B Com Exam > B Com Videos > Advanced Corporate Accounting > Final Accounts with Adjustments of Deferred Revenue Expenditure, Sale on Approval, Joint Expenses
Final Accounts with Adjustments of Deferred Revenue Expenditure, Sale on Approval, Joint Expenses Video Lecture | Advanced Corporate Accounting - B Com
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FAQs on Final Accounts with Adjustments of Deferred Revenue Expenditure, Sale on Approval, Joint Expenses Video Lecture - Advanced Corporate Accounting - B Com
| 1. What is deferred revenue expenditure in final accounts? |  |
Ans. Deferred revenue expenditure in final accounts refers to expenses that are incurred in a particular accounting period but are written off over a period of time. These expenses are not fully charged to the profit and loss account in the year in which they are incurred but are spread out over a number of years.
| 2. How are sales on approval treated in final accounts? | |
Ans. Sales on approval are treated as contingent liabilities in final accounts until the approval is received from the customer. The revenue from such sales is recognized only when the approval is received, and the transaction is considered final.
| 3. What are joint expenses in final accounts? | |
Ans. Joint expenses in final accounts refer to expenses that are incurred jointly for two or more departments or products. These expenses are apportioned and allocated among the departments or products based on a suitable basis such as sales, area, or volume.
| 4. How are adjustments for deferred revenue expenditure made in final accounts? | |
Ans. Adjustments for deferred revenue expenditure in final accounts involve spreading out the expenses over the useful life of the asset or the period for which the benefit is derived. This is done to match the expenses with the revenue generated in the respective periods.
| 5. How are joint expenses allocated among departments in final accounts? | |
Ans. Joint expenses are allocated among departments in final accounts based on a suitable basis such as sales, area, or volume. This allocation ensures that each department bears its fair share of the joint expenses based on its contribution to the overall revenue or output.
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Nov 22, 2024 Last updated |
Video Description: Final Accounts with Adjustments of Deferred Revenue Expenditure, Sale on Approval, Joint Expenses for B Com 2024 is part of Advanced Corporate Accounting preparation.
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