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CONTENTS
Accountancy
Commerce
Economics
English
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Question-1
Rent outstanding is
(A)
A liability
(B)
An asset
(C)
An income
(D)
A capital
Question-2
Interest on drawings is deducted from
(A)
Income A/c
(B)
Capital A/c
(C)
Expense A/c
(D)
Drawings A/c
Question-3
Expenses which have been paid in advance are called
(A)
Prepaid Expenses
(B)
Outstanding Expenses
(C)
Outstanding Incomes
(D)
Income received in advance
Question-4
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-5
Expenses which have been paid in advance are called
(A)
Prepaid Expenses
(B)
Outstanding Expenses
(C)
Outstanding Incomes
(D)
Incomes received in Advance
Question-6
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
Question-7
Interest on capital is added to
(A)
Expense A/c
(B)
Income A/c
(C)
Capital A/c
(D)
All of these
Question-8
The unsold goods in stock at the end of the accounting period is called
(A)
Opening stock
(B)
Closing stock
(C)
Stock in trade
(D)
Common stock
Question-9
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-10
Income which has been earned but not received during the accounting period is called
(A)
Income received in advance
(B)
Outstanding Incomes
(C)
Outstanding Expenses
(D)
Prepaid Expenses
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Plus 2 Commerce
Tamil Nadu (English Medium)
Practice in Related Chapters
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Partnership Addmission
Company Accounts
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