11th Principles of Accounting MCQS
Outstanding expense given in adjustment is called
A liability
A gain
An expense
An asset
All those expenses which have become due but not paid are called
Advance expenses
Accrued revenue
Outstanding expenses
Prapaid revenue
The debts, which are irrecoverable from the debtors, are called
Good debts
Bad debts
Debts
Doubtful debts
A gradual decrease in the value of fixed assets is called
Reduction
Revaluation
Deprecation
None of these
Net loss is always
Equal to gross loss
More than gross loss
None of these
Less than gross loss
The debts, the recovery or realization of which is uncertain are known as
Doubtful debts
Bad bets
Loan
Provision for doubtful debts
Bad debts recovered from debtors should be credited to
Bad debts a/c
Debtors a/c
Cash a/c
Bad debts recovered a/c
Interest on drawings is
A revenue
An asset
An expense
A liability
Provision for the doubtful debts is debited to
Provision for bad debts a/c
Bad debts recovered a/c
Profit or loss a/c
Debtors a/c
Interest due but not received is an
Outstanding expense
Accrued income
Unearned income
Prepaid expense
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