Other Payables And Other Receivables
Muhtasari
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.
Malengo
- 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.
Maelezo ya Somo
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.
Tathmini ya Somo
Hongera kwa kukamilisha somo la Other Payables And Other Receivables. 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.
Tumia sehemu hii ya tathmini kama fursa ya kuimarisha uelewa wako wa mada na kubaini maeneo yoyote ambapo unaweza kuhitaji kusoma zaidi. Usikatishwe tamaa na changamoto zozote utakazokutana nazo; badala yake, zitazame kama fursa za kukua na kuboresha.
- 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
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.
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
Fanya Mazoezi ya Maswali ya Majaribio
Ungependa kufanya mazoezi ya maswali ya majaribio kuhusu Other Payables And Other Receivables? Pakua programu ya Green Bridge CBT ili kupata maswali ya majaribio na tathmini kamili za mazoezi kuhusu mada hii.
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