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Financial Statements of Companies
Quick questions on Year-end adjustments explained: H2 Principles of Accounting
5short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What are the four adjustment families?Show answer
Each adjustment is recorded with a double entry, so it changes both statements consistently with the accounting equation.
What is double counting an increase in the impairment allowance?Show answer
Only the change in the allowance is the expense if a prior allowance exists; do not expense the whole new allowance again.
What is q1?Show answer
Insurance paid is \10\,000\ is prepaid. State the expense and the balance-sheet item. [2 marks]
What is q2?Show answer
A machine costing \40\,000\ accumulated depreciation is depreciated at reducing balance. Find this year's charge and the new carrying amount. [3 marks]
What is q3?Show answer
Explain how an accrued expense affects both financial statements. [3 marks]
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