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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 (NU) |
| 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 2
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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Answer
