Question: Which concept explains why prepayments need accounting for a The going concern concept b The accruals concept c The prudence concept d The prepayments concept

Which concept explains why prepayments need accounting for

a The going concern concept

b The accruals concept

c The prudence concept

d The prepayments concept

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Which concept explains why prepayments need accounting for a The going concern concept b The accruals concept c The prudence concept d The prepayments concept

Q:

The need to adjust for accruals and prepayments when preparing the final accounts arises from the: Select one: a. Matching concept b. Going concern concept c. Duality concept d. Prudence concept

Q:

1. Write brief notes to explain that is meant by Subjectivity and Objectivity. 2. The following are underlying accounting concepts. Explain, in your own words, your understanding of the following: a)...

Q:

i meed nswer now pleasw 1-42 | Conceptual framework and Accounting Standards 13. Which one of the following statements is true of the historical cost convert C. I values all assets at their cost to...

Q:

Demanded correct answers with calculations and reasons thereto..Thank you. 1. XYZ Ltd is examining attempt an endeavor that would return yearly advantages (after downgrading) of Rs. 68,753.372 for...

Q:

1. Revenue and costs should be recognized in the financial statements when earned and not incurred but not when cash is received or paid. This is the definition of ... A. Going concern concept B....

Q:

For each of the situations provided below, identify from the drop-down menu the applicable accounting concept, principle, recognition criterion or constraint. Each concept, principle and recognition...

Q:

Which accounting concept requires consistency in the application of accounting methods over time? A) Going Concern Concept B) Consistency Concept C) Prudence Concept D) Business Entity Concept

Q:

pls answer this. thank you 5. Purchases of items like pen, stapler and paper clips did not recorded in the accounting transactions since the amount is insignificant. A. Neutrality Concept B....

Q:

please help and please clear pictures Financial Accounting requires one to understand and apply a set of relevant accounting principles or concepts. Briefly explain the following concepts, giving an...

Q:

What is an efficient way to ensure that the code is working as per the acceptance criteria/business requirements? Select only one answer. Through automated functional tests. Through automated...

Q:

Discuss the rationale for franchising from the franchisors and franchisees point of view.

Q:

Jate / 2 4 Lease Liability ( To record the lease ) / 2 4 . 2 5 1 / 2 5 Right - of - Use Asset ( To record amortization of the right - of - use asset ) Interest Expense Cash ( To record interest...

Q:

SIMAD UNIVERSITY Class: BACC25 Subject: Islamic Accounting Instructions: a) Follow The Instructions. Midterm Exam Instructor: All Ibrahim Date: 6-4-2022 b) You Have 1.5 Hrs. To Complete This Test. c)...

Q:

How else might Jolie make her largely American audience feel more connected to refugees?

Q:

Have you ever sat through a lecture or a class where the instructor offered a lesson that affirmed a point of view different from your own? Did the instructor acknowledge differing viewpoints? If so,...

Q:

B What kinds of cultural values speak to you in a persuasive speech?