Financial Statements - Adjustments
Test Your Financial Acumen: Financial Statements Quiz
Are you ready to assess your knowledge of financial statements and adjustments? This quiz consists of three carefully designed multiple-choice questions aimed to challenge your understanding of key concepts in accounting.
In this quiz, you will learn about:
- Understanding irrecoverable debts
- Calculating expenses in financial statements
- Adjusting entries for loans
A debtor's account of R500 has to be written off as irrecoverable.
Plus: Debtors Control (Balance Sheet), Less: Bad Debts Recovered (Income Statements)
Plus: Bad Debts (Income Statement), Plus: Debtors Control (Balance Sheet)
Plus: Bad Debts (Income Statement), Less: Debtors Control (Balance Sheet)
Plus: Bad Debts (Income Statement), Less: Bank (Balance Sheet)
The Trial Balance on 30 June 2022 reflects a total for Water and Electricity amounting to R2 000. Water and Electricity for June 2022 amounted to R200, and has not been paid. The total Water and Electricity expense in the Income Statement will be:
R2 000
R2 200
R3 000
R1 800
Obtained a new loan
Plus: Loan (Income Statement), Less: Liabilities (Balance Sheet)
Plus: Loan (Balance Sheet), Plus: Bank (Balance Sheet)
Plus: Loan (Balance Sheet), Less: Bank (Balance Sheet)
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