Which of the following statements is correct a a

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7) Which of the following statements is correct? A. A prepayment adjustment should be made in respect of each expense which is overpaid at the year-end. Prepayment owner paid at the end of yearB. Revenue should not be shown in the profit and loss account unless the associated money has been received.C. The accounting concept which gives rise to adjustments at the end of an accounting period in respect of accruals and prepayments is the consistency concept.D. None of the above. 8) Wellness Co. collected $24,000 in October 20x4 from customers in exchange for a 12 month subscription to its fitness center. How much revenue should the company report on its income statement for the year ended 31 March 20x5? E 9)Jack Lo, a trader, bought some goods for resale by the business and paid for them from his privatebank account. The ledger entries in respect of these will be: 10)The stock as on 1 July 2007 was $3,750, purchases made during the year $900 and carriage of $450 was incurred on the purchases. Goods worth $300 were returned by the company. If the cost of goods sold was the value of $1,800, the stock as on 30 June 2008 was: 2
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11)Peter Wong has sold on credit to James Chan goods with a recommended retail price of $1,000, subject to a 10% trade discount and 5% cash discount.The amount that would be credited to the sales account in Peter Wong’s ledger is: A.$850B.$855C.$9001000x(1-10%)D.$1,000E.None of the Above 12)During the year ended 30 September 19X3 John Lee, a trader, made a loss of $5,000. He alsointroduced capital of $40,000 and withdrew $10,000. The capital at the 30 September 19X3 was$100,000.The capital at 1 October 19X2 was therefore:
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