Outstanding expenditure is a __________ account.

Related MCQs

• Which of the following statements is/are true? (i) Drawings Account is a Nominal Account (ii) Capital Account is a Real Account (iii) Sales Account is a Nominal Account (iv) Outstanding salaries account is a Nominal Account (v) Patents Account is a Personal Account
• (i) Salaries as per Income and Expenditure Account Rs.1,500 (ii) Salaries paid in advance in previous year Rs.700 (iii) Salary outstanding at the end of current year Rs.300 (iv) Salary outstanding at the end of previous year Rs.800 From the above information given, the amount of salaries to be shown in Receipts and Payment Account can be valued at
• From the following information provided, the income from subscription to be shown in the Income and Expenditure A/C for the year ending 31/12/2015 can be calculated at Rs. ______ (i) Subscription received during 2015 : for 2014 – Rs.5,000 for 2015 – Rs.30,000 for 2016 – Rs.6,000 (ii) Subscription received in advance as at 31/12/2014 – Rs.6,000 (iii) Subscription outstanding as at 31/12/2014 – Rs.6,000 (iv) Subscription outstanding as at 31/12/2015 – Rs.4,000
• The process of balancing of an account involves equalization of both sides of the account. If the debit side of an account exceeds the credit side, the difference is put on the credit side. The said balance is (i) A Debit balance (ii) A Credit balance (iii) An expenditure or an Asset (iv) An Income or a Liability
• Match List I (Financial Statements and Accounts) with List II (special matters associated with statements and accounts) and select the correct answer using the codes given below the lists: List I List II i) Receipts and Payments Account I. Revenue ii) Income and Expenditure Account II. Cash iii) Club subscription received in III. Liability Advance Account Codes:(i) (ii) (iii)
• Subscription received during the year 50,000 Rs. Subscriptions outstanding at the end of the year 8,000 Rs. Subscription outstanding at the beginning of the year 6,000 Rs. Net Income from subscription will be :
• A few errors committed in Ahhiwalia's books of account are given below. State which errors would affect the Trial Balance. (a) Sales of `950 to Ram completely omitted from books of account (b) Purchases of `720 from Shyam entered in the purchases journal as `700 (c) Purchases Journal is overcast by `1,000 (d) Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal's account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
• In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is i. Debit Bills Receivable Account ii. Debit Drawee‘s Account iii. Credit Drawee‘s Account iv. Credit Sales Account
• Income and expenditure account is the ______ account of a non trading concern
• Outstanding salary account is 58