1) Are Gains and Losses considered Element accounts of Revenue and Expenses?2) Do they have DR and CR balances?3) How many Elements are there in Accounting, what are they, and what statements do each appear on.

Q: In Accrual-Basis Accounting how can you recognize your Revenues?

A: The accounting based on accrual method refers to recording of revenue and expenses when they are…

Q: Accounting for revenues and expenses - give examples

A: The answer is provided as follows:

Q: Give me an examples of t account for my accounting class.  I need examples with asset, liability…

A: T accounts are the general ledger accounts that is being prepared by the business for posting of…

Q: True or false The income or loss reflected in the Income Statement is the result of the application…

A: The major accounting concepts are enumerated as below : a) Accrual  b) Consistency c) Going concern…

Q: What does the accounting equation show?

A: An accounting equation shows the relationship between Assets, Liabilities and Equity of a entity. It…

Q: What is the income-statement method of accounting

A: An income-statement method is an accounting system wherein the allowance for uncertainty in accounts…

Q: What accounts go on the income statement? How are income statements completed?

A: Income statement is a part of the financial statement which is prepared by an organization. Income…

Q: What are the three primary financial statements with whichwe communicate financial accounting…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: What do the decisions based on accounting information include?

A: Accounting information is the collection and processing of the business transaction to conclude the…

Q: How does expense recognition impact the accounting equation

A: The accounting equation states that assets equal to sum of liabilities and equity.

Q: a) Please give a different example of accruals, and write a numeric example for it with accounting…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: What are the accounts that appear on the revenue statement? What is the procedure for completing…

A: The revenue statement and procedure for completing income statements:

Q: What is accounting? Explain and discuss the accounting standards and assumptions.

A: Accounting is the process of identifying, recording, summarizing, analyzing, interpretation and…

Q: How to balance an accounting equation

A: Accounting equation:   Accounting equation is treated as a basic foundation of the double entry…

Q: What does the balance sheet measure? What is the “Accounting Equation” used in a balance sheet?

A: Financial statements are the reports that indicate the performance of the business during the…

Q: me statement represents the basic accounting equation. True or false?

A: Solution: Basic accounting equation is that Assets are equal to the sum of Liabilities + equity.…

Q: What are the Elements of the accounting equation? Describe about it.

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: (See chart below for the account titles) Identify or classify the different account titles as to…

A: Current assets: It refers to the assets that are used for less than 1 year and can be easily…

Q: Identify the financial statement(s) that the following items appear on. a)interest expense, b)…

A: The Financial Statements consists of: 1- Profit & Loss Account (Income Statement) 2- Balance…

Q: Which of the following is a Components, classification, or element of the balance sheet? Select one:…

A: Balance Sheet is not an account but a statement showing financial position of any…

Q: What is the accounting equation? Briefly explain each of the three parts.

A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…

Q: a) What is the purpose of accounting?  b) List two possible users of accounting information? c)…

A: Introduction: Accounting: Accounting is an art of recording , classifying , summarizing , and…

Q: Real accounts are presented in what formal report?

A: Answer is Balancesheet First What is a real Account? Account which retains its balance untill the…

Q: What are the four types of financial statements and how are they important in accounting?

A: FINANCIAL STATEMENTS ARE THE RECORDS MADE BY A COMPANY THAT CONVEY BUSINESS ACTIVITY AND FINANCIAL…

Q: What do the accounting equation's elements entail? Give an explanation.

A: Accounting equation:  An accounting equation is a tool that creates a link between a company's…

Q: Required: Enter the impact of each transaction on individual items of the accounting equation. minus…

A: Important Accounting Equation Assets = Liabilities + Equity This Equation helps in the Preparation…

Q: The measurement phase of accounting is accomplished by?

A: Accounting is the process of identifying, recording, summarizing and analysing financial information…

Q: What are the accounting measurements (principles and p

A: Accounting principles are the rules and criteria that companies must follow when reporting financial…

Q: c) Where do expenses belong in the accounting equation? How does an increase in an expense affect…

A: Please see Step 2 for required information.

Q: How are financial statements all linked to each other in accounting?

A: Financial statement contains the key financial information regarding a company's performance. There…

Q: How would you define the accounting equation

A: Accounting is described as the process of obtaining, documenting, summarizing, evaluating, and…

Q: "How does adjusting entries affect the six main categories of accounting? Think about what accruals…

A: Adjusting entries:   An adjusting entry is a journal entry prepared by an organization at the end…

Q: Under accrual basis of accounting, revenue is recognized when and expenses are recognized when

A: The answer is option (b.)  [i.e  under accrual basis of accounting, revenue is recognized when…

Q: 1. What is accrual basis of accounting? How is it applied in terms of revenues and expenses?

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: how do I determine were to enter the amount of each transaction on individual items of the…

A: The amount of each transaction on individual items of the accounting equation are enter by following…

Q: Which of the following accounting principles prescribes that a company record its ex- penses…

A: Expense recognition principle says that all expense for the particular period should match with the…

Q: Which of the following is not a proper representation of the accounting equation? Equity = Assets…

A: Total assets should always equal the total of liabilities and equity.

Q: Which of the following is not one of the major groups that make up the balance of payments? O a.…

A: Correct answer is option (c) profit Account.

Q: Which of the given series have the same normal balances in the Accounting Equitation? Select one:…

A: Normal balance is the side of the account where the balance of the account is found. An account can…

Q: What is the difference of basic accounting equation from the expanded accounting equation?

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: Define below accounting terms

A: Equity is the amount of total internal and external funds contributed by shareholders of the…

Q: Which of the following branches of accounting is the original form of accounting? a. Financial…

A: The branches of accounting are 1 Financial accounting 2 Cost accounting 3. Management accounting…