| 1 |
A receipt is revenue in nature, if it relates to: |
- A. Balance sheet
- B. The receipt of accounting year
- C. Small amount
- D. Routine activity of the business
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| 2 |
A receipt is revenue receipt because |
- A. the amount is small
- B. it relates to routine activity of business
- C. it is received in the accounting year
- D. both b, c
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| 3 |
Raw material destroyed in fire represents |
- A. capital loss
- B. revenue loss
- C. normal loss
- D. both b, c
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| 4 |
Error of posting effects: |
- A. One account
- B. Two accounts
- C. Three accounts
- D. Four accounts
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| 5 |
The outflow of funds to meet the running expenses of a business |
- A. Revenue loss
- B. Revenue expenditure
- C. capital expenditure
- D. capital loss
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| 6 |
Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to: |
- A. Assets account
- B. Expenses account
- C. Cash account
- D. Purchases account
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| 7 |
Receipts which are non-recurring by nature: |
- A. Capital receipts
- B. Revenue receipts
- C. Short term receipts
- D. Capital profit
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| 8 |
Which one of the following is appeared in the balance sheet ? |
- A. revenue expenditure
- B. capital expenditure
- C. deferred revenue
- D. both b,c
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| 9 |
Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect |
- A. purchases A/c
- B. sales account
- C. purchases, sales & Ali account
- D. purchases & sales account
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| 10 |
Error of principle involves an incorrect allocation of expenditure or receipt between. |
- A. Capital and revenue
- B. Capital and capitalized
- C. Revenue and deferred revenue
- D. Revenue and revenue
|