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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is accrued income?
💡 Hint: Think about income that hasn't entered the bank.
Question 2
Easy
Define outstanding expenses.
💡 Hint: Consider expenses you owe but haven't settled.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is an example of accrued income?
- A salary not yet paid
- Interest income earned but not received
- A rent payment made in advance
💡 Hint: Consider income that is due but hasn't come in yet.
Question 2
True or False: Outstanding expenses are costs incurred but paid.
- True
- False
💡 Hint: Think about whether they've actually been paid.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Your company earned ₹5,000 of income that hasn't been deposited into the bank by the financial year-end. How do you adjust this in your financial statements?
💡 Hint: Remember, it’s income you already earned.
Question 2
You have a fixed asset that costs ₹50,000 with a depreciation of 10% annually. How would you record depreciation for the current year and its effect on the Balance Sheet?
💡 Hint: What does your asset value reflect after accounting for depreciation?
Challenge and get performance evaluation