B Com Exam > B Com Videos > Advanced Corporate Accounting > Final Accounts with Adjustments of Interest, Depreciation, Prepaid, Outstanding and Advance
Final Accounts with Adjustments of Interest, Depreciation, Prepaid, Outstanding and Advance Video Lecture | Advanced Corporate Accounting - B Com
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FAQs on Final Accounts with Adjustments of Interest, Depreciation, Prepaid, Outstanding and Advance Video Lecture - Advanced Corporate Accounting - B Com
| 1. What are the adjustments needed for interest in final accounts? |  |
Ans. Interest adjustments in final accounts involve calculating and recording any interest accrued or paid during the accounting period. This includes interest on loans, investments, or any other financial transactions that may have occurred.
| 2. How is depreciation accounted for in final accounts? | |
Ans. Depreciation is accounted for in final accounts by allocating the cost of a fixed asset over its useful life. This helps to reflect the reduction in value of the asset over time and ensures that the company's financial statements accurately reflect the asset's true value.
| 3. What are prepaid expenses and how are they adjusted in final accounts? | |
Ans. Prepaid expenses are expenses that have been paid for in advance but have not yet been incurred. In final accounts, prepaid expenses are adjusted by recognizing the portion of the expense that relates to the current accounting period and adjusting the prepaid amount accordingly.
| 4. How are outstanding expenses treated in final accounts? | |
Ans. Outstanding expenses are expenses that have been incurred but not yet paid. In final accounts, outstanding expenses are adjusted by recognizing the liability for the expenses in the current accounting period and adjusting the relevant expense account accordingly.
| 5. What is the treatment of advances received in final accounts? | |
Ans. Advances received are typically considered as a liability until the goods or services related to the advance are delivered. In final accounts, advances received are adjusted by recognizing the income related to the advance in the current accounting period and adjusting the liability account accordingly.
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Dec 23, 2024 Last updated |
Video Description: Final Accounts with Adjustments of Interest, Depreciation, Prepaid, Outstanding and Advance for B Com 2024 is part of Advanced Corporate Accounting preparation.
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