Any expenses during the accounting period relating to the next accounting period is known as:
Paid in advance
Paid in loss
Not paid
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
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 accrued 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
The amount paid in advance is known as:
Prepaid
Postpaid
Postponed
Preponed
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
If balance represents an amount of owing, where it will be included in the balance sheet?
Fixed liability
Asset
A balance represents the short term benefits. Where will it come in the balance sheet?
Intangible asset
Amount unpaid
Amount paid
Amount paid in the last year
Amount going to be paid in the next year
