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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What are outstanding expenses?
💡 Hint: Think about expenses that are due but not yet paid.
Question 2
Easy
Define prepaid expenses.
💡 Hint: Consider payments made in advance.
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 are outstanding expenses?
- Expenses already recorded
- Expenses incurred but not recorded
- Expenses that are advance payments
💡 Hint: Think about what expenses have not hit the records yet.
Question 2
True or false: Prepaid expenses are considered as liabilities.
- True
- False
💡 Hint: Consider what kind of account they fall under.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
You are reviewing your company's financial records and find an accrued expense of ₹8,000 that was not recorded this period. How would this affect the Profit & Loss account and the Balance Sheet?
💡 Hint: Think about how this expense reflects on overall earnings.
Question 2
A business owner neglected to adjust for ₹3,000 in bad debts. What impact does this have on the financial statements, and how would you rectify it?
💡 Hint: Consider what happens when expected income is inaccurately reported.
Challenge and get performance evaluation