Element of Accounting and Finance 2

Hints for Mid Test

  1. Prepare worksheet 10 column and becareful on adjustment, where if the question say balance or available at the end means its minus from beginning balance with the available then it is the one that consume. E.g.beginning stationery is 1000 if available at the end is 100 then 1000 - 100 = 900 is the one being adjusted.
  2. If the additional information say if  the expenses is unrecorded then it is adjusting the payable and expenses
  3. Prepare closing entries
  4. Then prepare P+L and Balance sheet
  5. Second question will be on inventory valuation and dont forget to count ending inventory and COGS for each method.
  6. All the best
  7. Any comment can give comment in this blog. THX

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