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FS
Question Practice

Which entry is needed when adjusting for outstanding expenses in the trial balance?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 11
Accountancy
Accountancy - II
Financial Statements - II
Question Bank

Which entry is needed when adj...

Single Answer MCQ
Q-00053587

Which entry is needed when adjusting for outstanding expenses in the trial balance?

1

Debit the expense account and credit outstanding expenses

2

Credit the expense account and debit cash

3

Debit outstanding expenses and credit net income

4

Credit outstanding expenses and debit revenues

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Q1.

What is the primary reason for making adjustments in financial statements?

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Q2.

Which of the following is classified as an outstanding expense?

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Q3.

What does the term 'prepaid expenses' refer to?

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Q4.

How are accrued incomes treated in financial statements?

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