7. expline bad debts? 8.expline a provision for doubtful debts?

non current assers, current assets, habilities h Yearend adjustments have to be made as necessary. They includ e accruals, prepayme unusual reclassa transactions tication, to conform book figures to physical inventory counts, and reflectin Finaly, a statement of comprehensive income and statement of financial position for the accounting year are to be drawn up. Review Questions 1 Describe the final accounts of a sole trader. 2 Explain what is meant by 'year end adjustment ??? the following terms: a. Non-current asset b. Current asset c Non-current liability, and d. Current liability 4 Exsplain the purpose of preparing the statement of comprehensive income s Explain the purpose of preparing the statement of financial position. 6 Explain briefly the objectives of preparing financial statements