Is an annual leave provision need to be reversed on a balance day adjustment GJ

Q: Non-recognition of deferral at the end of the accounting period will Group of answer choices…

A: Ans. In case of non-recognition of deferral the income or expenses which is deferred but not…

Q: Under AASB 119, leave entitlements that may be carried forward to a future financial period if…

A: Leave entitlement means the number of days the employee can take off (holiday) in a year which are…

Q: What happens to revenue and deferred revenue as months progress

A: Revenue is income that is earned during a given period of time and is reported on the income…

Q: If it is impracticable to determine the cumulative effect of an accounting change to any of the…

A: There are situations when company adopt to new method of accounting due to which changes occur in…

Q: Why does the recording of adjusting entries require a bet-ter understanding of the concepts of…

A: Routine revenue and expense transactions are transactions of normal sales, purchases or occurrence…

Q: What is the impact of prepaid expenses before year end adjusting entries. The answer is A .…

A: Prepaid expense is the one which is paid by the company in advance.

Q: What are the main differences between the adjusting entries and the closing entries?

A: Adjusting entries are prepared at the end of the accounting period in order to ensure that all the…

Q: long-term basis at the end of

A: Short-term obligation are those which mature within a period of one year. Long term obligations are…

Q: The allowance method records Uncollectible - Account Expense: a) in the year of sale b)at the end…

A: Under the allowance method of recording uncollectible accounts, bad debt is estimated as a…

Q: Bonus in reduction of premium given in the adjustments will be recorded in: a. Both credit and debit…

A: Bonus is the share of profit which a policy holder gets from the life insurance company. Premium…

Q: What is the effect of omission of accrued income in assets at the end of the year of error? a.…

A: Accrued income: Increases assets Increases Owners' equity

Q: Failure to prepare an adjusting entry at the end of the period to record an accured expense would…

A: A successful adjusting entry at the end of the period to record an accrued expense would: Increase…

Q: What is Endorsement Of Bill? A. Extra days following the due date of the bill for making payment B.…

A: Endorsement of the bill refers to the procedure whereby the maker or holder of bill transfers the…

Q: What is the major difference between the unadjusted trial balance and the adjusted trial balance?…

A: An adjusted trial balance is made after all changing or adjusting entries have been posted into the…

Q: What is an unadjusted trial balance? An adjusted trial balance?

A: Definition:   A trial balance is a summary of all the ledger accounts. The trial balance is…

Q: Which of the following is (are) the proper time period(s) to record the effects of a change in…

A: Change in accounting estimate means making changes in the estimated amount of assets and liabilities…

Q: On a Closing Disclosure, the method used to compute adjustments for insurance and taxes is known as…

A: A contract that provides a policyholder with financial protection or reimbursement against losses…

Q: Question 38 Which of the following adjusting entries need to be reversed in the following year?…

A: Reversal entries are representing the journal entries which prepared for current year based on the…

Q: Adjusting entries can be classified as Select one: a. postponements and advances. b. deferrals and…

A: Adjusting entry are recorded at the end of the year after certain events have occured. Adjusting…

Q: Which of the following is not a period of employment for long service leave purposes?   A.…

A: The Long service leave is a leave at the normal rates given to an employee by the employer when the…

Q: Would unearned Revenue be included in post closing trial balance?

A: Unearned Revenue is the amount received from customers without rendering services. It is like an…

Q: What is the impact of accrued expenses before year end adjusting entries ? The answer is .A.…

A: Accrued expenses are those expenses which are recoginzed on the financial statements of the company…

Q: ous period’s financial statements are called?

A: It is common to occur errors in the financial statements, but whenever it is found that errors have…

Q: Non-recognition of deferral at the end of the accounting period will   a.understate income and…

A: Deferrals means the payment made or received for the expenses or the income which has not been yet…

Q: Using the Balance Day Adjustment journals below as an example, identify and explain the potential…

A: If any Balance Day Adjustment journals are not posted/ processed, then it may lead to…

Q: compare the current year balance in prepaid insurance and insurance expense with the prior year's…

A: When comparing the current year balance in prepaid insurance and insurance expense with the prior…

Q: Under AASB 119, leave entitlements that may be carried forward to a future financial period if…

A: Leave entitlement is the number of paid holidays allowed to an employee in that year. Accumulative…

Q: What is the effect of omission of accrued income in assets at the end of the year of error? O NO…

A: A basic Accounting equation is given as under;   Assets = Equity + Liabilities    Meaning,  Total…

Q: If a payment of a deferred expense was recorded under the alternative treatment, what account would…

A: Deferred expense:   Advance payment for future expenses is called as prepaid expenses. These prepaid…