The adjustment to be made for income received in advance is:

✅ C. Results in the acquisition of a permanent asset

Option A : Benefits the current accounting period Option B : Will benefit the next accounting period Option C : Results in the acquisition of a permanent asset Option D : Results in the acquisition of a current asset Correct Answer : Results in the acquisition of a permanent asset Read more

✅ C. Obsolescence

Option A : Routine repair and maintenance Option B : Misuse Option C : Obsolescence Option D : Wear and tear Correct Answer : Obsolescence Read more

✅ B. There are not sufficient funds in your account

Option A : Bank cant verify your identity Option B : There are not sufficient funds in your account Option C : Check has been forged Option D : Check cant be cashed being illegal Correct Answer : There are not sufficient funds in your account Read more

✅ A. Current Asset

Option A : Current Asset Option B : Current Liability Option C : Fixed Asset Option D : Income Read More Details about this Mcq Correct Answer : Current Asset Read more

✅ C. Entering in the ledger the information contained in the ledger

Option A : Posting the letters in drop box Option B : Posting suitable person to a suitable job Option C : Entering in the ledger the information contained in the ledger Option D : All the three Correct Answer : Entering in the ledger the information contained in the ledger Read more

✅ C. The amount of depreciation decreases while the rate of depreciation remains the same

Option A : The amount of depreciation keeps increasing every year while the rate of depreciation keeps decreasing Option B : The amount of depreciation and the rate of depreciation decrease every year Option C : The amount of depreciation decreases while the rate of depreciation remains the same Option D : The amount of depreciation and the rate of… Read more

✅ A. Financial results of the concern for a period

Option A : Financial results of the concern for a period Option B : Financial position of the concern on a particular date Option C : Financial results of the concern on a particular date Option D : Cost of goods sold during the period Read More Details about this Mcq Correct Answer : Financial results of the concern for… Read more

✅ C. Deducted, Added

Option A : Added, Reduced Option B : Added, Added Option C : Deducted, Added Option D : Deducted, Deducted Correct Answer : Deducted, Added Read more