ACC1100 - ACF1100 - Introduction to financial accounting - S1 2025
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Technology has changed the role and function of the accounting professional.
On 1 September Carlson Ltd borrowed $10,000 from the bank for three months at the annual interest rate of 9%. Principal and interest are payable to the bank on 1 December. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on 30 September, would be:
The balance in the Prepaid Rent account before adjustment at the end of the year is $12,000 and represents three months’ rent paid on 1 December. The adjusting entry required on 31 December is:
At the end of the financial year, the usual adjusting entry for accrued salaries owed to employees was omitted. Which of the following statements is true?
Failure to prepare an adjusting entry at the end of the period to record an accrued expense would cause:
A law firm received $2,000 cash for legal services to be provided in the future. The full amount was recorded in the liability account ‘Revenue Received in Advance’. If the legal services have been provided at the end of the accounting period and no adjusting entry is made, this would cause:
At the end of the financial year, the usual adjusting entry for depreciation on equipment was omitted. Which of the following statements is true?
If an entity fails to adjust a Prepaid Rent account for rent that has been incurred, what effect will this have on that month's financial statements?
An adjusting entry:
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