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
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
Prepaid income is transferred to:
Trading account
Profit and loss account
Trading and profit and loss account
Income and expenditure
Trading & profit & loss account is the practical application of:
Going concern concept
Business entity concept
Continuous concept
Matching concept
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
The amount due as unpaid at the end of the accounting period is known as:
Expenses
Accrued expenses
Income
Loss
Where will the balance of the income account be present in the balance sheet?
Current asset
Current liability
Fixed asset
Contingent liability
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
If balance represents an amount of owing, where it will be included in the balance sheet?
Fixed liability
Asset
