Prepaid income is transferred to which account?
Trading account
Profit and loss account
Trading and profit and loss account
Income and expenditure
The amount paid in advance is known as:
Prepaid
Postpaid
Postponed
Preponed
Any amount paid during the financial year relating to a future accounting period must be:
Added from the amount paid
Deducted from the amount paid
Multiply with the amount paid
Divided the amount paid
Where will the balance of the income account be present in the balance sheet?
Current asset
Current liability
Fixed asset
Contingent liability
In the profit and loss account, an accused expenses is added to the:
Total paid
Total income
Total loss
Total balance
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
If balance represents an amount of owing, where it will be included in the balance sheet?
Fixed liability
Asset
An amount is paid during the year. How will you post that in cash book?
Both debit and credit
Not affected
Any expenses during the accounting period relating to the next accounting period is known as:
Paid in advance
Paid in loss
Not paid
