Has discount
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Made in
English
Last updated at
Thu, 01-Jan-1970
Level
Beginner
Total lessons
5
Total duration
00:03:56 Hours
Number of reviews
0
Total enrolment
0
Avg rating
Short description
This course will cover the concept of end of period adjustments in accounting, including accruals, prepayments, and estimating unpaid expenses. Students will learn how to properly adjust financial statements to reflect the true financial position of a company at the end of a reporting period. Emphasis will be placed on understanding the importance of these adjustments in accurately representing a company's financial performance.
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Requirements
- Preparing Financial Statements
Outcomes
- Explain why adjustments are made to financial statements
- Prepare journal entries for pre-payments and advanced revenues
- Prepare journal entries for accrued expenses and revenues
- Determine the amount of expenses or revenues to be transferred to the Profit and Loss Account/Income Statement
- Indicate where accruals and prepayments will appear on the Balance Sheet
- Distinguish between bad and doubtful debts
- Prepare journal entries and ledger accounts to write off bad debts and create provision for doubtful debts
- Explain the nature of depreciation
- Calculate annual depreciation expenses using the straight-line method and the reducing balance method
- Prepare journal entries and ledger accounts for provision for depreciation
- Prepare Financial Statements after adjustments
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