UNIT 4 CH 16
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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show | necessary so that an accurate profit is calculated by comparing revenue earned and expenses incurred in the current RP.
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show | inflow of ec ben (or savings in outflows) in the form of an increase in assets or a reduction in liabilities that leads to an increase in OE.
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State three non-cash revenue items. | show 🗑
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show | revenue received but not yet earned.
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show | CRJ: sundries column
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How prepaid revenue is reported in the Balance Sheet: | show 🗑
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State the effect of a receipt of prepaid revenue on the accounting equation. | show 🗑
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GJ entries necessary to record the BDA for prepaid R earned: | show 🗑
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Narration to record the BDA for prepaid R earned: | show 🗑
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Effect of BDA for prepaid R earned on the ac eq: | show 🗑
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2 situations that may lead to the receipt of a deposit: | show 🗑
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receipt of a deposit effect on ac eq: | show 🗑
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show | DR:Prepaid sales rev __ CR: Sales Rev __ DR (Bank)__CR: Sales Rev and GST C __ DR:COS __CR: SC
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Why doesn’t Deposits recognise GST? | show 🗑
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show | It is 10% of the total Sales figure consisting of deposit (in GJ and CRJ) as well as sale payment, and then later sale in CRJ or SJ… GST equals 10% of the sum of the amounts recorded as sales in both journals.
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show | A: increase (incr bank decr SC) __ L: decrease (decr Prepaid Sales Rev, incr GST C) __ OE: increase (sales Rev less COS = increase in NP)
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show | A credit sale verified by an invoice, cash sale - cash receipt. _ 2 _ credit sale recorded in the Sales Journal, cash sale is recorded in the CRJ _ 3 _ credit sale, incr DC (+ subsidiary ledger account), cash sale, incr Bank.
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show | R that has been earned but not yet received.
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show | CA, a resource controlled by the entity from which future economic benefit is expected to be received (when the cash is received) in the next 12 months.
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show | If customer has goods + invoice, then a credit sale has occurred, and D recognised. If R relates to a transaction other than Sales, and customer has not been sent the invoice, then accrued R has been earned.
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show | DR: accrued x Rev __ CR: Interest R
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Narration for BDA for accrued R: | show 🗑
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Effect of BDA for accrued R on ac eq. | show 🗑
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show | Receipt represents R earned in different periods. Some of the receipt represents R earned (and reported) in a previous RP and is now a reduction in the CA Accrued R, while the remainder represents R earned (and received) in the current RP.
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show | A: increase (incr bank, decr Acc Rev) __ L: ___ OE: increase (incr Rev increases NP)
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AP: why only sometimes part of rent received I recognised as revenue for RP: | show 🗑
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show | Rp: although at x dategoods have not been provided and still owed to the customer, so R has not been earned in that RP. (The goods are owed to the customer, so A (Bank) increases but so does L (prepaid sales) + no increase in OE)
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Cash receipt of Term Deposit fits where into CFS? | show 🗑
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AP: Purpose of BDA: | show 🗑
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What two ledger items are affected by a customer returning damaged rug and then business having to throw rug out: | show 🗑
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4 possible reasons for stock write down: | show 🗑
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2 reasons for loss on disposal of NCA: | show 🗑
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Purpose of closing ledgers: | show 🗑
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