Question

Please circle to indicate your answer to the following questions: In an accrual the cash event...

Please circle to indicate your answer to the following questions:

  1. In an accrual the cash event takes place before or after the income statement event?
  2. In a deferral the cash event takes place before or after the income statement event?
  3. Give an example of a deferred asset.
  4. Give an example of a deferred liability.
  5. Give an example of an accrued asset.
  6. Give an example of an accrued liability.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Sr. No particulars Answer
1 In an accrual the cash event takes place before or after the income statement event? After
2 In a deferral the cash event takes place before or after the income statement event Before
3 Give an example of a deferred asset. Deferred tax asset
4 Give an example of a deferred liability. Deferred tax liability
5 Give an example of an accrued asset. Accrued interest income
6 Give an example of an accrued liability. Accrued/unpaid interest expenses
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
For each of the following select Yes or No. 6. An accrual means that revenue or...
For each of the following select Yes or No. 6. An accrual means that revenue or expense is recognized: Before cash is received or paid (yes/no). After cash is received or paid (yes/no). 7. An accrued revenue means: Revenue is earned (yes/no). Cash is received (yes/no). 8. An accrued expense means: Expense is incurred (yes/no). Cash is paid (yes/no). 9  A deferral means that revenue or expense is recognized: Before cash is received or paid (yes/no). After cash is received or...
For each item below, indicate whether it involves: (1) A temporary difference that will result in...
For each item below, indicate whether it involves: (1) A temporary difference that will result in future deductible amounts and, therefore, will usually give rise to a deferred income tax asset. (2) A temporary difference that will result in future taxable amounts and, therefore, will usually give rise to a deferred income tax liability. (3) A permanent difference. Use the appropriate number to indicate your answer for each. (a)____ Estimated losses on pending lawsuits and claims are accrued for books....
Please complete the following discussion questions: 1- Explain the difference between cash and accrual accounting 2-...
Please complete the following discussion questions: 1- Explain the difference between cash and accrual accounting 2- Explain why net income results in an increase in owner’s equity? 2- What are the enhancing qualitative characteristics of financial information?
1) Interest from tax exempt municipal bonds is an example of a temporary difference which will...
1) Interest from tax exempt municipal bonds is an example of a temporary difference which will result in a deferred tax liability. (answer True or False) 2) Warranty expense accrued on the income statement but not yet deducted on the tax report is an example of a temporary difference which will give rise to a deferred tax asset. (answer True or False) 3) Income tax payable is computed by multiplying taxable income by the current tax rate. (answer True or...
What is the Accounting Term to Describe the following type of Accounting Transaction ? Cash is...
What is the Accounting Term to Describe the following type of Accounting Transaction ? Cash is exchanged before any Good or Services is Used or Provided. Group of answer choices *Deferral *Cash Basis *Revenue *Expense *Prepaid *Accrual *Depreciation Operating Income Less Other Income and Expenses will Equal ? Cost of Good Sold Gross Profit Retained Earnings Income Before Income Taxes Net Income
Indicate whether each of the following items would result in net cash flow from operating activities...
Indicate whether each of the following items would result in net cash flow from operating activities being higher (H) or lower (L) than net income. a. Increase in accounts payable b. Amortization expense c. Decrease in accrued liabilities d. Loss on sale of assets e. Decrease in accounts receivable f. Decrease in deferred tax assets g. Increase in deferred revenue h. Decrease in income taxes payable i. Decrease in prepaid expenses
Circle the correct answer. Unearned revenue is? A liability A deferral Both A and B An...
Circle the correct answer. Unearned revenue is? A liability A deferral Both A and B An Accrual Outstanding checks are reconciled by; Deducting the check from the balance per the bank. Adding the check to the balance per the bank. Deducting the check from the balance per the books. Adding the check to the balance per the books. Deposits in transit are reconciled by; Deducting the check from the balance per the bank. Adding the check to the balance per...
3. For each of the following, circle your answer to indicate whether the quantity can never...
3. For each of the following, circle your answer to indicate whether the quantity can never be negative or can sometimes be negative. z score Sometimes, Never t score Sometimes, Never Test Statistic Sometimes, Never Probability Sometimes, Never Sample proportion Sometimes, Never Sample Mean Sometimes, Never Standard Dev. Sometimes, Never P-value Sometimes, Never Significance Level Sometimes, Never
In accrual accounting, which of the following occurs when cash is collected from the customer to...
In accrual accounting, which of the following occurs when cash is collected from the customer to pay off a credit account balance? The cash balance increases, raising income The cash balance decreases, lowering income The cash balance decreases without any impact on income The cash balance increases without any impact on income A corporation purchases oil futures. The company does not hold or purchase oil as an asset. If they had holding gains during the period from these futures, which...
The following information is taken from the operating section of the statement of cash flows (direct...
The following information is taken from the operating section of the statement of cash flows (direct method) of Battery Builders, Inc.: Collections from customers $ 28,000 Payments to suppliers for purchases (13,000 ) Payments for operating expenses (9,000 ) Payments for income taxes (4,000 ) Cash provided by operating activities 2,000 The following information is obtained from the income statement of Battery Builders: Net income $ 4,000 Depreciation expense 4,000 Gain on sale of equipment 2,000 Write-off of intangibles 1,000...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT