
FAPS Lesson 4 - Starter
Quiz
•
Professional Development
•
Professional Development
•
Practice Problem
•
Easy
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6 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
From the options below, which one best describes the accruals concept in accounting?
Income and expenditure should be matched to the period they relate to and not when the cash/payment is received
Income and expenditure should only be shown in the financial statements when the cash/payment is received
Sales revenue and purchases for the financial year should be shown in both financial statements
Income and expenditure should never be shown in the financial statements -regardless of whether the accruals concept is used
2.
MATCH QUESTION
1 min • 1 pt
Match the following terms to the example provided
Accrued expense
Commission received is due for the sale of an item but has not been received yet
Accrued income
Rent for a future period (outside of the financial year) has been paid in advance
Prepaid expense
A service business has received payment for a maintenance contract (outside of the financial year) that has yet to be completed
Prepaid income
A bill for electricity has been received at the end of a financial year - this has not been paid yet
3.
DROPDOWN QUESTION
1 min • 1 pt
A business has a financial year end of 31 March 20X3. An electricity bill has been received for the quarter ending May 20X3. The total amount is £300.
When adjusting for the end of year accounts for 31 March 20X3. This will require an adjustment for (a) as this is a type of (b)
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
True of false:
The prepaid expenses account would be categorised as an asset in the statement of financial position
True
False
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
True of false:
The accrued income account would be categorised as a liability in the statement of financial position
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True of false:
The prepaid income account would be categorised as an asset in the statement of financial position
True
False
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