Solution-Find which section in the statement of financial

Find which section in the statement of financial position

Assignment Help Financial Accounting

Reference no: EM132906684

Problem 1: Included in the rent expense of R52 500 for the financial year ended 31 March 200X is an amount of R42 000 paid for the period 1 January 200X to 31 December 200X. Assume that the rent expense was incurred in equal amounts over the period. The adjusting journal entry will be as follows:

A. Dr Prepaid rent, R10 500; Cr Rent expense, R10 500.
B. Dr Prepaid rent. R31 500; Cr Rent expense, R31 500.
C. Dr Rent expense, R10 500; Cr Prepaid rent, R10 500.
D. Dr Rent expense, R31 500; Cr Prepaid rent, R31 500.

Problem 2: When income is still owing to an entity for the current financial period, the adjusting journal entry will be as follows:

A. Dr Income; Cr Accrued Income.
B. Dr Accrued income; Cr Income.
C. Dr Income; Cr Bank.
D. Dr Bank; Cr Accrued income.

Problem 3: Accrued income is shown under which section in the statement of financial position?

A. Non-current assets.
B. Current assets.
C. Non-current liabilities.
D. Current liabilities

Problem 4: When calculating profit or loss for the year, the following will be taken into account: Income for the current period Expenses for the current period Accrued income for the current period Prepaid expenses for the current period

A. True
B. False

Reference no: EM132906684

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Find which section in the statement of financial position

Reference no: EM132906684

Reference no: EM132906684

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