FAPS Lesson 4 - Starter

FAPS Lesson 4 - Starter

Professional Development

6 Qs

quiz-placeholder

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FAPS Lesson 4 - Starter

FAPS Lesson 4 - Starter

Assessment

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

Prepaid expense

Commission received is due for the sale of an item but has not been received yet

Accrued expense

Rent for a future period (outside of the financial year) has been paid in advance

Prepaid income

A bill for electricity has been received at the end of a financial year - this has not been paid yet

Accrued income

A service business has received payment for a maintenance contract (outside of the financial year) that has yet to be completed

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)  

£100
accrued expense
£200
£300
£0
prepaid expense
accrued income
prepaid income

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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