Necessary to make adjustments to the accounting record is :
Financial position of the business
Present a more accurate view of the profit and loss of the business
Both A & B
Mandatory by law
A balance represents the short term benefits, where will it come in the balance sheet?
Fixed asset
Current asset
Intangible asset
Asset
Prepaid income is transferred to which account?
Trading account
Profit and loss account
Trading and profit and loss account
Income and expenditure
At the year end, credit the expenses account with any amount paid in advance and carry down as a:
Credit balance
Debit balance
Balance sheet
Trading and profit and loss account prepared for:
Definite time
Indefinite time
No time
Depends
The amount due as unpaid at the end of the accounting period is known as:
Expenses
Accrued Expenses
Income
Loss
At the year end, debit the expenses account with any amount due, but unpaid carry down as a:
Debit
Credit
Both debit & credit
Either debit or credit
Trading & profit & loss account is the practical application of:
Going concern concept
Business entity
Continuous
Matching
The amount paid in advance is known as:
Prepaid
Postpaid
Postponed
Preponed
Any amount due but unpaid at the end of the final must be:
Less to the amount paid
Not entered into the account
Added to the amount paid
Should be added to balance sheet
