ac100 test revision

Question 1

What do you need for Land Revaluation

Answer 1

Final Land Value (NCA) (SOFP) , Revaluation Reserve (E) (SOFP)

Question 2

What do you need with equipment and factory (depreciation)

Answer 2

Loss on disposal (IS) , Equipment cost (SOFP) (NCA) , Equipment accumulated depreciation (SOFP) (NCA) , Factory accumulated depreciation (SOFP) (NCA)

Question 3

What do you need for dealing with bad debt?

Answer 3

Remaining balance of trade receivable (SOFP) (CA) , Bad debt write off (IS) , Provision for doubtful debt (IS) , Required provision (SOFP) (CA) , Release in provision (IS)

Question 4

What do you need for Inventory, Trade Payables and COGS

Answer 4

Ending Inventory (SOFP) (CA) , COGS (IS)

Question 5

What do you need for pre paid insurance

Answer 5

Insurance expenses (IS) , Pre paid insurance (SOFP) (CA)