Final Accounts/Financial Statements

Drawings are deducted from: (Year 2015/16)

• Sales

• Income

• Capital

• Expenses

A prepaid expense is: (Year 2015)

• An asset

• A liability

• An expense

• An income

Adjusting entries are made: (Year 2015/17)

• During the accounting period

• At the end of accounting year

• In the beginning of the year

• At any time

All revenue expenditures are taken to: (Year 2015)

• A Trading Account

• Trading and Profit or Loss Account

• Profit or Loss Account

• Balance Sheet

All those expenses which are due but not yet paid are called: (Year 2016)

• Advance expenses

• Outstanding expenses

• Accrued revenue

• Prepaid revenue

Withdrawal of goods by the owner for his personal use must be credited to: (Year 2016)

• Supplier's A/C

• Goods A/C

• Purchaser's A/C

• Drawings A/C

Provisions for bad debts should appear in the balance sheet as: (Year 2016)

• A fictitious asset

• A deduction from the debtors

• An addition to the goodwill

• Part of the share capital

Goodwill, patent, copyrights and trade mark are: (Year 2016)

• Wasting assets

• Intangible assets

• Fictitious assets

• Liquid assets

Which one of the following is direct expense? (Year 2016)

• Customs duty

• Wages

• Carriage

• All of these

Outstanding expense given in adjustments is a/an: (Year 2017/18)

• Asset

• Expense

• Liability

• Drawing