Earned or accrued income - class-XI
Description: earned or accrued income | |
Number of Questions: 37 | |
Created by: Ashok Dhingra | |
Tags: adjustments journal final accounts of a proprietary concern accountancy final accounts with adjustments financial statements final accounts of sole proprietors - 2 financial statements of business organisations financial statements - ii elements of accounts book keeping and accountancy adjustments in preparation of financial statements |
Accrued income is also been called as ________.
The recording of wages earned but not yet paid is an example of an adjustment that _____________.
Payment received from debtor _______________.
The account of accrued income will be shown on _________ side.
Income received in advance will be shown as ________.
Amount which has accrued but is still to be received.
When income is received but the whole amount of it does not belong to the current period it is called as:
What are the other names for income received in advance?
Accrued income will appear on the ____ side of the balance sheet.
' Taxes owned but payable in the following period' should be classified as __________________.
Life insurance premium received by an insurance company' should be classified as _______________.
'Interest earned but not received' should be classified as _____________.
The portion of income belonging to next accounting year is called _______.
Accrued interest will be ________ to interest account.
Accrued income is ______ to the expenses in the profit and loss account.
Accured income is an income which is __________ but not received.
Calculate Outstanding interest on 10 % govt bonds Rs. 15000.
Accrued income is shown ___________ of balance sheet.
Subscription received in advance Rs. 500 shall be ______________________.
Rent Received Rs 2400 is for 15 months than Rs ________ is pre received income.
When income is received in advance ___________ account is debited.
If Incomes received in advance appears in the trial balance, it__________.
Drawings account of a partner will have _____________.
When the proprietor withdraws or takes away some goods from the business for his personal use of consumption, he records the withdrawals at ________________.
Advance received from customers is___________.
While preparing final account, to record outstanding income which of the following adjustment entry will be passed?
Income A/cTo Outstanding Income A/c | Dr. |
---|---|
Outstanding Expenses A/cTo Income A/c | Dr. |
Profit & Loss A/cTo Outstanding Income A/c | Dr. |
Outstanding Income A/cTo Income A/c | Dr. |
While preparing final account, to adjust income received in advance which of the following adjustment entry will be passed?
Income Received in Advance A/cTo Income A/c | Dr. |
---|---|
Income A/cTo Income Received in Advance A/c | Dr. |
Income Received in Advance A/cTo Outstanding Income A/c | Dr. |
Income Received in Advance A/cTo Profit & Loss A/c | Dr. |
Choose the true statement.
Which of the following accounting treatments is/are TRUE in respect of accrued commission appearing on the debit side of a trial balance?
From the following particulars, calculate the amount of income to be credited to profit and loss account for the year ended $31$st March $2012$.
$31-3-2011$ | $31-3-2012$ | |
---|---|---|
Outstanding Income | $1,500$ | $1,200$ |
Income received in advance | $900$ | $540$ |
A sum of Rs. $14,670$ was received as income during the year ended $31$st March $2012$.
Unaccrued Interest is an example of __________.
Accrued Interest is an example of _________.
Star Tour has a Rs. 5,000 account receivable from Mr. X. On February 5, Mr. X makes a partial payment of Rs. 3,000 to Star Tours. The journal entry made on February 5 by Star Tours to record this transaction includes:
On receipt of Rs 975 from Shyam on his account for Rs 1000 Shyam's Account should be credited with ____________.
What will be the treatment of "accrued income" if appearing in the Trial Balance.
In balance sheet, accrued income is shown under which head of assets _______________.
Give effect of the following adjustment entry:
The accrued rent is Rs. 1,900.