Business Administration (M.Sc)

Q: Commission received in advance is to be considered as?

(a) :  Outstanding expense
(b) :  Accrued income
(c) :  Prepaid expense
(d) :  Unearned income
(e) :  none
Answer:  Unearned income
Explanation:  

Q: Which of the following does not describe accounting?

(a) :  Language of Business
(b) :  Is an end rather than a mean to an end
(c) :  Useful for decision making
(d) :  Used by business government, nonprofit organizations and individuals.
(e) :  none
Answer:  Is an end rather than a mean to an end
Explanation:  

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