Accounting P12... How did it go??

[Ram97]

Hey there everybody how was your accounting paper??

 

[Ram97]

ShaheerBakali10 newgirl007
Guys if u remember the accounts paper lets discuss

 

[newgirl007]

MCQ ppr... Do u remember a question tht had an option of sunk cost.. variable cost.. fixed cost and something else?

 

[Ram97]

Yup I did sunk for that

 

[Ram97]

What about the 3rd MCQ in which different rent rates were given and we had to calculate rent to be recorded in income statement?

 

[ShaheerBakali10]

MCQ ppr... Do u remember a question tht had an option of sunk cost.. variable cost.. fixed cost and something else?

i did fixed for that

 

[ShaheerBakali10]

What about the 3rd MCQ in which different rent rates were given and we had to calculate rent to be recorded in income statement?

ummm the prepaid rent till july i think and then rent till august something right?

 

[Ram97]

Yeah that one do u remember the answer to that

 

[ShaheerBakali10]

Yeah that one do u remember the answer to that

yea yea! i think till july it was 600 and till october i think it was 700?
anyways i think my answer was B or C... i dont remember

 

[Ram97]

I did which had option of rent 6400 and 600 other receivables
I guess that was B

 

[ShaheerBakali10]

I did which had option of rent 6400 and 600 other receivables
I guess that was B

yeaa mee too i did the same!

 

[Ram97]

Yayyy!!
newgirl007 do u remember ur answer to this one?

 

[Y0000]

Yes It was B

 

[Stryk3r1337]

Yes It was B

No. It was C. There will be NO amount in the balance sheet. Rent is paid monthy. That doesn't mean that it's a prepaid expense. Hence no amount in balance sheet.

 

[Ram97]

The amount is being paid at the start of each month so at the end of the month there would be prepaid rent

 

[shabih zehra]

I did C too. By the end of october, there would be no balance in the prepayments or accruals account. We actually had a similar question in one of the past papers...I don't remember the year though but it's definitely between 2010-2014.

 

[Ram97]

I did C too. By the end of october, there would be no balance in the prepayments or accruals account. We actually had a similar question in one of the past papers...I don't remember the year though but it's definitely between 2010-2014.

Ouch :|
What about the cost one?

 

[shabih zehra]

Ouch :|
What about the cost one?

well, I was confused between sunk and stepped cost for that MCQ. But I think the answer is sunk, however, i chose stepped :\.
Do you remember the answer to the one where they asked us - on which side (Dr or Cr) will the loss be recorded in the Income statement, St. of financial position and capital account?

 

[Ram97]

I did A for that

 

[newgirl007]

I did which had option of rent 6400 and 600 other receivables
I guess that was B

yup mee too