1-

Accrued expenses are;

Group of answer choices

Current Liabilities

Liabilities

Current Assets

Assets

2-

Prepaid revenue is;

Group of answer choices

Liability

Assets

Current Liability

Current Assets

3-

Accumulated depreciation is;

Group of answer choices

Asset

Liability

Long-term investment

Contra-Assets

4-

When the firm acknowledges that an amount becomes irrecoverable then Bad debts account is debited to

Group of answer choices

Bank

Cash

Trade receivables

Loss

5-

Discount received is a...

Group of answer choices

Gain

Expense

Liability

Loss

6-

The first statement prepared from the adjusted Trial Balance is;

Group of answer choices

Statement of cash flows

Income statement

Statement of changes in owner's equity

Balance sheet

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

Balancing

Matching

Fundamental accuracy

Arithmetical accuracy

9-

Which balance of the ledger is transferred to Trial Balance?

Group of answer choices

Closing Balance

Debit Balance

Credit Balance

Opening Balance

5-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

Balance

Capital

Closing Balance