Year end adjustments _Income Statement

Record the impact that trading stock will have on the financial statements ?

show all workings ,upload a picture of your answer

Evaluate responses using AI:

OFF

Trading stock will be recorded as ?

• trading stock deficit

  under operating expenses

• trading stock surplus

  under other income

Record the rent income in the statement of comprehensive income?

show all working out and upload a picture of your answer.

Evaluate responses using AI:

OFF

Rent Income is ?

• Received in advance for 3 months

• received in advance for 2 months

• accrued/outstanding for 2 months

• accrued or outstanding for 3 months

Record the provision for bad debts in the Statement of Comprehensive income ?

show all workings and upload a picture of your answer.

Evaluate responses using AI:

OFF

Provision for bad debts adjustment is an ?

• INCOME

• EXPENSE

Record the insurance in the Income Statement ?

show all workings and upload a picture

Evaluate responses using AI:

OFF

Insurance is ​ (a)   ​ ​ ​

• Paid in advance
• Paid in advance 
• Accrued 
• oustanding 

Insurance is paid in advance for ________ months

How many months of the Insurance premium paid , be recorded in the current financial year ending 28th February 2023 ?

• 2 months

• 7 months

• 5 months

• 3 months