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Ovid Ventures run a small private company selling swimwear from China and The owner of the Venture asked you to prepare a set of financial statements: Accounting and Finance Assignment, NU, UK
University | Northumbria University |
Subject | Accounting and Finance |
Question 1
Ovid Ventures run a small private company selling swimwear from China. The owner of the Venture asked you to prepare a set of financial statements for the year ended 31 December 2021 as soon as possible as the previous accountant left the company at very short notice.
Question 2Â
1. Briefly explain to Mr. Ovid the owner of Ovid Ventures the impact of the following adjustments on the Profit & Loss Account and Balance sheet:
a. Prepaid Expenses
b. Accrued Expenses
c. Prepaid Income
d. Accrued Income
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