Which of the following is correct?
A. Income tax is a trade expense
B. Closing Stock shown in Trial Balance is recorded in Balance Sheet
C. Prepaid Expenses Account is Nominal Account
D. Advance received from a customer is credited to Profit and Loss Account as an income
Answer: Option B
Related Questions on Miscellaneous in Commerce
A. Expenditure for the business
B. Cost for the business
C. Gain for the business
D. None of the above
Which of these items would be accounted for as an expense?
A. Repayment of bank loan
B. Dividend to stock holders
C. The purchase of land
D. Payment of current period rent
Debit the receiver credit the giver rule for:
A. Real a/c
B. Personal a/c
C. Nominal a/c
D. None of these

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