Answered step by step
Verified Expert Solution
Question
1 Approved Answer
hi need an answer soon as possible... it's urgent... please and Thank you. Question 1 Describe any TWO qualitative characteristics of accounting information and explain
hi need an answer soon as possible... it's urgent... please and Thank you.
Question 1 Describe any TWO qualitative characteristics of accounting information and explain how each characteristic is useful in interpreting the financial statements. (10) Question 2 The following transactions of Aroma Trading occurred in April 2022: i) Aroma Trading paid an insurance premium for six future months' worth of coverage. ii) Aroma Trading's building is presented at a cost value of RM480,000 although the market value is RM450,000. iii) The owner of Aroma Trading paid for her daughter's preschool fees from the company's bank. iv) Aroma Trading received a shipment of goods from Indonesia. The invoice is stated in Malaysian Ringgit. You are required to identify and justify each transaction to the applicable accounting principles/assumptions for recording and reporting purposes. The following are the accounts balances of Daya Sdn. Bhd. as at 30 September 2022: Additional information: i. Ending inventory is valued at RM5,454. ii. Provision for doubtful debts on accounts receivable amounting to RM332. iii. Insurance premium expired for the year is RM540. iv. Yearly depreciation for office equipment is RM500. v. Rent accrued and yet to be paid as at 30 September is RM660. You are required to prepare the following: a) The trial balance as at 30 September 2022 . (10) b) The statement of comprehensive income for the year ended 30 September 2022. (10) c) The statement of financial position as at 30 September 2022
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started