About the contra-revenue account

Assignment Help Financial Accounting
Reference no: EM13753351

Which of the following accounts is not a contra-revenue account?

Sales discounts

Credit card discounts

Sales returns and allowances

Allowance for doubtful accounts

Reference no: EM13753351

Questions Cloud

Describes the effect of recording the collection : Which of the following statements correctly describes the effect of recording the collection of a $10,000 account receivable for which a 2% sales discount was recorded at the time of collection?
What shortcomings do you see in the bureaucracy : How did you come in contact with the bureaucracy and what shortcomings do you see in the bureaucracy?
Describe the scope of the project and control measures : Describe the scope of the project and control measures. Describe the goals and objectives of the project. Include a high-level overview of all project deliverables
Describe the allowance for doubtful accounts balance : Which of the following statements does not correctly describe the allowance for doubtful accounts balance?
About the contra-revenue account : Which of the following accounts is not a contra-revenue account?
Perform a test that will compare all 4 means at once : Test whether the four means are equal at the 5% level of significance and Perform a test that will compare all 4 means at once
Uses a job order costing system : Drake Consulting uses a job order costing system, in which each client is a different job. Drake assigns direct labor, daily per diem, and travel cost directly to each job. It allocates indirect costs to jobs based on a predetermined overhead allocat..
Possible capital project using the npv method : The finance department of a large corporation has evaluated a possible capital project using the NPV method, the Payback Method, and the IRR method. The analysts are puzzled, since the NPV indicated rejection, but the IRR and Payback methods both ..
How continual infusion of immigrants contributed to swelling : Explain how continual infusion of immigrants contributed to the swelling numbers in America% cities, a. how this urbanization contrib.. to what is called the 'market revolution.'

Reviews

Write a Review

Financial Accounting Questions & Answers

  Illustrate what is the effect of the distribution by tulip

During the year, Tulip distributes $600,000 ($300,000) each to its equal shareholders, Anne and Tom. Anne has a basis in her stock of $65,000, while Tom’s basis is $120,000. Illustrate what is the effect of the distribution by Tulip Corporation on..

  What happens to cardinal e&p and general business credit

What basis will Wren have in the marketable securities and unimproved land it receives in the liquidation? What happens to Cardinal’s E&P and general business credit carryover?

  Operating activity and investing activity

The cash flow statement categorizes like transactions for optimal reporting - Operating activity and Investing activity (I)

  Statement of revenues and expenses - deferral method

Using the deferral method, prepare a statement of revenues and expenses and a statement of changes in net assets for Wise Owls for 20X1.

  Determine cash collections

Ranger Corp. had a beginning balance in accounts receivable of $70,000 and an ending balance of $91,000. Sales during the period were $483,000. Determine cash collections.

  How would a negative bank balance be listed in trial balance

How would a negative bank balance be listed in a Trial Balance? Is there an ethical issue in this situation? Do you approve or disapprove of Jason Henson's management of Better Days Ahead's funds?

  Define comprehensive budgeting

Watson uses four units of direct material in each finished unit. The direct material price has been stable and is expected to remain so over the next six months. Management wants to maintain the ending direct materials inventory at 60% of the f..

  Carlton ltd has prepared draft

The financial accountant of Carlton Ltd has prepared draft financial statements for the year ended 30 June 2014 but is unsure about the tax calculations.

  Question 1your finance text book sold 50000 prints in its

question 1your finance text book sold 50000 prints in its first year. the publishing company expects the sales to grow

  Prepare an extract of the income statement

Prepare an extract of the Income Statement to show how Gross Profit would be calculated for the year ended 31st December, under a periodic system using the First in First Out (FIFO) Valuation Method.

  Revenue cycle used in a database for accounting cycle

Prepare at least two tables, using Revenue cycle that would be used in a database for accounting cycle.

  Journalize the march transactions

Journalize the March transactions - Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd