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Financial Statements
Quick questions on From trial balance to financial statements: N(A)-Level Principles of Accounts
4short 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 applying adjustments?Show answer
Most adjustments hit both statements:
What is q1?Show answer
State which statement the purchases figure belongs to. [1 mark]
What is q2?Show answer
A note says equipment should be depreciated by \3,000$. State the two effects. [2 marks]
What is q3?Show answer
Explain why the profit for the year must be carried into the capital section. [2 marks]
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