accounts question on top (F)

Delete Insert Prisc Chapter 22 - Accruals and prepayments business's financial statements for the year ended 31 August 2020, what figures should appear in the Income Statement and Balance Sheet in relation to rent? in Fiona runs a business which owns three delivery vans. As at 1 April, there were five months' van insurance prepaid totalling 565 and diesel costs accrued of 367. During April, the outstanding diesel costs were paid as well as additional bills of 886. At 30 April there are further outstanding unpaid diesel costs of 291. What is the total amount to be disclosed in Fiona's Income Statement for April in connection with van expenses? - the year balances 22.7A The owner of a small business selling and repairing cars which you patronise has just received a copy of his accounts for the current year. He is rather baffled by some of the items and as he regards you as a financial expert, he has asked you to explain certain points of difficulty to him. This you have readily agreed to do. His questions are as follows: (a) What is meant by the term "assets"? My mechanical knowledge and skill is an asset to the busi- ness but it does not seem to have been included. 2000 five years ago and is now worth 360,000, but that is not