Q2: -Why need for adjust expense accounts for accruals and prepayments? The bank payments throughout the...

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Q2: -Why need for adjust expense accounts for accruals and prepayments? The bank payments throughout the year may only relate to 10 months of our accounting period but we need to record to record the full 12 months. Accruals and prepayments adjust the expense account around the bank payments so that exactly 12 months expense is recorded -Explain how the profit and loss amount is posted when the non-current assets are are disposed? Note: Use your own words (NO COPY AND PASTE). Q2: -Why need for adjust expense accounts for accruals and prepayments? The bank payments throughout the year may only relate to 10 months of our accounting period but we need to record to record the full 12 months. Accruals and prepayments adjust the expense account around the bank payments so that exactly 12 months expense is recorded -Explain how the profit and loss amount is posted when the non-current assets are are disposed? Note: Use your own words (NO COPY AND PASTE). Q2: -Why need for adjust expense accounts for accruals and prepayments? The bank payments throughout the year may only relate to 10 months of our accounting period but we need to record to record the full 12 months. Accruals and prepayments adjust the expense account around the bank payments so that exactly 12 months expense is recorded -Explain how the profit and loss amount is posted when the non-current assets are are disposed? Note: Use your own words (NO COPY AND PASTE). Q2: -Why need for adjust expense accounts for accruals and prepayments? The bank payments throughout the year may only relate to 10 months of our accounting period but we need to record to record the full 12 months. Accruals and prepayments adjust the expense account around the bank payments so that exactly 12 months expense is recorded -Explain how the profit and loss amount is posted when the non-current assets are are disposed? Note: Use your own words (NO COPY AND PASTE). Q2: -Why need for adjust expense accounts for accruals and prepayments? The bank payments throughout the year may only relate to 10 months of our accounting period but we need to record to record the full 12 months. Accruals and prepayments adjust the expense account around the bank payments so that exactly 12 months expense is recorded -Explain how the profit and loss amount is posted when the non-current assets are are disposed? Note: Use your own words (NO COPY AND PASTE). Q2: -Why need for adjust expense accounts for accruals and prepayments? The bank payments throughout the year may only relate to 10 months of our accounting period but we need to record to record the full 12 months. Accruals and prepayments adjust the expense account around the bank payments so that exactly 12 months expense is recorded -Explain how the profit and loss amount is posted when the non-current assets are are disposed? Note: Use your own words (NO COPY AND PASTE). Q2: -Why need for adjust expense accounts for accruals and prepayments? The bank payments throughout the year may only relate to 10 months of our accounting period but we need to record to record the full 12 months. Accruals and prepayments adjust the expense account around the bank payments so that exactly 12 months expense is recorded -Explain how the profit and loss amount is posted when the non-current assets are are disposed? Note: Use your own words (NO COPY AND PASTE). Q2: -Why need for adjust expense accounts for accruals and prepayments? The bank payments throughout the year may only relate to 10 months of our accounting period but we need to record to record the full 12 months. Accruals and prepayments adjust the expense account around the bank payments so that exactly 12 months expense is recorded -Explain how the profit and loss amount is posted when the non-current assets are are disposed? Note: Use your own words (NO COPY AND PASTE).

Answer rating: 100% (QA)

Question 1 There are a few reasons why an organization might need to adjust their expense accounts for accruals and prepayments One reason might be to align the timing of when expenses are incurred wi... View the full answer