TOPIC 5 : ADJUSTMENT AT THE END OF ACCOUNTING PERIOD
Presentation
•
Education, Other, Business
•
1st Grade - University
•
Medium
Mas Mohd
Used 17+ times
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7 Slides • 13 Questions
1
LO : BASIS OF ACCOUNTING
2
Read carefully these slide before proceed to answers the question.
3
Fill in the Blanks
State 2 basis of accounting : ____________ and _____________
Type answer...
4
Multiple Choice
Determine which basis is comply with GAAP?
Cash basis
Accrual basis
5
Fill in the Blanks
According to cash basis, revenue are recorded and recognized when
Type answer...
6
Fill in the Blanks
According to accrual basis, expenses are recorded and recognized when
Type answer...
7
study the differences between revenues and expenses,
answers the next questions.
8
Multiple Select
Select the correct statement regarding revenues :
sales of goods or services
relevant with revenue recognition concept
will increase owners' equity
will decrease owners' equity
cost of good sold
9
Multiple Select
Select the correct statement regarding expenses.....
sales of goods or services
relevant with expense recognition concept
cost of goods sold
will increase owners' equity
will decrease owners' equity
10
read all the information given in the slide before proceed to next slide
11
Fill in the Blanks
Revenue can be divided into ________ and ____________
Type answer...
12
Fill in the Blanks
Expenses can be divided into _________ and ___________.
Type answer...
13
14
Fill in the Blanks
State two types of expenditure : ________ and ___________
Type answer...
15
Multiple Select
Revenue expenditure will be :
reported in the Statement of Financial Position
reported in the Statement of Comprehensive Income
reported in the Statement of Profit and Loss
increase the business profit
decrease the business profit
16
17
Fill in the Blanks
State three (3) aspect in determining the revenue expenditure or capital expenditure : ___________, _____________ and______________
Type answer...
18
Multiple Select
Select the suitable explanation for the capital expenditure :
amount involved is large
amount involved is small
frequent expenses
expenses that extend the useful life or asset efficiency
19
Multiple Select
Select the suitable explanation for the revenue expenditure :
amount involved is large
amount involved is small
frequent expenses
expenses that extend the useful life or asset efficiency
20
LO : BASIS OF ACCOUNTING
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