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Homework Answers
1.1 D
Trade Debtor, Accrued Income, Prepaid Expenses
Reason:-
In all other choices, income received in advance is also included, and that is liability, hence not part of receivable.
1.2 A
Financial position
Reason:-
In the measurement of its assets, liabilities, and equity, we get to know about the financial position of the company.
1.3 B
Loan
Reason:-
It is a personal account. Hence it will not impact the income statement.
1.4 C
Cash Payment journal- Bad Debt.
Bad Debt has no relation with the cash payment journal because bad debt occur when the debtor does not pay us money. It is more towards collection not on payment.
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