B Com Exam > B Com Videos > Advanced Corporate Accounting > Final Accounts with Adjustments of Manager's Commission
Final Accounts with Adjustments of Manager's Commission Video Lecture | Advanced Corporate Accounting - B Com
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FAQs on Final Accounts with Adjustments of Manager's Commission Video Lecture - Advanced Corporate Accounting - B Com
| 1. What is the purpose of adjusting Manager's Commission in the final accounts? |  |
Ans. Adjusting Manager's Commission in the final accounts ensures that the correct amount of commission expense is recorded, reflecting the actual earnings of the manager during the accounting period.
| 2. How is Manager's Commission treated in the final accounts if it is accrued but not yet paid? | |
Ans. If Manager's Commission is accrued but not yet paid, it will be recorded as a liability in the balance sheet and as an expense in the income statement in the final accounts.
| 3. What journal entry is made to adjust Manager's Commission in the final accounts? | |
Ans. The journal entry to adjust Manager's Commission typically involves debiting the Commission Expense account and crediting the Manager's Commission Payable account to reflect the accurate amount of commission expense in the final accounts.
| 4. How does adjusting Manager's Commission impact the profitability of a company in the final accounts? | |
Ans. Adjusting Manager's Commission in the final accounts directly affects the company's profitability by accurately reflecting the expenses incurred in paying commissions to the manager, thus providing a true representation of the company's financial performance.
| 5. What are the consequences of not adjusting Manager's Commission in the final accounts? | |
Ans. Not adjusting Manager's Commission in the final accounts can lead to inaccurate financial statements, which may misrepresent the company's financial position and profitability. It is essential to make the necessary adjustments to ensure the reliability and transparency of the final accounts.
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Dec 23, 2024 Last updated |
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