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CUNY Brooklyn College Accounts Payable and Account Accounting Questions

CUNY Brooklyn College Accounts Payable and Account Accounting Questions

Question Description

I’m working on a accounting practice test / quiz and need an explanation to help me understand better.

need the appropriate answers for the given questions.

1. Explain accounts payable and account receivable.

2. What are provisions?

3. Differentiate deferred items and prepaid items.

4. show the require minimum structure of an european income statement (PLA statement)

5. What is the concept of Depreciation. Explain and give one example.

6. Pick 2 valuation principles respectively rules and explain them properly.

7. What are accruals and what are they all about?

8. What are the keys to understand IFRS?

9. What does true and fair value (IFRS) technically mean?

10. Name 3 gap principals which differ FROM IFRS AND EXPLAIN THE DIFFERENCE

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