POA NOTES

GCE 'O' LevelsPrinciples of AccountingNotes/Practices

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State the revenue recognition theory and when it is applied to a sale of goods or a service.
Multiple choice
At the start of the year rent prepaid was S$200. During the year S$5,000 of rent was paid. At the end of the year rent payable was S$300. Calculate the rent expense incurred for the year.
A
S$4,900
B
S$5,500
C
S$5,100
D
S$4,500
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State the expanded accounting equation for a sole proprietorship and for a private limited company.

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