Trial Balance Categorisation

Q.

What is apprentice premium in which account we show it if it is given in trial balance?

Q.

Rent receivable (given in trial balance) is an item of:

1. Balance Sheet

2. Both balance sheet & Profit & loss account

3. Profit & Loss account

4. Trading account

Q.

Return outwards appearing in trial balance are deducted from

Q.

What Is Prepaid Insurance?

Q.

Vardhman Ltd gets a contract of Rs.200 crore to build a hospital to be completed in 4 years. The management of the company wants to ascertain profit or loss on this contract only when the contract is completed. Is the management correct?

Q.

Which of the following comes under category expense?

1. Creditors

2. Bills Payable

3. Insurance premium

4. None of these

Q.

Which of the following comes under category Liabilities?

1. Bills Payable

2. Loan from bank

3. Creditors

4. All of these

Q. Select the appropriate alternative from the alternatives given below and rewrite the statement.
The rent paid to the landlord should be debited to ____________.
a. Drawings a/c
b. Cash a/c
c. Landlord a/c
d. Rent a/c

Q.

How do you treat abnormal loss in Joint Venture Accounts