UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Ten Important Adjustments in Final Accounts
Ten Important Adjustments in Final Accounts Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Ten Important Adjustments in Final Accounts Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What are the ten important adjustments in final accounts? |  |
Ans. The ten important adjustments in final accounts include adjustments for closing stock, outstanding expenses, prepaid expenses, accrued income, depreciation, bad debts, provision for doubtful debts, provision for discounts, interest on capital, and income received in advance.
| 2. Why is it necessary to make adjustments in final accounts? | |
Ans. Adjustments in final accounts are necessary to ensure that the financial statements accurately reflect the financial position and performance of the business. These adjustments help in adjusting the accounts for expenses or incomes that have been incurred but not recorded, ensuring the financial statements are reliable and consistent.
| 3. How do adjustments for closing stock impact the final accounts? | |
Ans. Adjustments for closing stock impact the final accounts by ensuring that the value of closing stock is accurately reflected in the balance sheet. This adjustment helps in determining the cost of goods sold and the gross profit for the accounting period.
| 4. What is the purpose of adjusting for depreciation in final accounts? | |
Ans. The purpose of adjusting for depreciation in final accounts is to allocate the cost of fixed assets over their useful life. This adjustment helps in reducing the carrying amount of fixed assets on the balance sheet and accurately reflects the wear and tear of assets in the financial statements.
| 5. How are adjustments for bad debts and provision for doubtful debts different in final accounts? | |
Ans. Adjustments for bad debts involve writing off specific debts that are deemed uncollectible, while provisions for doubtful debts are made to account for potential losses on accounts receivable. Bad debts are actual losses, while provisions are estimated future losses.
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