Expenses incurred but not yet paid till the end of the accounting period is treated in balance sheet as:

• A) Asset
• B) Drawing
• C) Liability
• D) Capital

Expenses paid in advance at the end of the period is treated as:

• A) Drawings
• B) Assets
• C) Income
• D) Liability

A receivables ledger control account had a closing balance of Rs.9,000. Credit purchases of Rs. 500 had been omitted to record in this control account. What should be the correct balance of receivables control account?

• A) Rs. 9,500 debit
• B) Rs. 8,500 debit
• C) Rs. 9,000 debit
• D) Rs. 8,000 debit

A payables ledger control account had a closing balance of Rs.9,000. A discount received of Rs. 500 had been omitted to record in this control account. What should be the correct balance of payables control account?

• A) Rs. 8,000 credit
• B) Rs. 9,500 credit
• C) Rs. 10,000 credit
• D) Rs. 8,500 credit

If cost of a plant is Rs. 90,000, total estimated output is 30,000 units and units produced during year 2019 are 7,000. Then calculate deprecation for year 2019 if deprecation rate per unit is Rs. 3.

• A) Rs. 270,000
• B) Rs. 90,000
• C) Rs. 180,000
• D) Rs. 21,000

In case of decrease in provision for doubtful debt, _____________ is credited.

• A) Provision account
• B) Receivable account
• C) Payable account
• D) Bad debts account

Irrecoverable debts are also known as:

• A) Long term debts
• B) Doubtful debts
• C) Short term debts
• D) Bad debts

Income received but not yet earned till the end of the accounting period is treated in balance sheet as:

• A) Drawing
• B) Asset
• C) Liability
• D) Capital

While preparing a Creditors Control Account, Credit side shows the items that will cause:

• A) Both increase and decrease in creditors’ balance
• B) Increase in debtors’ balance
• C) Decrease in creditors’ balance
• D) Increase in creditors’ balance

_____________________ is posted in credit side of debtors account.

• A) Transportation inwards
• B) Purchase return
• C) Sales return
• D) Transportation outwards

In case of discount allowed to debtors, _____________ is credited.

• A) Debtors account
• B) Creditors account
• C) Trade discount account
• D) Doubtful debts account

__________________ is posted in debit side of debtors account.

• A) Cash sales
• B) Cash purchase
• C) Credit purchase
• D) Credit sales

A receivables ledger control account had a closing balance of Rs.9,000. Credit purchases of Rs. 500 had been omitted to record in this control account. What should be the correct balance of receivables control account?

• A) Rs. 8,500 debit
• B) Rs. 9,500 debit
• C) Rs. 8,000 debit
• D) Rs. 9,000 debit

In case of writing off debtors as bad debt, ____________ is credited.

• A) Debtors account
• B) Payable account
• C) Provision account
• D) Doubtful debts account

________________ is charged to profit and loss account.

• A) long term loan
• B) Capital
• C) Drawings
• D) Bad debts account

If cost of a plant is Rs. 90,000, total estimated hours are 11,000 and number of hours worked during year 2019 are 8,000. Then calculate depreciation for year 2019 if deprecation rate per hour is Rs. 6.

• A) Rs. 48,000
• B) Rs. 66,000
• C) Rs. 30,000
• D) Rs. 540,000

Rent income account should be debited due to:

• A) Rent receivable opening
• B) Rent receivable closing
• C) Rental income received
• D) Balance sheet account

In case of creating the provision for discount on debts, __________________ is debited.

• A) Discount received account
• B) Discount allowed account
• C) Receivable account
• D) Provision account

In case of discount allowed to debtors, _____________ is debited.

• A) Discount allowed account
• B) Doubtful debts account
• C) Receivable account
• D) Trade discount account

Income account is closed at the end of the accounting period in:

• A) Income statement
• B) Expense account
• C) Balance sheet
• D) General Journal