Adjustments In Profit And Loss Account - SS1 Accounting Past Questions and Answers - page 1
1
What are accruals and deferrals?
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A
Adjustments made to recognize revenue or expenses that have already been recorded
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B
Adjustments made to recognize revenue or expenses that have not been recorded yet
C
Adjustments made to recognize revenue only
D
Adjustments made to recognize expenses only
2
What are depreciation and amortization?
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A
Adjustments made to recognize revenue or expenses that have already been recorded
B
Adjustments made to recognize revenue or expenses that have not been recorded yet
C
Adjustments made to allocate the cost of assets over their useful lives
D
Adjustments made to recognize changes in the value of inventory
3
What are bad debts and provisions for doubtful debts?
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A
Adjustments made to recognize revenue or expenses that have already been recorded
B
Adjustments made to recognize revenue or expenses that have not been recorded yet
C
Adjustments made to account for debts that are unlikely to be collected from customers
D
Adjustments made to allocate the cost of assets over their useful lives
4
What are inventory adjustments?
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A
Adjustments made to recognize revenue or expenses that have already been recorded
B
Adjustments made to recognize revenue or expenses that have not been recorded yet
C
Adjustments made to account for debts that are unlikely to be collected from customers
D
Adjustments made to reflect changes in the value of inventory
5
What are income tax adjustments?
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A
Adjustments made to recognize revenue or expenses that have already been recorded
B
Adjustments made to recognize revenue or expenses that have not been recorded yet
C
Adjustments made to account for debts that are unlikely to be collected from customers
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D
Adjustments made to reflect changes in the company's tax liabilities
6
Why are adjustments made to the profit and loss account important?
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7
Name one example of an adjustment made to the profit and loss account.
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