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 by the amount paid
Prepaid income is transferred to:
Trading account
Profit and loss account
Trading and profit and loss account
Income and expenditure
To complete double entry, the amount paid in advance balance is:
Brought down in the debit side of the ledger account
Brought down in the credit side of the ledger account
Brought down in the debit side of the journal
Brought down in the credit side of the journal
Trading and profit and loss account prepaid for:
Definite time
Indefinite time
No time
Depends
Any expenses during the accounting period relating to the next accounting period is known as:
Paid in advance
Paid in loss
Not paid
If balance represents an amount of owing, where it will be included in the balance sheet?
Fixed liability
Current liability
Contingent liability
Asset
Credit the income account and debit the cash book with the amount received. This is applicable to:
During the year
At the year ended
At the financial year end
It is not applicable
Trading & profit & loss account is the practical application of:
Going concern concept
Business entity concept
Continuous concept
Matching concept
Amount unpaid
Amount paid
Amount paid in the last year
Amount going to be paid in the next year
