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   Adjustments for Final Accounts  Prepayments and Accruals Expenses and revenues are not always paid or received on time. Cash paid and received in a year should not be entered directly into the profit and loss account of that year.  Adjustment should be made.  Prepaid expenses  those to be used in the following period but have been paid for in advance.  Accrued expenses  those which have been used up in the current year, but have not yet been paid for. Prepaid income  those to be earned in the following period but have been received in advance.  Accrued income  those which have been earned in the current period but have not yet been received.  Example 2 firms who pay rent for buildings in Hong Kong. The rent for each building is $1,200 a year. 1. Firm A paid $1,00 in the year. Own $200 for rent. 2. Firm B paid $1,300 in the year. $100 in advance for the following year.
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