Travel Advances Should Be Reported As MCQ?
An Answer To The Multiple Choice Question (MCQ) With Reason / Explanation Travel Advances should be reported as Assets ( Current Assets ), e,g., Receivables on Balance Sheet , as these are paid in advance to employees (when advances made, we debit Travel Advances Account and credit Cash or Bank Account) against which the company / corporation not yet received the benefits. When the company received the benefits i.e., the employees performed the required work or project, we credit it to write-off. it. Now, it is no longer to be an asset for the company's business. Travel advances are not Supplies, Cash and Investments. So, the correct answer of this Multiple Choice Question (MCQ) is “Receivables”.