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prepaid expense
Welcome to your prepaid expense
Prepaid Insurance is an example of __________.
Increase in asset & decrease in owner's liability
Increase in liability & decrease in owner's liability
Decrease in liability & owner's liability
Increase in asset & owner's liability
None
If the insurance Rs.premium paid is Rs.1,000 and prepaid insurance is Rs.300, the amount of Insurance premium shown in profit and loss account will be _____________.
Rs 1300
Rs 700
Rs 1000
Rs. 300
None
nsurance paid in advance would be treated in the Balance sheet as _________________.
Non current asset
Current Assets
Intangible sheet
Deferred expense
None
A prepayment of insurance premium will appear in the Balance Sheet and in the Insurance Account respectively as.
A liability and a debit balance
An asset and a debit balance
An asset and a credit balance
None of the above
None
If prepaid rent appears in trial balance, while preparing the final accounts it will be shown in.
Profit & Loss A/c and asset side of balance sheet
Profit & Loss A/c and liability side of balance sheet
Asset side of balance sheet
Liability side of balance sheet
None
A club paid subscription fees of Rs. 1,400, out of which Rs. 200 is prepaid. In such case _________________.
P & L A/c is debited with Rs.1,400
P & L A/c is debited with Rs. 1,200
Rs. 200 is shown as current asset
Both (B) and (C)
None
Rent prepaid a/c appearing in the trial balance is ___________.
shown on the liability side of balance sheet
shown on the assets side of the balance sheet
shown on debit side of profit and loss A/c
credited to profit and loss A/c
None
Amount of prepaid expense is _______ from particular expense.
Added
Deducted
Depreciated
None
None
Prepaid expenses is shown under ___________ side of balance side.
Asset
Liability
Debit
Credit
None
Expenses Paid in advance are called ________.
Prepaid Expense
O/s Expense
Asset
Liability
None
Time's up
Time is Up!
