Anh văn chuyên ngành 2 - AC11 (92)

Errors of original entry happen when the entries have been made with the amount being entered wrongly in one account.

The value closing stock has got an effect on the profit for the period.

In the balance sheet, the net profit is added to capital.

Drawings might also take the …….of goods for private use

An accrued expense is shown as an amount due within 1 year in the balance sheet.

A debit balance on the insurance account means that insurance premiums have been paid in advance.

An expense prepayment appears in the balance sheet as a……………..

An accrued expense represents an expense paid in advance.

A prepaid expense is shown as a current asset in the balance sheet.

The prepaid amount is …………..from the figure shown in the trial balance when including the item in the profit and loss account.

An expense accrual appears in the balance sheet as a………..

An income prepayment appears in the balance sheet as a……………