1. Receipt and payment account is a summary of-

2. Prepaid expenses are also called:

3. Which of the following is recorded in income & expenditure account –

4. If the insurance premium paid Rs. 1,000 and prepaid insurance Rs. 300. The amount of insurance premium shown in profit and loss account will be

5. If the rent received in advance Rs. 2,000. The adjustment entry will be

6. Accrued income is :

7. Prepaid expenses are shown in-

8. Adjusting Entries?

9. Which of the following is true for every adjusting entry?

10. Which of the following is not an item of income of Non – trading concern –

11. Charity of goods is-

12. Such persons who earn remuneration against their services are called –

13. The object of non – trading concerns-

14. Prepaid Insurance existing in the Trial Balance is shown in the Balance Sheet in the assets side because of

15. Income tax in case of sole trader is treated as ,

16. If a person fails to pay his debt, such amount is considered as-

17. Income earned but not received is shown in:

18. Closing stock is shown in Financial Statements at:

19. Outstanding Expenses are related to-

20. Which of the following is recorded in income & expenditure account –