Question 4 /508 %114 min 23 secsDetails of a company's insurance policy are shown belowPremium for year ended 31 March 2014 paid April 2013$10,800Premium for year ending 31 March 2015 paid April 2014$12,000What figures should be included in the company's financial statements for the year ended 30 June 2014?A. O SOCI - $11, 100 , SOFP - $9,000 prepayment (Dr)B. O SOCI - $11,100 SOFP - $9,000 accrual (Cr)C. O SOCI - $11,700 , SOFP - $9,000 prepayment (Dr)D. O SOCI - $11,700 , SOFP - $9,000 accrual (Cr)NextO Mark For Review

SOCI from June 2013 to March 2014 = Premium paid x 9/12 months = $10800 x 9/12 = $8100

Details of a company's insurance policy are shown below! Premium for year ended 31 March 2014 paid April 2013 $10,800 Premium for year ending 31 March 2015 paid April 2014 $12,000 What figures should be incluđed in the company's financial statements for the year ended 30 June 2014? A. SOCI - $11,100, SOFP - $9,000 prepayment (Dr) B. SOCI - $11,100 SOFP-$9 000 accrual (Cr) C. O SOCI - $11,700 , SOFP - $9,000 prepayment (Dr) D. O SOCI - $11,700 , SOFP - $9,000 accrual (Cr)

Details of a company's insurance policy are shown below! Premium for year ended 31 March 2014 paid April 2013 $10,800 Premium for year ending 31 March 2015 paid April 2014 $12,000 What figures should be incluđed in the company's financial statements for the year ended 30 June 2014? A. SOCI - $11,100, SOFP - $9,000 prepayment (Dr) B. SOCI - $11,100 SOFP-$9 000 accrual (Cr) C. O SOCI - $11,700 , SOFP - $9,000 prepayment (Dr) D. O SOCI - $11,700 , SOFP - $9,000 accrual (Cr)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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