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Accountancy
Commerce
Economics
English
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Question-1
Income received during a particular accounting period for the work to be done in future period is called
(A)
Outstanding Income
(B)
Prepaid Expenses
(C)
Outstanding Expenses
(D)
Income received in advance
Question-2
Expenses which have been incurred but not yet paid during the accounting period for which the final accounts are being prepared are called
(A)
Prepaid Expenses
(B)
Outstanding Incomes
(C)
Outstanding Expenses
(D)
Income received in advance
Question-3
Closing stock is shown in
(A)
Profit and Loss account
(B)
Trading account and Balance sheet
(C)
Balance sheet only
(D)
Trading account only
Question-4
Income received in advance are shown in Balance sheet as
(A)
A current liability
(B)
A current asset
(C)
A fictitious asset
(D)
A fixed asset
Question-5
All the items given in the adjustment will appear at ________ in the Final accounts.
(A)
Three places
(B)
Two places
(C)
One place
(D)
Four places
Question-6
Interest on capital is added to
(A)
Expense A/c
(B)
Income A/c
(C)
Capital A/c
(D)
All of these
Question-7
In case the closing stock appears in Trial Balance, it is shown in the
(A)
Trading Account
(B)
Manufacturing Account
(C)
Balance sheet
(D)
Trial Balance
Question-8
Interest on drawings is deducted from
(A)
Income A/c
(B)
Capital A/c
(C)
Expense A/c
(D)
Drawings A/c
Question-9
While making an adjustment entry in respect of closing stock, we debit
(A)
Closing stock Account
(B)
Trading Account
(C)
Purchase Account
(D)
Capital Account
Question-10
While making an adjustment entry for prepaid expenses, we debit prepaid insurance and credit
(A)
Profit and Loss Account
(B)
Insurance Account
(C)
Trading Account
(D)
Capital Account
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Plus 2 Commerce
Tamil Nadu (English Medium)
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