Question # 1

Outstanding expense given in adjustment is called

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An asset

A gain

An expense

A liability

Bad debts are business

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Expenses

Liabilities

Assets

Revenue

Deprecation is

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A Liability

A loss

An expense

Both b & c

The debts, the recovery or realization of which is uncertain are known as

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Bad bets

Doubtful debts

Provision for doubtful debts

Loan

Interest on drawings is

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An asset

A liability

An expense

A revenue

The system of accounting in which accounting entries are made only when cash received or paid is known as

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Cash system

Accrual system

Mercantile system

Single system

The revenue that has not become due, but received in cash in current year is known as

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Revenue received in advance

Accrued revenue

Unearned revenue

Both a & c

Wages paid of installing a machine should be debited to

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Wages a/c

cash a/c

Machinery a/c

None of these

Interest due but not received is an

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Outstanding expense

Accrued income

Prepaid expense

Unearned income

The debts, which are irrecoverable from the debtors, are called

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Debts

Doubtful debts

Bad debts

Good debts

Provision for the doubtful debts is debited to

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Debtors a/c

Provision for bad debts a/c

Profit or loss a/c

Bad debts recovered a/c

The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called

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Cash system

Accrual or mercantile system

Outstanding system

None of these

Net profit is always

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Equal to gross profit

More than gross profit

Less than gross profit

None of these

Income tax paid is a

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Business expense

Revenue for business

Liability of business

Personal expense

All those expenses which have become due but not paid are called

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Accrued revenue

Prapaid revenue

Outstanding expenses

Advance expenses

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