Other Payables And Other Receivables
Akopọ
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.
Awọn Afojusun
- 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.
Akọ̀wé Ẹ̀kọ́
O wa lori ohun elo Green Bridge
Gba ohun elo Green Bridge CBT sori foonu tabi kọmputa rẹ lati ri awọn akọsilẹ ẹkọ ni kikun, awọn ibeere adaṣe, ati diẹ sii.
Ìdánwò Ẹ̀kọ́
Oriire fun ipari ẹkọ lori Other Payables And Other Receivables. Ni bayi ti o ti ṣawari naa awọn imọran bọtini ati awọn imọran, o to akoko lati fi imọ rẹ si idanwo. Ẹka yii nfunni ni ọpọlọpọ awọn adaṣe awọn ibeere ti a ṣe lati fun oye rẹ lokun ati ṣe iranlọwọ fun ọ lati ṣe iwọn oye ohun elo naa.
Iwọ yoo pade adalu awọn iru ibeere, pẹlu awọn ibeere olumulo pupọ, awọn ibeere idahun kukuru, ati awọn ibeere iwe kikọ. Gbogbo ibeere kọọkan ni a ṣe pẹlu iṣaro lati ṣe ayẹwo awọn ẹya oriṣiriṣi ti imọ rẹ ati awọn ogbon ironu pataki.
Lo ise abala yii gege bi anfaani lati mu oye re lori koko-ọrọ naa lagbara ati lati ṣe idanimọ eyikeyi agbegbe ti o le nilo afikun ikẹkọ. Maṣe jẹ ki awọn italaya eyikeyi ti o ba pade da ọ lójú; dipo, wo wọn gẹgẹ bi awọn anfaani fun idagbasoke ati ilọsiwaju.
- 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
O wa lori ohun elo Green Bridge
Gba ohun elo Green Bridge CBT sori foonu tabi kọmputa rẹ lati ri awọn akọsilẹ ẹkọ ni kikun, awọn ibeere adaṣe, ati diẹ sii.
O wa lori ohun elo Green Bridge
Gba ohun elo Green Bridge CBT sori foonu tabi kọmputa rẹ lati ri awọn akọsilẹ ẹkọ ni kikun, awọn ibeere adaṣe, ati diẹ sii.
Awọn Iwe Itọsọna Ti a Gba Nimọran
Ṣe Adaṣe Awọn Ibeere Idanwo Adaṣe
Ṣe o fẹ ṣe adaṣe awọn ibeere idanwo adaṣe nipa Other Payables And Other Receivables? Ṣe igbasilẹ ohun elo Green Bridge CBT lati wọle si awọn ibeere idanwo adaṣe ati awọn ayẹwo adaṣe kikun fun koko-ọrọ yii.
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