the record of the financial transactions that take place between a non-resident guest and the hotel. 8. RevPAR is used to assess a hotel's ability to fill its available rooms at an average rate. 9. Another term for city account is non-guest account.
Answer:
6. True
7.True
8. False
9.True
6. Accounting cycle is a series of non recurring accounting steps or process that span from the start to the end of a particular accounting period. True or false.
Answer:
The accounting cycle is a collective process of identifying, analyzing, and recording the accounting events of a company. It is a standard 8-step process that begins when a transaction occurs and ends with its inclusion in the financial statements.
The key steps in the eight-step accounting cycle include recording journal entries, posting to the general ledger, calculating trial balances, making adjusting entries, and creating financial statements.
7. Accounts Receivable. a.current asset b. non-current asset
Subject Economics
Answer:
The correct answer among the listed choices is letter a. Accounts Receivable normally falls under the category of current assets since these are accounts expected to be collected by the company from its customers or clients.
ASSETSIn accounting, assets are any resources with value owned by the business, company, entity or person. These are legally owned by the business or entity. Assets have two categories, these are:
Current AssetsNon-current Assets1. Current Assets-these are assets that can be readily convertible to cash in a normal operating cycle of a business. Normal operating cycle is within 1 year.
Some Examples of Current AssetsCash and cash equivalentsAccounts receivableInventoryPrepaid ExpensesMarketable Securities/ Short-term Investments2. Non-current Assets-these are long-term assets or long-term investments that have a longer useful life that is usually more than 1 year. Not easily convertible to cash.
Some Examples of Non-Current AssetsLandProperty, Plant and EquipmentTrademarksLong-term InvestmentsGoodwillAll fixed assets and intangible assets fall under the category of non-current assets.
Further related topics about assets and liabilities https://brainly.ph/question/2444697
What is the opposite of assets https://brainly.ph/question/1576108
For related topics about fundamental accounting equation https://brainly.ph/question/854284
Code: 11.11.3.8.
Answer:
a. current assetExplanation:
In accounting, Accounts Receivable (AR) is the amount of money to be collected from customers or clients. It is usually classified as a current asset as most AR are collectible within a year or normal operating cycle of the business.
To know more about asset, just kepp on reading.
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AssetsIn accounting, assets are the resources that a company owns and has monetary value.
Two types of asset:Current asset - assets that are usable or convertible to cash within a year or operating cycle of a business.Non-current asset - assets that can't be used or converted to cash within a year or operating cycle of a business.Examples of current asset:Cash and cash equivalentsARSuppliesGoods-on-processInventoriesExamples of non-current asset:LandEquipment/MachinesIntangible assets#AnswerForTrees
8. Which of the following statement is not true? Select one: a. A non-accounting graduate may work as a bookkeeper or accountant of a business enterprise. b. A non-CPA may be the chief accountant of a business enterprise. c. A non-CPA may be engaged in public accounting. d. To be a good accountant, one must have mastery of mathematics.
ACCOUNTANT
The statement is not true is being a bookkeeper requires the same kind of training and preparation as being an accountant (A).
What is an Accountant?
An accountant is a specialist in charge of maintaining and deciphering financial records. The majority of accountants handle a variety of financial activities for both their individual clients and the larger enterprises and organizations that hire them.
The word "accountant" is frequently used in connection with a number of other terms, which can make it unclear what this profession actually includes. For instance, although the terms "accountant" and "bookkeeper" are frequently used interchangeably, they have some significant distinctions.
Bookkeepers often focus on tracking financial transactions and have at least an associate degree. Contrarily, accountants are entrusted with understanding financial data rather than just gathering it and normally hold at least a bachelor's degree in accounting.
In other words, not all bookkeepers are accountants, but some accountants can also be bookkeepers.
Additionally, an accountant who has passed the CPA exam and fulfilled state licensure criteria is referred to as a certified public accountant (CPA). As a result, while all accountants and CPAs are professionals in their fields.
The term "accounting" is broad and covers a wide range of positions and responsibilities inside corporations. Public accountants, management accountants, and government accountants are the three primary categories of accountants, and each one focuses on a particular area of the industry. The roles of internal and external auditors are interconnected.
GIVEN
Which of the following statement is not true? Select one:
a. A non-accounting graduate may work as a bookkeeper or accountant of a business enterprise.
b. A non-CPA may be the chief accountant of a business enterprise.
c. A non-CPA may be engaged in public accounting.
d. To be a good accountant, one must have a mastery of mathematics.
