Outstanding expenses in the balance sheet are shown under: MCQ with Answer and Explanation

Question
Outstanding expenses in the balance sheet are shown under:
A. Current liabilities
B. Fixed liabilities
C. Current assets
D. Contingent liabilities
Answer: Option A
Solution (By JKSSB Mock Tests)
Outstanding expenses represent amounts payable within a short period, classified as current liabilities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Safeguards' against threats to independence may be:
A. None
B. Only internal
C. Only regulatory
D. Created by the profession, legislation, or within the client's organisation
Discuss
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Correct Answer: Option D

Explanation:
Safeguards are measures that eliminate or reduce threats to an acceptable level.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
S1: A triple column cash book records cash, bank, and discount transactions. S2: A contra entry in a cash book involves both cash and bank columns. Which statement(s) is/are correct?
A. S2 only
B. Neither S1 nor S2
C. Both S1 and S2
D. S1 only
Discuss
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Correct Answer: Option C

Explanation:
A triple column cash book has columns for cash, bank, and discount on both sides. A contra entry occurs when transactions involve both cash and bank (e.g., cash deposited into bank), affecting both columns.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following would cause a difference in Cash Book and Pass Book?
A. Interest credited by bank
B. Bank charges debited by bank
C. All of the above
D. Direct deposit by a customer into bank
Discuss
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Correct Answer: Option C

Explanation:
All these items may be recorded by bank but not yet by customer, causing timing differences.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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