Any amount due but unpaid at the end of the financial year must be:
Less to the amount paid
Not entered into the account
Added to the amount paid
Should be added to balance sheet
Amount unpaid
Amount paid
Amount paid in the last year
Amount going to be paid in the next year
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
Current 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
If balance represents an amount of owing, where it will be included in the balance sheet?
Fixed liability
Current liability
Contingent liability
Asset
Any expenses during the accounting period relating to the next accounting period is known as:
Paid in advance
Paid in loss
Not paid
Trading and profit and loss account prepaid for:
Definite time
Indefinite time
No time
Depends
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
The amount due as unpaid at the end of the accounting period is known as:
Expenses
Accrued expenses
Income
Loss
Matching principle