Accounting Unit 3, Outcome 1

An example of an OE item is....

Classifying elements and using headings supports which qualitative characteristic?

Classify - Credit Sales

Classify - Bank with a CR balance

Classify - Inventory

Accumulated Depreciation of Van

Which is a current asset?

increases in liabilities or decreases in assets that result in decreases in OE, other than owner transactions

Classify - GST Clearing (DR balance)

A present obligation of the entity to transfer an economic resource as a result of past events. Settled in 12 months.

Separating the owner and business supports which A.A?

Which is not one of the 3 reports?

cash and other types of assets held primarily for the purpose of sale or trading or are expected to be converted to cash

The bottom titles for the Balance Sheet are

Classify - Inventory Loss

Classify - Loan of $150,000 (repayment of $50,000 in the next 12 months)

Classify - Prepaid Insurance Expense

Swapping depreciation methods from year to year breaches which QC.....

increases in assets or decreases in liabilities that result in increases in OE, other than owner transactions

Making Balance Day Adjustments best supports...

How do you determine the OE amount?