Accounting For End Of Period Adjustments: Other Receivables And Payables
Gbogbo ọrọ náà
Working out an accrual or a prepayment in a ledger account is only half the job. The figure then has to land in exactly the right place: the correct line of the income statement, and the correct section of the statement of financial position. Get the placement wrong and a perfectly calculated adjustment still produces a wrong set of financial statements.
In this lesson you will learn how accrued and prepaid amounts are presented in the income statement and the statement of financial position, and, just as importantly, what happens to reported profit when one of these adjustments is missed altogether.
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.
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 Accounting For End Of Period Adjustments: 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 paid $9,200 for electricity during the year and owed a further $2,400 at the year end. What figure appears in the income statement? A) $9,200 B) $2,400 C) $6,800 D) $11,600 Answer: D
- A prepaid expense is shown on the statement of financial position as: A) A current asset B) A current liability C) A non-current asset D) Capital Answer: A
- A business omits an accrued expense from its year-end accounts. What is the effect on reported profit? A) Profit is understated B) Profit is overstated C) Profit is unaffected D) Profit becomes a loss Answer: B
- A business omits accrued income from its year-end accounts. What is the effect on reported profit? A) Profit is understated B) Profit is overstated C) Profit is unaffected D) Profit becomes a loss Answer: A
- Income received in advance is classified on the statement of financial position as: A) A current asset B) A non-current liability C) A current liability D) Capital 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
Explain the Concepts and Guidelines Affecting Adjusting Entries
"Principles of Accounting, Volume 1: Financial Accounting: Explain the Concepts and Guidelines Affecting 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/4-1-explain-the-concepts-and-guidelines-affecting-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 Accounting For End Of Period Adjustments: 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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