ADJUSTMENTS TO THE FINAL ACCOUNTS Outcome 01 - Lecture 02 - Part A "Education is the most powerful weapon which you can use to change the world - Nelson Mandela"
OUTCOME 01 Business Accounting SQA - HND 2 Profit and loss account Balance sheet Adjustments to the final accountsPrepare final accounts, of a limited company, for internal use
Adjustments to the final accounts Business Accounting SQA - HND 3 Accruals Prepayments Depreciation Closing stock Dividends Debenture interest Corporation tax.
ACCRUALS Business Accounting SQA - HND 4 Accountingmethod that records revenues and expenses when they are incurred, regardless of when cash is exchanged. The term "accrual" refers to any individual entry recording revenue or expense in the absence of a cash transaction. Double Entry Expense G/L -DR Accrued Expense G/L -CR
PREPAYMENTS Business Accounting SQA - HND 5 Aprepaymentis the settlement of a debt or installment payment or an expense before its official due date. Aprepaymentcan either be made for the entire balance of a liability or for an upcoming payment that is paid in advance of the date for which the borrower is contractually obligated to pay.
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