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江西财经大学
10－11】
2.When the above indicators are mixed and the functional currency is not obvious,management uses its judgement to determine the functional currency that most faithfully repesents the economic effets of the underlying transactions, events and conditions..3.In accrual accounting, the impact of events on aets and equities is recognized on the
accounting records in the time periods when services are rendered of utilized instead of when cash is received or disbursed.That is, revenue is recognized as it is earned, and expenses are recognized as they are incurred—not when cash changes hands.If the cash basis of accounting were used instead of the accrual basis, revenue and expense recognition would depend solely on the timing of various cash receipts and disbursements.Question5: Record those transactions below:(total20marks:2marks×10)
a)Jim begins busine with $40,000 cash
b)He also contributes a car valued at $30,000
c)He buys office furniture from Wherehouse to the value at $10,000
d)He borrows $15,000 from AAA Finance
e)He pays $5,000 owing to Wherehouse
f)On 1 October 2005, an annual insurance premium of $600 was paid.Prepare the entry at the end of the financial year at 31th December.g)The company has reveived two months rent in advance on a shop they lease out.Current monthly rental is $500
h)$4000 has been paid to cover advertising from January to June of 2002.prepare the entry at the end of the financial year at 31th March.i)Commiion was owing to the company on some sales made in March.The sales involved amounted to $10,000 and the commiion was due at 12% on sales.j)Accounts owing at balance date were for:
Wage$500
Electricity$100
Vehicle Repairs$150
Question6: Write about the following topic:(total30marks)
Accounting and busine performance
Write at least 400 words.【】
