Prepaid Insurance is 2,000 TK. If the insurance expires at the \end{of}the accounting period, then in the Financial Statements— i. Prepaid Insurance will decrease by 2,000 TK ii. Total Current Assets will decrease by 2,000 TK iii.Insurance Expense will decrease by 2,000 TK Which one is correct?

1.When should a Reversing Journal be prepared?

2.Allowance for Bad Debts needs to be increased by 5,000 TK. If the balance of Allowance for Bad Debts in the Trial Balance is 8,000 TK, what is the amount of the New Allowance for Bad Debts?

3.In the Direct Write-off method, at what value are Accounts Receivable shown?

4.At the \end{of}a period, adding which amount $\to the Cash in Hand makes the total equal \to the Imprest$ Money?

5.Which accounts are maintained in the Single Entry System?

6.What is the effect on the Cash Book when the Bank grants interest of

7.In the Bank Reconciliation Statement, how much will be added or subtracted from the Cash Book balance regarding the deposited cheque?

8.Errors discovered at which stage are corrected through the Profit and Loss Adjustment Account?

9.An external user of accounting information is—

10.What type of account is "Bad Debts"?

11.Which of the following is NOT included in the Trial Balance?

12.Which of the following represents "Profitless Sales" (Sales at cost)? i. Sales Account Debit ii. Purchase Account Credit iii.Inventory Account Credit Which one is correct?