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Hey there everybody how was your accounting paper??
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i did fixed for thatMCQ ppr... Do u remember a question tht had an option of sunk cost.. variable cost.. fixed cost and something else?
ummm the prepaid rent till july i think and then rent till august something right?What about the 3rd MCQ in which different rent rates were given and we had to calculate rent to be recorded in income statement?
yea yea! i think till july it was 600 and till october i think it was 700?Yeah that one do u remember the answer to that
yeaa mee too i did the same!I did which had option of rent 6400 and 600 other receivables
I guess that 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.Yes It was B
Ouch :|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.
well, I was confused between sunk and stepped cost for that MCQ. But I think the answer is sunk, however, i chose stepped :\.Ouch :|
What about the cost one?
yup mee tooI did which had option of rent 6400 and 600 other receivables
I guess that was B
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