End of Financial Year Adjustments
Principles of Accounts · Secondary 3 · Preparation of Financial Statements · 4.º Período

End of Financial Year Adjustments

Students apply the accrual basis of accounting to make end-of-year adjustments for prepayments and accruals. They will incorporate these adjustments into the financial statements.

MOE Syllabus OutcomesMOE POA Syllabus Section 11.1: Accrual Basis of AccountingMOE POA Syllabus Section 11.2: Prepayments and Accruals

About This Topic

Students apply the accrual basis of accounting to make end-of-year adjustments for prepayments and accruals. They will incorporate these adjustments into the financial statements.

Key Questions

  1. What is the accrual basis of accounting?
  2. How do we account for prepaid and accrued expenses?
  3. How do adjustments affect the final financial statements?

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