Other Payables And Other Receivables
Gbogbo ọrọ náà
A business pays its bills on its own timetable, not the calendar's. The electricity bill arrives after the power has been used; a year's insurance is paid in one lump up front. So when the financial year ends, some expenses have been used but not yet paid, and some have been paid but not yet used. The same happens with income. If we simply counted the cash that changed hands, the profit would be wrong. Other payables and other receivables are the year-end adjustments that fix this, so each year is charged only with what truly belongs to it.
In this lesson you will apply the matching (accruals) concept to both expenses and income. You will learn to handle accrued expenses, prepaid expenses, accrued income and income received in advance, write up the ledger accounts that carry the balances forward, and place each balance correctly as a current asset or current liability. These adjustments are among the most reliable marks in the exam once the method clicks.
Ebumnobi
- the importance of matching costs and revenues.
- how to apply the matching / accruals concepts by using accruals and pre-payments.
- how to prepare journal entries and ledger accounts to record accrued and prepaid expenses.
- how to prepare journal entries and ledger accounts to record accrued and prepaid incomes.
Nkuzi Olu
Gee ntị na nkuzi a na ngwa
Maapụ uche
E seela isiokwu a ka ị hụ otu echiche si ejikọta.
Mepee maapụ uche na ngwa
Kaadị ncheta
Omume ncheta ngwa ngwa n'ihe a na-anwale n'isiokwu a.
Mee omume kaadị ndị a na ngwa
Akwụkwọ Ọmụmụ
Ndetu Nkuzi Zuru Ezu di na Ngwa Green Bridge
Nweta ngwa Green Bridge CBT na ekwenti gi ma o bu kompiuta maka ulo akwukwo IGCSE zuru oke: akwukwo ule ndi gara aga, usoro nyocha, eserese uche, kaadi omumu na nkuzi olu.
Nnyocha Ọmụmụ
Ekele diri gi maka imecha ihe karịrị na Other Payables And Other Receivables. Ugbu a na ị na-enyochakwa isi echiche na echiche ndị dị mkpa, ọ bụ oge iji nwalee ihe ị ma. Ngwa a na-enye ụdị ajụjụ ọmụmụ dị iche iche emebere iji kwado nghọta gị wee nyere gị aka ịmata otú ị ghọtara ihe ndị a kụziri.
Ị ga-ahụ ngwakọta nke ụdị ajụjụ dị iche iche, gụnyere ajụjụ chọrọ ịhọrọ otu n’ime ọtụtụ azịza, ajụjụ chọrọ mkpirisi azịza, na ajụjụ ede ede. A na-arụpụta ajụjụ ọ bụla nke ọma iji nwalee akụkụ dị iche iche nke ihe ọmụma gị na nkà nke ịtụgharị uche.
Jiri akụkụ a nke nyocha ka ohere iji kụziere ihe ị matara banyere isiokwu ahụ ma chọpụta ebe ọ bụla ị nwere ike ịchọ ọmụmụ ihe ọzọ. Ekwela ka nsogbu ọ bụla ị na-eche ihu mee ka ị daa mba; kama, lee ha anya dị ka ohere maka ịzụlite onwe gị na imeziwanye.
- How is an accrued expense shown in the statement of financial position? A. As a current asset B. As a current liability C. As a non-current asset D. It is not shown Answer: B
- A business paid $2 000 for rent during the year. At the year-end $300 of rent was still owing. What is the rent charged to the income statement? A. $1 700 B. $2 000 C. $2 300 D. $300 Answer: C
- A business paid $1 200 for insurance on 1 October. Its year ends on 31 December. How much insurance is charged to the income statement? A. $1 200 B. $900 C. $300 D. $400 Answer: C
- Rent received during the year was $4 800, of which $400 relates to next year. What is credited to the income statement? A. $5 200 B. $4 800 C. $4 400 D. $400 Answer: C
- Which item is a current asset (an other receivable)? A. An accrued expense B. Income received in advance C. A prepaid expense D. An amount owed to a supplier Answer: C
Rue ajuju ndi a n'ime ngwa ahu
Rue ajuju ndi a n'ime ngwa ahu
Akwụkwọ A Na-atụ Aro
Mụtakwuo ihe site na isi mmalite mepere emepe
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Akụkụ akwụkwọ
Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
"Principles of Accounting, Volume 1: Financial Accounting: Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries" by OpenStax, OpenStax, Rice University, licensed under CC BY-NC-SA 4.0 (https://creativecommons.org/licenses/by-nc-sa/4.0/). Source: https://openstax.org/books/principles-financial-accounting/pages/4-2-discuss-the-adjustment-process-and-illustrate-common-types-of-adjusting-entries. Access for free at https://openstax.org/books/principles-financial-accounting/pages/1-introduction
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Akụkụ akwụkwọ
Record and Post the Common Types of Adjusting Entries
"Principles of Accounting, Volume 1: Financial Accounting: Record and Post the Common Types of Adjusting Entries" by OpenStax, OpenStax, Rice University, licensed under CC BY-NC-SA 4.0 (https://creativecommons.org/licenses/by-nc-sa/4.0/). Source: https://openstax.org/books/principles-financial-accounting/pages/4-3-record-and-post-the-common-types-of-adjusting-entries. Access for free at https://openstax.org/books/principles-financial-accounting/pages/1-introduction
Ndị otu ndị ọzọ bipụtara ha n'okpuru ikike mepere emepe, anyị na-ekele ha dị ka ha si chọọ. Njikọ na-emepe saịtị ha.
Meecha Ajụjụ Ule Ọmarịcha
Ị chọrọ ime ajụjụ ule ọmarịcha gbasara Other Payables And Other Receivables? Budata ngwa Green Bridge CBT iji nweta ajụjụ ule ọmarịcha na nyocha zuru ezu gbasara isiokwu a.
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