Solution:
Being a bookkeeper requires the same kind of training and preparation as that being an accountant. A non-accounting graduate may work as a bookkeeper or accountant of a business enterprise.Learn more about accountants here:
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9. pakisagutan report ko account pag non sense
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10. 1. Do you agree accounting is vital of the success of a business? 2. Do you think that non-financial information still useful in the accounting process?
Answer:
yes
Explanation:
i agree because this the non financial is Harding works
11. Subject: Fundamentals of Accounting1. The accounting cycle is a seriesof non-recurring steps or processes that span from the star to the end of a particular accounting period.2. A transaction is not a business transaction it it does not affect the accounting equation.^^^True or False
Answer:
true
false
i hope it helps
pa brainly po
12. True or False:1. Accounting is an art of recording keeping.2. Consistency is one of the accounting concepts. 3. Accounting is concerned with both monetary and non-monetary transactions? 4. Joint venture follows the going concern concepts. 5. Financial statements are part of Accounting.
[tex]\huge \colorbox {violet}{ANSWER:}[/tex]
1.False
-Because accounting is not an art or recording.
2.True
-Because Consistency is one of the accounting that most important.
3.True
-Because a monetary and non-monetary transaction occurs.
4.False
-Because never can join venture follows the concepts.
5.False
-Because Financial Statements is example of recording not Accounting.
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13. ANOUNCEMENT NON-SINCE QUESTION WILL BE REPRTED AND IT BE YOUR ACCOUNT WILL BAND. SO minimise YOUR NON-SINCE.
Answer:
okay thanks for the anouncement
Explanation:
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14. Type account that refer to as debt of the company and requires real property as a collateral to secure the loan what the account title?the element of sfp? and its current or non current?
Answer:
Questions po meton po ba??
15. non sense report account
Answer:
[tex]sana \: makatulong[/tex]
16. which of the following is not a broad subdivision within the accounting professionala.government and non profit accountingb.manage accountingc.accounting educationd.management advisory service
Answer:
Because B yung answer ko sa modules ko, same lang us question eh
17. 1. Provide the following account titles and define each; a. Five account titles for current asset b. Three account titles for non-current asset c. Five account titles for current liability d. Three account titles for non-current liability e. Three account titles for owner's equity
Answer:
b. Three account titles for non-current asset
Explanation:
Current assets are assets that are expected to be converted to cash within a year.
18. 5 examples of non accountable transactions
Answer:
1. By definition, a nonaccountable plan is one that does not meet the requirements of an accountable plan. Routinely these plans involve the employer providing a set amount, or an allowance, to the employee for travel. The employee does not account to the employer for the expenditure of these funds.
2. not accountable or answerable legally nonaccountable. 2 : not required to be accounted for nonaccountable expenses : not requiring something to be accounted for a nonaccountable expense plan.
3. A non-accountable plan is a reimbursement plan or policy which does not meet all the requirements for an accountable plan. Amounts paid under a non-accountable plan are income to the employee and must be included in wages with appropriate tax withholdings.
4. For accountable plans, the reimbursement or excess amount is excluded from income and is not subject to withholding taxes. In non-accountable plans, the reimbursement or excess amount is included in income and subject to withholding taxes.
5. Money provided to employees in a non-accountable plan is considered taxable income and should appear on an employee's W-2.
19. Activity 1.1.2. Classify MeFor you to advance your learning and understanding of the Statement of FinancialPosition, you have to gradually learn each of its elements and components. Classifythe following accounts whether they are assets, liability, or equity accounts. Forasset and liability accounts, classify whether they are current or non-current.ELEMENTLiabilityCLASSIFICATION7 CurrentACCOUNTSEx. Accounts PayableAccounts Receivable
Activity 1.1.2. Classify Me
For you to advance your learning and understanding of the Statement of Financial
Position, you have to gradually learn each of its elements and components. Classify
the following accounts whether they are assets, liability, or equity accounts. For
asset and liability accounts, classify whether they are current or non-current.
ELEMENT
Liability
CLASSIFICATION
7 Current
ACCOUNTS
Ex. Accounts Payable
Accounts Receivable
20. example of non accountable events
Answer:
Non accountable transaction example
For example, if an employer were to give an employee $500 to cover the cost of meals while away on a business trip, under a non-accountable plan, the employee could eat inexpensive food for every meal and pocket the savings.
