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4 cards from this section. Quick, good the night before a test.
What is accrued income?
Think about income that hasn't entered the bank.
Define outstanding expenses.
Consider expenses you owe but haven't settled.
What is an example of accrued income?
Consider income that is due but hasn't come in yet.
True or False: Outstanding expenses are costs incurred but paid.
Think about whether they've actually been paid.
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?
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?
What does your asset value reflect after accounting for depreciation?
5 more questions in this section. Enroll free to practise them all.
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