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The accounting treatment for depreciation expense in the balance sheet will be: a. Added to the corresponding long term liability O b. Deducted from the corresponding long term liability O c. Added to the corresponding non-current asset O d. Deducted from the corresponding non-current asset Rent paid in advance will be deducted from: a. Current liabilities ob. Current assets OC. Corresponding income od. Corresponding expense Which one of the following will be added to the current liabilities in the balance sheet? a. Commission paid to partners ob. Commission income received in advance O c. Commission expense paid in advance d. Outstanding Commission expense The objective of preparation of income statement of partnership is: a. To show the income and expenses of the partnership firm b. To show the financial position of business OC. To show how net profit has been distributed among partners O d. To show the ratio of capital of partners Expense has been incurred but not yet recorded in the book and not yet paid is called: a. Indirect expense O b. Provision for expense c. Accrued expense d. Prepaid expense The purpose of preparation of partners' capital account is: O a. To know the balance of drawings of each partner o b. To know the balance of goodwill of each partner OC. To know the balance of capital of each partner O d. To know the interest on loan of each partner Which one of the following is a gain to the partners? a. Withdrawal of capital o b. Interest on loan from bank c. Interest on capital O d. Interest on drawings Clear my choice