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
If balance represents an amount of owing, where it will be included in the balance sheet?
Fixed liability
Current liability
Contingent liability
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
Any expenses during the accounting period relating to the next accounting period is known as:
Paid in advance
Paid in loss
Not paid
Trading & profit & loss account is the practical application of:
Going concern concept
Business entity concept
Continuous concept
Matching concept
A balance represents the short term benefits. Where will it come in the balance sheet?
Fixed asset
Current asset
Intangible asset
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
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
Prepaid income is transferred to:
Trading account
Profit and loss account
Trading and profit and loss account
Income and expenditure
Where will the balance of the income account be present in the balance sheet?
