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1. Accrued expenses are;

Group of answer choices

Assets

Liabilities

Current Liabilities

Current Assets

2. Prepaid revenue is;

Group of answer choices

Liability

Assets

Current Liability

Current Assets

3. Accumulated depreciation is;

Group of answer choices

Long-term investment

Liability

Asset

Contra-Assets

4. When the firm acknowledges that an amount becomes irrecoverable then Bad debts account is debited to............

Group of answer choices

Loss

Cash

Trade receivables

Bank

5. Discount received is a.....................

Group of answer choices

Loss

Expense

Gain

Liability

6. The first statement prepared from the adjusted Trial Balance is;

Group of answer choices

Balance sheet

Income statement

Statement of changes in owner's equity

Statement of cash flows

7. The process of recording the transactions in Ledger is called;

Group of answer choices

Balancing

Posting

Matching

Journalizing

8. Trial Balance is a proof of;

Group of answer choices

Fundamental accuracy

Matching

Arithmetical accuracy

Balancing

9. Which balance of the ledger is transferred to Trial Balance?

Group of answer choices

Opening Balance

Closing Balance

Credit Balance

Debit Balance

10. As per the opening entry if there is a difference between debit and credit balances in a way that debit balance exceeds credit balance it will be addressed as;

Group of answer choices

Creditors

Closing Balance

Balance

Capital

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