Trading and profit and loss account prepared for:
Definite time
Indefinite time
No time
Depends
Prepaid income is transferred to which account?
Trading account
Profit and loss account
Trading and profit and loss account
Income and expenditure
The amount due as unpaid at the end of the accounting period is known as:
Expenses
Accrued Expenses
Income
Loss
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
Current asset
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
If balance represents an amount of owing, where it will be included in the balance sheet?
Fixed liability
Current liability
Contingent liability
Asset
In the profit and loss account, an accused expenses is added to the:
Total paid
Total income
Total loss
Total balance
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
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
