Q1: Fill in the blanks a. The fundamental of accounting equation states that Assts = Liabilities + %3D b. Debts owed to other are called c. Assets are increased via while liabilities and capital are increased via d. Revenue is recognised when e. The steps taken by the accountant to maintain the books and prepare statements is referred to as the
Q1: Fill in the blanks a. The fundamental of accounting equation states that Assts = Liabilities + %3D b. Debts owed to other are called c. Assets are increased via while liabilities and capital are increased via d. Revenue is recognised when e. The steps taken by the accountant to maintain the books and prepare statements is referred to as the
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Instruction: Answer ALL questions.
Q1: Fill in the blanks
a. The fundamental of accounting equation states that Assts = Liabilities +
b. Debts owed to other are called
c. Assets are increased via
while liabilities and capital are
increased via
d. Revenue is recognised when
e. The steps taken by the accountant to maintain the books and prepare
statements is referred to as the
Q2: White Company has the following information relating to its accounts on
31 December 2019. Prepare the adjusting journal entries.
a. Ending inventory of goods is RO 25000.
b. An insurance policy for the next year was purchased on 31 December 2019,
and the total premium of RO 4000 was prepaid.
c. Revenue for services performed on 29 December 2019 in the amount of RO
2000 has not yet been collected. (Outstanding)
d. Depreciation rate for Motor Vehicles is 25% per annum. Motor vehicles have
book value of RO 50000.
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