64 518
Assignments Done
99,3%
Successfully Done
In September 2018

Answer to Question #78268 in Accounting for garry

Question #78268
State weather the following statements are True or False.

1. For a trading firm, revenue is recognised when the goods are delivered.
2. In the income statement, insurance would be classified as a financial expense.
3. Allowance for doubtful debts is a negative liability.
4. Accrued expenses are liabilities yet to be paid.
5. The physical stocktake valuation at the end of the accounting period is deducted from 'Cost of goods available for sale'.
Expert's answer
1. For a trading firm, revenue is recognised when the goods are delivered - false.
2. In the income statement, insurance would be classified as a financial expense - false.
3. Allowance for doubtful debts is a negative liability - true.
4. Accrued expenses are liabilities yet to be paid - true.
5. The physical stock take valuation at the end of the accounting period is deducted from 'Cost of goods available for sale' - true.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions