| 1 |
Errors which affect one account can be |
- A. errors of principle
- B. errors of posting
- C. errors of omission
- D. none of these
|
| 2 |
Premium on issue of shares of a company represents |
- A. capital loss
- B. capital profit
- C. capital payment
- D. none of these
|
| 3 |
An expenditure incurred in increasing the efficiency of a fixed asset is called: |
- A. Revenue expenditure
- B. Capital expenditure
- C. Current expenditure
- D. None of these
|
| 4 |
The profit which is earned during the ordinary course of business is regarded as: |
- A. Capital profit
- B. Revenue profit
- C. Revenue loss
- D. Long term profit
|
| 5 |
Unearned income are known as: |
- A. Incomes
- B. Expenses
- C. Liabilities
- D. Assets
|
| 6 |
Preliminary expenses incurred before the commencement of business |
- A. revenue expenditure
- B. capital expenditure
- C. deferred revenue expenditure
- D. capital loss
|
| 7 |
Suspense means |
- A. certainty
- B. uncertainty
- C. surly
- D. none of these
|
| 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
|
| 9 |
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
|
| 10 |
The revenue profit should be transferred to: |
- A. Balance sheet
- B. Trading account
- C. Profit and loss account
- D. None of these
|