Practice - Final Accounts with Adjustments
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Practice Questions
Test your understanding with targeted questions
What is accrued income?
💡 Hint: Think about income that hasn't entered the bank.
Define outstanding expenses.
💡 Hint: Consider expenses you owe but haven't settled.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is an example of accrued income?
💡 Hint: Consider income that is due but hasn't come in yet.
True or False: Outstanding expenses are costs incurred but paid.
💡 Hint: Think about whether they've actually been paid.
1 more question available
Challenge Problems
Push your limits with advanced challenges
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.
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?
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