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Accountancy
Commerce
Economics
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Question-1
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
Question-2
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-3
Opening stock is shown in
(A)
Balance sheet
(B)
Profit and Loss Account
(C)
Trading account
(D)
Cash account
Question-4
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-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
Gross Profit is transferred to
(A)
Capital account
(B)
Profit and loss account
(C)
Balance sheet
(D)
Trial Balance
Question-7
Expenses which have been paid in advance are called
(A)
Prepaid Expenses
(B)
Outstanding Expenses
(C)
Outstanding Incomes
(D)
Income received in advance
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
Outstanding interest on loan borrowed is to be added to
(A)
Asset A/c
(B)
Income A/c
(C)
Loan A/c
(D)
Capital A/c
Question-10
The reduction in the value of fixed assets due to its use or obsolescence is called
(A)
Capital
(B)
Depreciation
(C)
Reduction
(D)
Drawings
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Plus 2 Commerce
Tamil Nadu (English Medium)
Practice in Related Chapters
Financial Accounts- Adjustments
Partnership Accounts-Retirement
Accounts From Incomplete Records(Single Entry)
Cash Budget
Depreciation Accounting
Financial Statement Analysis - Ratio Analysis
Partnership Accounts - Basic Concepts
Partnership Addmission
Company Accounts
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