Final Accounts of Sole Trader

A situation where a sole trader pays more for a business expense than they should for an accounting period is referred to as ....

• Amounts Receivable

• Accrual

• Amounts Payable

• Advanced Expenses

A situation where a sole trader pays less for a business expense than they should for an accounting period is referred to as ....

• Amounts Receivable

• Prepayment

• Amounts Payable

• Deferred Expenses

Examples of business expenses faced by a sole trader are

• Rent,. Telephone, Discount Received

• Rent, Advertising, Depreciation

• Bad Debt, Depreciation and Purchases

• Carriage In, Discount Allowed and Commission Received

Amounts Payable at the end of an accounting period are recorded in the Statement of Financial Position as

• Current Assets

• Current Liabilities

• Non-Current Liabilities

• Non-Current Assets

Amounts Receivable at the end of an accounting period are recorded in the Statement of Financial Position as

• Current Assets

• Current Liabilities

• Non-Current Liabilities

• Non-Current Assets

Depreciation is a

• Business Expense

• Current Asset

• Current Liability

• Other Income

The calculation for depreciation is

• (Cost of Non-Current Asset - Provision for Depreciation) X % Depreciaton

• NBV of Non-Current Asset X % Depreciation

• Cost of Non-Current Asset + Depreciation

• Cost of Non-Current Asset X % Depreciation

When a Non-Current Asset is reduced in value by an equal amount each year this is called

• Equal Depreciation

• Straight-Line Depreciation

• Reducing Balance Depreciation

• Instalment Depreciation

The fall in value of an asset is referred to as

• Scrap Value

• Wear and Tear

• Net Book Value

• Depreciation

Items of value that are likely to be in use by a business for several years are referred to as

• Non-Current Liabilities

• Current Liabilities

• Current Assets

• Non-Current Assets