Question
1. Accrued expenses are; Group of answer choices Assets Liabilities Current Liabilities Current Assets 2. Prepaid revenue is; Group of answer choices Liability Assets Current
1. Accrued expenses are;
Group of answer choices
Assets
Liabilities
Current Liabilities
Current Assets
2. Prepaid revenue is;
Group of answer choices
Liability
Assets
Current Liability
Current Assets
3. Accumulated depreciation is;
Group of answer choices
Long-term investment
Liability
Asset
Contra-Assets
4. When the firm acknowledges that an amount becomes irrecoverable then Bad debts account is debited to............
Group of answer choices
Loss
Cash
Trade receivables
Bank
5. Discount received is a.....................
Group of answer choices
Loss
Expense
Gain
Liability
6. The first statement prepared from the adjusted Trial Balance is;
Group of answer choices
Balance sheet
Income statement
Statement of changes in owner's equity
Statement of cash flows
7. The process of recording the transactions in Ledger is called;
Group of answer choices
Balancing
Posting
Matching
Journalizing
8. Trial Balance is a proof of;
Group of answer choices
Fundamental accuracy
Matching
Arithmetical accuracy
Balancing
9. Which balance of the ledger is transferred to Trial Balance?
Group of answer choices
Opening Balance
Closing Balance
Credit Balance
Debit Balance
10. As per the opening entry if there is a difference between debit and credit balances in a way that debit balance exceeds credit balance it will be addressed as;
Group of answer choices
Creditors
Closing Balance
Balance
Capital
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