Introduction To Bookkeeping: Other Receivables And Payables
Muhtasari
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.
Malengo
- 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
Maelezo ya Somo
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Tathmini ya Somo
Hongera kwa kukamilisha somo la Introduction To Bookkeeping: Other Receivables And Payables. Sasa kwa kuwa umechunguza dhana na mawazo muhimu, ni wakati wa kuweka ujuzi wako kwa mtihani. Sehemu hii inatoa mazoezi mbalimbali maswali yaliyoundwa ili kuimarisha uelewaji wako na kukusaidia kupima ufahamu wako wa nyenzo.
Utakutana na mchanganyiko wa aina mbalimbali za maswali, ikiwemo maswali ya kuchagua jibu sahihi, maswali ya majibu mafupi, na maswali ya insha. Kila swali limebuniwa kwa umakini ili kupima vipengele tofauti vya maarifa yako na ujuzi wa kufikiri kwa makini.
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- 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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Pakua programu ya Green Bridge CBT kwenye simu yako au kompyuta yako ili kupata maelezo kamili ya masomo, maswali ya mazoezi, na mengi zaidi.
Inapatikana kwenye programu ya Green Bridge
Pakua programu ya Green Bridge CBT kwenye simu yako au kompyuta yako ili kupata maelezo kamili ya masomo, maswali ya mazoezi, na mengi zaidi.
Vitabu Vinavyopendekezwa
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Ungependa kufanya mazoezi ya maswali ya majaribio kuhusu Introduction To Bookkeeping: Other Receivables And Payables? Pakua programu ya Green Bridge CBT ili kupata maswali ya majaribio na tathmini kamili za mazoezi kuhusu mada hii.
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