Introduction To Bookkeeping: Other Receivables And Payables
Gbogbo ọrọ náà
Not every amount a business owes, or is owed, comes from buying and selling goods. Rent, insurance, electricity and commission rarely fall due on the last day of the accounting year, so at any year end a business is almost always sitting on a small pile of 'other' receivables and payables that have nothing to do with its trade receivables and trade payables ledgers.
In this lesson you will learn what accrued and prepaid expenses and income are, why the accruals concept requires them, and how to record each one correctly in a ledger account using double entry.
Ebumnobi
- Explain why it is necessary to account for other receivables and payables
- Distinguish between other receivables and payables
- Calculate and record other receivables and payables in the books of account
Maapụ uche
E seela isiokwu a ka ị hụ otu echiche si ejikọta.
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Akwụkwọ Ọmụmụ
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Nnyocha Ọmụmụ
Ekele diri gi maka imecha ihe karịrị na Introduction To Bookkeeping: Other Receivables And Payables. 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.
- A business pays $12,000 in rent during the year. At the year end, a further $2,000 is owed for the final month, not yet paid. What is the rent expense for the year? A) $10,000 B) $12,000 C) $14,000 D) $2,000 Answer: C
- Insurance paid during the year is $5,000, of which $600 relates to the next accounting period. What is this year's insurance expense? A) $5,600 B) $4,400 C) $600 D) $5,000 Answer: B
- Which of the following best describes accrued income? A) Income received but not yet earned B) Income earned but not yet received C) Income neither earned nor received D) Income received twice Answer: B
- A business receives $8,000 in commission during the year, of which $500 relates to work not yet performed. What is this year's commission income? A) $8,500 B) $7,500 C) $500 D) $8,000 Answer: B
- On the statement of financial position, an accrued expense is shown as: A) A non-current asset B) A current asset C) A current liability D) Capital Answer: C
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Ị chọrọ ime ajụjụ ule ọmarịcha gbasara Introduction To Bookkeeping: Other Receivables And Payables? Budata ngwa Green Bridge CBT iji nweta ajụjụ ule ọmarịcha na nyocha zuru ezu gbasara isiokwu a.
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