Step-by-step explanation:
pa brainliest namn po
Answer:
For example, if an employer were to give an employee $500 to cover the cost of meals while away on a business trip, under a non-accountable plan, the employee could eat inexpensive food for every meal and pocket the savings.
Step-by-step explanation:
Plss BRANIEST ME
21. how does the accounting equation help the non-businessman in their daily lives?
Answer:
In our daily lives, we use our cash to pay for our bills or our groceries, and the moment we entered the Accounting field, we start to recognize that the accounting equation is a part of our daily lives as a student and as a consumer.
22. For a non-monetary exchange of plant assets, accounting recognition should not be given to:
Answer:
pang points lang
Explanation:
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23. Activity II A. CURRENT OR NON-CURRENT. Determine whether each assets account is CURRENT OR NON-CURRENT. 1. Cash and cash equivalents 2 Accounts receivablepahelppp ako
Step-by-step explanation:
makikita sa ibaba Ang ibat iBang solid na may nakalagay na sukat.kilalanin Ang mga unit Ng sukat Ng volume na ginagamit sa bawat pigura sa ibaba.isulat Ang mga sagot mo sa inilaang puwang.ang unang sagot aytem at sinagutan na para sa iyo.
24. 5. Which of the following amount would the non-accounting officesreceive?
Answer:
An accounting transaction is a business activity or event that causes a measurable change in the accounting equation. An exchange of cash for merchandise is a transaction. Merely placing an order for goods is not a recordable transaction because no exchange has taken place. In the coming sections, you will learn more about the different kinds of financial statements accountants generate for businesses.
In the previous section we described specific types of accounts that business activities fall into, namely:
Assets (what it owns)
Liabilities (what it owes to others)
Equity (the difference between assets and liabilities or what it owes to the owners)
These are the building blocks of the basic accounting equation. The accounting equation is:
I'm not sure
25. what are the 10 non-accountable events?
Answer:
Hotdog
Step-by-step explanation:
Hotdog is a great place to work for and it is a great place to work for
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mama mo
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kuya mo
lolo mo
lola mo
tito mo
tita mo
pinsan mo
ambobo nyo
26. Accounts title under non-current liabilities
ACCOUNT TITLE UNDER NON-CURRENT LIABILITIES
Non-Current Liabilities
a. Loans Payable
• This is an amount owed to a creditor. Usually businesses borrowed money from the bank to add its existing capital or they want to start their own business and then repay the bank for the said loan.
b. Mortgage Payable
• This is putting a lien on property by the owner to raise funds to raise funds for any purpose.
C. Notes Payable
• This is an indebtedness put in writing that promises a pay a specific amount of money at future date or on demand
d. Bonds Payable
• This refers to long term agreement between the borrower and the lenders. This is another way of earning income for a business aside from selling of stock.
e. Long term leases
• Rent is recorded in the balance sheet instead in income statement. This should be recorded as rental arrangement.
f. Product warranties
• This will be recorded in the balance sheet when the company expects repair or replace goods sold to customers and obligation extends beyond 12 months from the balance sheet date.
Non-current liabilities
• are liabilities that do not fall ( paid, recognized as revenue) within one year after year –end date. Examples include Notes payable, Loans Payable, Mortgage Payable, etc.
For the meaning of current and non-current liabilities:
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27. Non-guest account meaning
Answer:
a non-guest account is the record of the financial transactions that take place between a non-resident guest and the hotel
Explanation:
28. Accounting deals with both financial and non-financial informationtrue or false?
Answer: TRUE
Explanation: One simple definition of management accounting is the provision of financial and non-financial decision-making information to managers. In other words, management accounting helps directors inside an organization to make decisions. This can also be known as cost accounting.
29. What is an Emotional Bank Account? (Copied/Plagiarism/Non-sense= Report)
Answer:
An Emotional Bank Account is similar to a regular bank account. You make deposits or withdrawals in both. However, an Emotional Bank Account is built on trust, not money. Deposits build and repair trust. Withdrawals break down and lessen trust. Small acts of kindness are deposits in others' Emotional Bank Account.
Explanation:
(Hope it helps :D, #CarryOnLearning!!)
30. Which of the following accounts is a non-current liability
Noncurrent liabilities are long-term financial obligations listed on a company’s balance sheet that are not due within the present accounting year, such as long-term borrowing, bonds payable and long-term lease obligations. Investors are interested in a company's noncurrent liabilities because they want to see that it does not have too much debt relative to its cash flow.
