9 accruals and prepayments Flashcards
1
Q
explain the principles behind accruals and prepayments and provide the correct entry
A
2
Q
explain the 3 steps with the relevant dr and cr for accounting for accruals and prepayments
A
3
Q
what is the best method for a question which gives information regarding opening, closing accruals and prepayments
A
ledger T accounts and the 3 step apprach
4
Q
what is the best way to do a question with no information on opening or closing balances
A
simple timeline and logic is quick
5
Q
define both and what are the dr and cr for accrued and deferred income. What are the 3 steps?
A
6
Q
what is the clever shortcut for accrued and deferred income questions
A
7
Q
explain what deferred income and accured income are
A
