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10 Cards in this Set
- Front
- Back
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The opening accrual balance should be on what side of the expense account?
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The credit side
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The adjustment for an increase in doubtful debts is?
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Dr Allowance DD adj
Cr Allowance for DD |
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Why shouldn't the rate of depreciation be changed without good cause? Concept?
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Consistency concept
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Why is my calculator not on the balance sheet?
Concept? |
Materiality concept
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Why do we have the drawings and capital accounts?
Concept? |
Business entity concept
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Name the four main objectives of FRS 18 when preparing accounts
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Relevant
Reliable Understandable Comparable |
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How is reducing balance depreciation calculated?
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Net book value
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An asset cost £30,000 with a scrap value of £4,000. It is expected to last for 4 years. What is the annual depreciation charge?
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£6,500
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The closing prepayment should be on which side of the expense account?
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Credit
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The lower the closing stock value the ? the profit?
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Lower
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