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

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

3. Outstanding Expenses are related to-

4. Closing stock is shown in Financial Statements at:

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

6. Prepaid expenses are also called:

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

8. Receipt and payment account is a summary of-

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

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

11. Adjusting Entries?

12. The object of non – trading concerns-

13. Prepaid expenses are shown in-

14. 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

15. Income earned but not received is shown in:

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

17. Charity of goods is-

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

19. Accrued income is :

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