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”.