Prepaid Expenses Quiz Copy

Prepaid Expenses relate to the___________.

Previous financial year
Following financial year
Current financial year
None

If the insurance premium paid during the year is Rs. 45,000 and out of which prepaid insurance is Rs. 30,000, the amount of insurance premium shown in relation to this transaction in Profit & Loss A/c would be ______________

Rs. 45,000
Rs. 30,000
Rs. 15,000
Rs. 75,000

Prepaid expense is shown under ___________ head of balance sheet.

Asset
Liability
Capital
None

Prepaid expense is an example of _________________

Fixed Assets
Current Assets
Fictitious Assets
Current Liabilities

Adjustment entry for when prepaid rent is due is

Debit Rent A/C, Credit Bank A/C
Debit Outstanding Rent A/C, Credit Rent A/C
Debit Rent A/C, Credit Prepaid Rent A/C
Debit Outstanding Expense A/C, Credit Expense A/C

Discussion Boards

Prepaid Expenses Quiz Copy

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

Got a problem with the lessson?

Report a problem