______ is an example of Current Assets.

Goodwill

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Bills receivable

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Debit Balance of Profit and Loss A/c

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Deferred revenue expenses

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Solution

The correct option is B Bills receivable
Assets are economic resources of an enterprise that can be usefully expressed in monetary terms. Assets are items used by the business in its operations. For example, Super Bazaar owns a fleet of trucks, which is used by it for delivering foodstuffs; the trucks, thus, provide economic benefit to the enterprise. This item will be shown on the asset side of the balance sheet of Super Bazaar. Assets can be broadly classified into types: Fixed Assets and Current Assets.
Current assets are assets held on a short-term basis such as debtors (accounts receivable), bills receivable (notes receivable), stock (inventory), temporary marketable securities, cash and bank balances.

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Similar questions

Q. The adjustment entry to write off deferred revenue expenditure is?

Deferred Revenue Expenditure A/c To Profit & Loss A/c	Dr.
Expense A/c To Profit & Loss A/c	Dr.
Profit & Loss A/c To Provision for Expense A/c	Dr.
Profit & Loss A/c To Deferred Revenue Expenditure A/c	Dr.

Q. Deferred revenue expenditure appears in balance sheet at assets side under the heading___________.

State whether the following statement are true or false.

1. Final Accounts are prepared on the basis of Trial Balance.
2. Trading Account is a part of Profit & Loss Account.
3. Profit Loss Account is prepared to find out Gross Profit or Gross Loss.
4. Gross Profit or Gross Loss is transferred to Balance Sheet.
5. An amount of net profit is added to the capital.
6. All indirect expenses are debited to trading account.
7. Balance Sheet is a statement and not an account.
8. Capital account is a personal account.
9. Amount of prepaid expenses appears on assets side.
10. Bank Overdraft is a liability of business concern.

Interest on Debentures is a/an ___ and is debited to the Profit & Loss A/c.

Q. Match List-I(Items of expenditure and receipt) with List-II(Nature of expenditure and receipt) and select the correct answer using the codes given the lists.

List-I	List-II
I. Premium paid for a lease hold property	(a) Revenue expenditure
II. Insurance premium paid for risks against accidental losses of properties(fixed assets)	(b) Capital receipt
III. Amount realised from the sale of securities(investment)\ purchased earlier	(c) Deferred revenue expenditure
IV. Huge sales promotion expenses	(d) Capital expenditure

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