1. Prepaid expenses are also called:

2. Which of the following is not an item of income of Non – trading concern –

3. Prepaid expenses are shown in-

4. Closing stock is shown in Financial Statements at:

5. Adjusting Entries?

6. Accrued income is :

7. Receipt and payment account is a summary of-

8. If the insurance premium paid Rs. 1,000 and prepaid insurance Rs. 300. The amount of insurance premium shown in profit and loss account will be

9. Income earned but not received is shown in:

10. Which of the following is recorded in income & expenditure account –

11. If a person fails to pay his debt, such amount is considered as-

12. If the rent received in advance Rs. 2,000. The adjustment entry will be

13. Which of the following is true for every adjusting entry?

14. Which of the following is recorded in income & expenditure account –

15. Charity of goods is-

16. Income tax in case of sole trader is treated as ,

17. Outstanding Expenses are related to-

18. The object of non – trading concerns-

19. Such persons who earn remuneration against their services are called –

20. Prepaid Insurance existing in the Trial Balance is shown in the Balance Sheet in the assets side because of