Explanation

Revenue is income, especially when of an organization and of a substantial nature.

Explanation

Returns inwards are goods returned to the selling entity by the customer, such as for warranty claims or outright returns of goods for a credit. For the customer, this results in the following accounting transaction: A debit (reduction) of accounts payable. A credit (reduction) of purchased inventory.

Explanation

Larger number of manager subordinates and higher level manager are termed as broader responsibility center.

Explanation

A manager who is responsible for only cost of company belongs to cost center.

Explanation

Each adjusting entry has a dual purpose: 

to make the income statement report the proper revenue or expense and 

to make the balance sheet report the proper asset or liability.

Explanation

Accounts payable is the money a company owes its vendors, while accounts receivable is the money that is owed to the company, typically by customers.

Explanation

Explanation

The purpose of adjusting entries is to convert cash transactions into the accrual accounting method.

Explanation

Unearned income is income from investments and other sources unrelated to employment. Examples of unearned income include interest from savings accounts, bond interest, alimony, and dividends from stock.

Explanation

Expense is the cost incurred in or required for something.