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WorksheetsFinal Accounts/Financial Statements
Total questions: 14
Worksheet time: 7mins
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
Interest on drawings is alan: (Year 2017)
An Asset
Expense
Revenue
Liability
Interest due but not received is alan: (Year 2017)
Outstanding expense
Accrued income
Prepaid expense
Unearned income
If the closing stock appears in the trial balance, it is taken only to the: (Year 2018)
Profit and Loss Account
Trading Account
Balance Sheet
Final Account
Which one of the following is a direct expense? (Year 2018)
Packing expense
Manufacturing expense
Advertising expense
Traveling expense
