Development Of The Accounting Model
Gbogbo ọrọ náà
A shopkeeper pays a year's insurance in November. Should the whole payment be an expense of this year, when only two months of cover have been used? A delivery van bought for $40 000 four years ago is still on the road. Is it still worth $40 000? Goods costing $5 000 are now damaged and could only be sold for $3 000 after repairs of $500. What figure goes in the accounts? None of these questions has an answer you can find by looking at a receipt.
They are decided by a set of agreed rules, and this topic is those rules and the entries they produce. You will meet the ten accounting concepts the specification names, learn to separate capital expenditure from revenue expenditure, adjust ledger accounts for amounts owing and prepaid at each end of the year, provide for debts that will never be collected, and account for the wearing out and eventual sale of the assets a business uses to trade.
Ebumnobi
- General accounting concepts used in the preparation of accounting records.
- The use of accounting concepts in a variety of situations.
- The recording of adjustments in ledger accounts.
- Accounting for capital and revenue expenditure and income.
- Accounting for depreciation and disposal of non-current assets.
- Make entries for simple adjustments for other payables and other receivables in ledger accounts and in income statements and statements of financial position. Make entries for irrecoverable debts in the trade receivables ledger and financial statements.
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Akwụkwọ Ọmụmụ
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Nnyocha Ọmụmụ
Ekele diri gi maka imecha ihe karịrị na Development Of The Accounting Model. 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.
- Which accounting concept requires goods taken by the owner for personal use to be recorded as drawings? A. Business entity B. Going concern C. Materiality D. Realisation Answer: A
- A machine costing $50 000 is depreciated at 20% per annum using the reducing balance method. What is the depreciation charge in the second year? A. $8 000 B. $10 000 C. $18 000 D. $20 000 Answer: A
- Which item is capital expenditure? A. Annual insurance of a delivery vehicle B. Legal fees on the purchase of premises C. Repainting the office D. Wages of the delivery driver Answer: B
- A business owed $400 for wages at the start of the year and $650 at the end of the year. It paid $31 000 in wages during the year. What is the charge to the income statement? A. $29 950 B. $30 750 C. $31 250 D. $32 050 Answer: C
- Which concept requires inventory to be valued at the lower of cost and net realisable value? A. Consistency B. Duality C. Materiality D. Prudence Answer: D
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Ị chọrọ ime ajụjụ ule ọmarịcha gbasara Development Of The Accounting Model? Budata ngwa Green Bridge CBT iji nweta ajụjụ ule ọmarịcha na nyocha zuru ezu gbasara isiokwu a.
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