Outstanding salaries is shown as___________?

Related Mcqs:

1. In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.

   A. Adjusted
   B. Unadjusted
   C. Understated
   D. Overstated

2. Obligation of the Business are known as___________?

   A. Liabilities
   B. Revenues
   C. Expenses
   D. Assets

3. The portion of the acquisition cost of the asset yet to be allocated is known as___________?

   A. Written down value
   B. Accumulated value
   C. Salvage value
   D. Residual Value

4. Which of the following account with normal balance is shown at the debit side of a trial balance?

   A. Rent income account
   B. Creditors account
   C. Unearned income account
   D. Cash account

5. An asset must be _______ by the business to be shown as an asset in its “balance sheet”

   A. Possessed
   B. Owned
   C. Controlled
   D. Used

6. Revenue receipts are shown in___________?

   A. Balance Sheet
   B. Profit and Loss appropriation A/c
   C. Manufacturing A/c
   D. Trading and Profit and Loss A/c

7. Insurance prepaid is shown as:___________?

   A. Current Asset
   B. Current Liability
   C. Fixed Asset
   D. Income

8. Closing stock appearing in the Trial Balance is shown in:

   A. Trading A/c and Balance Sheet
   B. Profit and Loss A/c
   C. Balance Sheet only
   D. Trading A/c only

9. Carriage on goods purchased is shown in:___________?

   A. Profit and Loss A/c
   B. Capitalized with work in progress
   C. Trading A/c
   D. Shown in Balance Sheet

10. Depreciation Account appearing in the Trial Balance is shown in:

    A. Profit and Loss A/c
    B. Trading A/c
    C. Deducted from the concerned assets A/c
    D. Shown on the liability side