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WorksheetsRevision of G10 Adjustments
Total questions: 15
Worksheet time: 30mins
The Trading Stock Deficit account is considered to be a/an -
Asset
Liability
Income
Expense
The Consumable Stores on Hand account is considered to be a/an -
Asset
Liability
Income
Expense
The Depreciation account is considered to be a/an -
Asset
Liability
Income
Expense
The Accrued Expenses account is considered to be a/an -
Asset
Liability
Income
Expense
The Accrued Income account is considered to be a/an -
Asset
Liability
Income
Expense
The Income Received in Advance account is considered to be a/an -
Asset
Liability
Income
Expense
The Prepaid Expenses account is considered to be a/an -
Asset
Liability
Income
Expense
An amount of R3 450 is owed to Telkom for the Telephone account at the end of the current financial year.
DR Telephone, R3 450; CR Accrued Expenses, R3 450
DR Accrued Expenses, R3 450; CR Telephone, R3 450
DR Telephone, R3 450; CR Accrued Income, R3 450
DR Accrued Income, R3 450; CR Telephone, R3 450
Commission Income of R500 is still due at the end of the current year.
DR Accrued Income, R500; CR Commission Income, R500
DR Commission Income, R500; CR Accrued Income, R500
DR Income Received in Advance, R500; CR Commission Income, R500
DR Commission Income, R500; CR Income Received in Advance, R500
The tenant has been renting out office space for the past two years. The rent amounts to R2 250 per month. R31 500 has been received during the current financial year.
DR Rent Income, R2 250; CR Income Received in Advance, R2 250
DR Rent Income, R4 500; CR Income Received in Advance, R4 500
DR Rent Income, R22 500; CR Income Received in Advance, R22 500
DR Rent Income, R5 250; CR Income Received in Advance, R5 250
The business has a prepaid electricity meter installed. Unused electricity at the end of the financial year was R400.
DR Prepaid Expenses, R400; CR Electricity, R400
DR Electricity, R400; CR Prepaid Expenses, R400
DR Accrued Expenses, R400; CR Electricity, R400
DR Electricity, R400; CR Accrued Expenses, R400
The Trading Stock account reflects a balance of R67 000 in the Pre-adjustment Trial Balance. A physical stock count at the end of the year revealed an amount of R66 000 in the storeroom.
DR Trading Stock Deficit, R1 000; CR Trading Stock, R1 000
DR Trading Stock, R1 000; CR Trading Stock Deficit, R1 000
DR Trading Stock Deficit, R66 000; CR Trading Stock, R66 000
DR Trading Stock, R1 000; CR Trading Stock Surplus, R1 000
The Packing Materials account reflects a total of R6 500 in the Pre-adjustment Trial Balance. Unused packing material at the end of the year amounts to R500.
DR Consumable Stores on Hand, R500; CR Packing Materials, R500
DR Packing Materials, R500; CR Consumable Stores on Hand, R500
DR Consumable Stores on Hand, R6 000; CR Packing Materials, R6 000
DR Consumable Stores on Hand, R6 000; CR Packing Materials, R6 000
The GAAP Principle being applied when doing adjustments for Consumable Stores on Hand, Prepaid Expenses, Accrued Expenses, Income Received in Advance and Accrued Income is:
Matching
Prudence
Going Concern
Materiality
The GAAP Principle being applied when doing adjustments for Trading Stock Deficit and Depreciation is:
Matching
Prudence
Going Concern
Materiality
