Final Accounts and Adjustments (Grade 10 NSC Matric Accounting): Flashcards

Record revenues & expenses in same period they occur

Total written off to date vs current year only

R1 (can never be R0)

$ext{Cost price} - ext{Accumulated depreciation}$

Income earned but not yet received

Expenses incurred but not yet paid

Expenses paid in advance for future benefit

Income received but not yet earned

Unused items at year-end recorded as temporary asset

Less stock on hand than shown in records