WorksheetsYear10G - Other Receivables and Payables
Total questions: 10
Worksheet time: 10mins
Which of the following is an example of an other receivable?
Accrued expense
Prepaid expense
Accrued income
Both (b) and (c)
Which of the following is an other payable?
Accrued expense
Prepaid expense
Prepaid income
Accrued income
When a business pays rent in advance, it should be treated as:
Other payable
Other receivable
Liability
Expense
Accrued expenses appear in the financial statements as:
Asset in the Statement of Financial Position
Liability in the Statement of Financial Position
Income in the Profit or Loss Account
Deduction from capital
Prepaid income represents:
Income already received for next period
Income earned but not received
Expense paid in advance
Expense still outstanding
Wages owing at the end of the year amount to $2,000. State the adjusting journal entry.
Why is it important to record accrued income?
A business received $800 for services to be provided next year. The correct entry is:
Dr Cash $800
Cr Income $800
Dr Cash $800
Cr Prepaid Income $800
Dr Income $800
Cr Cash $800
Dr Prepaid Expense $800
Cr Cash $800
Explain how “other receivables” and “other payables” ensure accuracy in financial reporting.
In your own words, explain the difference between other receivables and other payables and give one example of each.
