State the meaning of: (a) Outstanding expenses (b) Prepaid expenses (c) Income received in advance (d) Accrued

Question:

State the meaning of:

(a) Outstanding expenses

(b) Prepaid expenses

(c) Income received in advance

(d) Accrued income

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accountancy Financial Accounting Part 2 For Class 11

ISBN: 9788174505323

1st Edition

Authors: NCERT

See More Books

Question Posted: Feb 16, 2024 12:00 PM

See More Questions

Three of the accounts in the ledger of Charlotte Williams indicated the following balances at 1 January 2013: Insurance paid in advance 562; Wages outstanding 306; Rent receivable, received in...
Using the link http://learninga-z.com explore the Differentiated Instructional Strategies document. Describe a strategy that is interesting
Champ Farm Ltd. is considering the purchase of a combine harvester to harvest and sell wheat on one of its many properties. The combine harvester is expected to have a 10-year life. Other information...
Multiple domains have been identified that comprise human systems integration. Typically, it has not been possible to address each domain completely in the process of a comprehensive systems design....
The Gallagher Farms has been in business for a number of years. During the peak planting and harvesting season, it hired a number of temporary workers. To house the temporary workers, it built three...
Edlie Accessories (EA) makes travel bags, both for sale under their own label (Branded) and for other resellers to put their label on the bags (Private-Label). The bags sold through the two channels...
Calculate the interquartile range for each of the following sets of data: a. $3,6,7,12,15,17,23,28$ b. $8,4,1,6,13,10,12,5$ c. $3,8,14,11,16,7,14,15,11,9,12,6$ d....
KenCor Pizza Emporium produces frozen pizzas for sale to grocery stores. The company has built a strong reputation for high-quality pizzas and has been profitable for a number of years. Because of...
Sparkit issued 2 0 - year bonds with a face value of $ 2 , 0 0 0 , 0 0 0 . The interest is paid semiannually. The market rate of interest was 7 % . If the proceeds were $ 1 , 7 8 6 , 4 4 9 . 2 8 ,...
Give the Performa of income statement and balance in vertical form.
What is meant by closing stock? Show its treatment in final accounts?
Outline a synthesis of each of the following compounds from either diethyl malonate or ethyl acetate. Because the branched amide bases are relatively expensive, you may use them in only one reaction....
TriStar inc has the following mutually exclusive projects. Calculatethe payback period for each project. Based on the payback periodwhich project should the company accept? If the appropriatediscount...
You are planning to manufacture a new high tech toaster. It will cost you $3 million to develop and you plan to manufacture for three years with straight line depreciation to zero. Due to the rapidly...
Please show all work. FINA Inc. considers a project with the following information: Initial Outlay: 1,500 After-tax cash flows: Year 1: -$100 Year 2: $1000 Year 3: $700 FINAs assets are $500 million,...
Moses and Co. Market Wholefoods is an Australian-based exclusive retailer of Tofutti Brands's dairy-free products. It operates at capacity and decides to apply ABC analysis to the three main Tofutti...
Prepare a Strategic HR action plan, which will align the organizational values, vision, and mission of The Georges Hotel with Ulrich's Model of Strategic HR. Quality is more important than quantity....
ComfortCraft manufactures swivel seats for customized vans. It currently manufactures 10,000 seats per year, which it sells for $480 per seat. It incurs variable costs of $180 per seat and fixed...
Diamond Walker sells homemade knit scarves for $25 each at local craft shows. Her contribution margin ratio is 60%. Currently, the craft show entrance fees cost Diamond $1,500 per year. The craft...
Give four examples each of revenue reserve and capital reserves.
Carriage Transport Company purchased 5 trucks at the cost of 2,00,000 each on April 01, 2011. The company writes off depreciation @ 20% p.a. on original cost and closes its books on December 31,...
M/s. Excel Computers has a debit balance of 50,000 (original cost 1,20,000) in computers account on April 01, 2010. On July 01, 2010 it purchased another computer costing 2,50,000. One more...
Solve the following equations by factoring. a. 5x-6x=7x+28 b. 36x4425x Solution(s) Solution(s)
7. The infinite series 20 n(n+1)(n+2) converges. n=1 Find an expression for Sm, the mth partial sum of the series. Then find the overall sum S.
Consider the following. f(x, y) = x + y y (1, 1) 0 D 2 x (a) Express the double integral f(x, y) dA as an iterated integral for the given function f and region D. (b) Evaluate the iterated integral....

State the meaning of: (a) Outstanding expenses (b) Prepaid expenses (c) Income received in advance (d) Accrued

Question:

Step by Step Answer:

a Outstanding expenses Outstanding expenses refer to expenses that have been incurred by a business ...View the full answer

Accountancy Financial Accounting Part 2 For Class 11

Students also viewed these Business questions