Question

give me for 4 marks question​

Answer 1

Answer:

(1) Bank overdraft account

They should be reported in current liabilities section and are usually added to the amount reported as accounts payable. If material, these items should be separately disclosed either on the face of the balance sheet or in the related notes. Bank overdrafts are generally not offset against the cash account.

(2) Insurance premium account

An insurance premium is the amount of money an individual or business pays for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance. Once earned, the premium is income for the insurance company.

(3)Stationery stock account

If you're using stationery in your daily business, then you have a stock of it, so until it's used up, it's an asset (prepaid stationery). Once it's used up, it becomes an expense. Since stationery is usually a small amount, it's expensed right away so not to complicate the prepaid asset accounting.

(4)Commission received account

Accounting for Commissions Revenues.

If a company has earned the commissions but has not yet received the money, the company should make an accrual adjusting entry so that its income statement will report the commissions revenues and its balance sheet will report the commissions receivable.

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