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What is the amount to be recorded as income received

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Reference no: EM132906682

Problem 1: Happy Chappy must provide a service to Smiles every month from 1 September 200X to 28 February 200Y. The financial year end is 31 December. Happy Chappy received a total amount of R15 000 for the services rendered. Assume that the income was earned in equal amounts over the period. What is the amount to be recorded as income received in advance?

A. R5 500

B. R500

C. R15 500

D. R0

Problem 2: Accrued income represents income received during the current financial period, but not yet earned.

A. True

B. False

Problem 3: The purpose of adjustments is to ensure that the profit or loss for a financial period is accurately reported.

A. True
B. False

Problem 4: Accrued expenses are expenses that the entity has not yet paid, but the expenses have already been incurred.

A. True
B. False

Problem 5: Expenses are recognized when they occur.

A. True
B. False

Reference no: EM132906682

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