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10 Cards in this Set

  • Front
  • Back
The opening accrual balance should be on what side of the expense account?
The credit side
The adjustment for an increase in doubtful debts is?
Dr Allowance DD adj
Cr Allowance for DD
Why shouldn't the rate of depreciation be changed without good cause? Concept?
Consistency concept
Why is my calculator not on the balance sheet?
Concept?
Materiality concept
Why do we have the drawings and capital accounts?
Concept?
Business entity concept
Name the four main objectives of FRS 18 when preparing accounts
Relevant
Reliable
Understandable
Comparable
How is reducing balance depreciation calculated?
Net book value
An asset cost £30,000 with a scrap value of £4,000. It is expected to last for 4 years. What is the annual depreciation charge?
£6,500
The closing prepayment should be on which side of the expense account?
Credit
The lower the closing stock value the ? the profit?
Lower