Rebate of Bills discounted is an income received in advanced which is carried forward as other liability.

Related MCQs

• As per AS 15 accumulated compensated absences can be carried forward if the current period entitlement is not used in full.
• Acceptance, Endorsements and other obligations are a contingent liability of bank.
• Banks are to recognize their income on…………….basis in respect of income on performing asset.
• Banks are to recognize their income on……………… basis in respect of income on non performing asset.
• Banks are to recognize their income on cash basis in respect of income on performing assets.
• Transfer of money from one place to another i.e. mail transfer is an item to be excluded from bills payable.
• Determine Working capital turnover ratio if, Current asset is Rs 1,50,000, current liability is Rs 1,00,000 & cost of goods sold is Rs 3,00,000.
• All sums of…………….received and expended by the Society and the matters in respect of which receipts and expenditure take place.
• Dividend received on shares is comes to the……………. side of profit and loss account.
• Goods sent by the head office at the end of the year but not received by Branch before the year ended is known as