You will learn these two topics in this FREE Course

FREE Course Content

Accruals and Prepayments

• Accrued and Prepaid Expense Concept

• Expense Ledger Account

• Accrued and Prepaid Income Concept

• Income Ledger Account

• Income Statement Extract

• Statement of Financial Position Extract

• Accounting Principles

• Practice Question (Past Exam Papers)

Irrecoverable debts and Provisions

• Irrecoverable (Bad) Debts

• (Bad) Debts Recovered

• Provisions for Doubtful Debts

• General vs Specific Provisions

• Income Statement Extract

• Statement of Financial Position Extract

• Accounting Principles

• Practice Question (Past Exam Papers)

Other payables and other receivables

• recognise the importance of matching costs and revenues

• prepare ledger accounts and journal entries to record accrued and prepaid expenses

• prepare ledger accounts and journal entries to record accrued and prepaid incomes.

Irrecoverable debts and provision for doubtful debts

• understand the meaning of irrecoverable debts and recovery of debts written off

• understand the meaning of Provisions for Doubtful Debt (General vs Specific Provisions)

• prepare ledger accounts and journal entries to record irrecoverable debts

• prepare ledger accounts and journal entries to record recovery of debts written off

• explain the reasons for maintaining a provision for doubtful debts

• prepare ledger accounts and journal entries to record the creation of, and adjustments to, a provision for doubtful debts