11th Principles of Accounting MCQS
Net profit is always
More than gross profit
None of these
Less than gross profit
Equal to gross profit
A prepaid expense is
A liability
An expense
An income
An asset
Income tax paid is a
Liability of business
Personal expense
Revenue for business
Business expense
The accrued income or outstanding income will appear in the balance sheet as
A liability
An asset
An expense
Both a & b
The revenue that has not become due, but received in cash in current year is known as
Both a & c
Revenue received in advance
Accrued revenue
Unearned revenue
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