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Accountancy
Commerce
Economics
English
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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
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-3
Opening stock is shown in
(A)
Balance sheet
(B)
Profit and Loss Account
(C)
Trading account
(D)
Cash account
Question-4
Interest on drawings is deducted from
(A)
Income A/c
(B)
Capital A/c
(C)
Expense A/c
(D)
Drawings A/c
Question-5
The reduction in the value of fixed assets due to its use or obsolescence is called
(A)
Capital
(B)
Depreciation
(C)
Reduction
(D)
Drawings
Question-6
Expenses which have been paid in advance are called
(A)
Prepaid Expenses
(B)
Outstanding Expenses
(C)
Outstanding Incomes
(D)
Income received in advance
Question-7
Gross Profit is transferred to
(A)
Capital account
(B)
Profit and loss account
(C)
Balance sheet
(D)
Trial Balance
Question-8
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-9
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-10
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
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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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