Accounting Test Easy Mode

Sr. #	Questions	Answers Choice
1	Errors which affect one account can be	errors of principle errors of posting errors of omission none of these
2	Premium on issue of shares of a company represents	capital loss capital profit capital payment none of these
3	Raw material destroyed in fire represents	capital loss revenue loss normal loss both b, c
4	A receipt is revenue receipt because	the amount is small it relates to routine activity of business it is received in the accounting year both b, c
5	Capitalized expenditures are shown in	trading A/c profit & loss A/c income statement balance sheet

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