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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| Purpose of a balance day adjustment: | show 🗑
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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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| show | stock gain __ prepaid revenues __ accrued revenues
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| prepaid revenue: | show 🗑
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| show | CRJ: sundries column
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| show | CL as it represents a present obligation that is expected to result in an outflow of economic benefits when the good/service is supplied sometime in the next 12 months.
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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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| show | A- ___ L - Decrease (prepaid R) __ OE - increase (R increases NP)
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| show | new product is released, and customers pay in advance to ensure they are among the first to own the item. ___ customer pays a deposit item in order to secure the sale.
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| show | A-increase (bank) __ L - increase prepaid sales R _ OE-
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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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| In CRJ or Sales Journal why doesn’t GST figure = 10% of figure recorded in sales column? | show 🗑
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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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| 3 differences between recording a cash sale involving a deposit and recording a credit sale involving a deposit. | show 🗑
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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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| Distinguish between accrued R and debtors: | show 🗑
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| GJ entires to record BDA for accrued R: | show 🗑
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| Narration for BDA for accrued R: | show 🗑
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| show | A: increase (Accrued R __ L - __ OE increase (incr Rev increases NP)
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| why the receipt of accrued R in a subsequent period requires the receipt to be split in the CRJ? | show 🗑
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| Effect of receipt of acc R in a subsequent period on the ac eq: | show 🗑
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| AP: why only sometimes part of rent received I recognised as revenue for RP: | show 🗑
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| AP: Why deposit is not recognised as R for period it is received in? | show 🗑
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| show | hard to classify: not O (day-day trading activity), not F (change in firm’s financial structure), not I (not NCA - under 12 months?) However, it is an investment (to generate interest R), reporting it as I = useful for decision-making.
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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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| show | Under-depreciation due to overstated useful life/residual value___ Lack of demand due to damage OR obsolescence
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| Purpose of closing ledgers: | show 🗑
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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