A. Fictitious assets
B. Quick asset
C. Real asset
D. Outstanding asset
Related Mcqs:
- The adjustment to be made for income received in advance is:
A. Add income received in advance to respective income and show it as a liability
B. Deduct income received in advance from respective income and show it as a liability
C. Add income received in advance to respective income and show it as asset
D. Deduct income received in advance from respective income and show it as an asset in the Balance Sheet - The concession received on the price of defective goods is called:
A. Discount
B. Cash discount
C. Allowance
D. Trading discount - For the past 3 years, DK Ltd. has failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted, which were considered material, were as follows:
March 31,2010 – ` 56,000
March 31, 2011 – ` 51,000
March 31, 2012 – ` 64,000
The entry on March 31, 2012 to rectify these omissions would include aA. Credit to wage expense for ` 64,000
B. Debit to wage expense for ` 64,000
C. Debit to wage expense for ` 51,000
D. Debit to wage expense for ` 13,000 - Revenue is generally recognized as being earned at that point of time when?
A. sale is effected
B. cash is received
C. production is completed
D. debts are collected - Discount received is a/an:
A. Asset
B. Expense
C. Liability
D. Revenue - Cash received from debtor is recorded in which of the following SPECIALIZED journals?
A. Purchase journal
B. Sales journal
C. Cash receipts
D. Cash payments journal - Cash received for services rendered will______________?
A. Increase cash and liability
B. Increase equity and liability
C. Increase fixed assets and cash
D. Increase cash and equity - Cash received from debtors would be deemed as___________of funds.
A. No flow
B. Sources
C. Uses
D. Gain - During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?
A. Rs. 33,000
B. Rs. 25,000
C. Rs. 17,000
D. Rs. 8,000 - Discount received is recorded on which of the following side of a cash book?
A. Receipts
B. Payments
C. Incomes
D. Expenditures
The correct answer to the question: "Income earned but not received is called ____________?" is "Outstanding asset".
12 Comments
Income earned but not yet received is called accrued income. Kindly make changes in it.
Regards
Ishfaq
Outstanding assets are those asseets over which the company has no immediate claim but which are recovverable at a later date of which cannot be converted into cash immediately. A few examples. Income Receivable. Prepaid Expenses.
if you can see the multiple choices. it will be clear to you that this question is about assets. your answer is also correct.