11th Principles of Accounting MCQS
Raw material destroyed in fire represents
normal loss
revenue loss
capital loss
both b, c
The profit which is earned during the ordinary course of business is regarded as:
Capital profit
Long term profit
Revenue profit
Revenue loss
Unearned income are known as:
Incomes
Assets
Expenses
Liabilities
Capital contributed by the partners is a:
Deferred receipt
Capital receipt
Current receipt
Revenue receipt
An expenditure incurred in increasing the efficiency of a fixed asset is called:
Revenue expenditure
None of these
Capital expenditure
Current expenditure
Which one of the following is appeared in the balance sheet ?
deferred revenue
revenue expenditure
both b,c
capital expenditure
Any expenditure incurred to increase the earning capacity of a business
revenue expenditure
capital expenditure
revenue loss
capital loss
Wrong allocation of capital and revenue items of expenses represents
error of principle
compensation error
error of commission
error of casting
If the error committed in the capital account, it will affect
trading account
balance sheet
trading and profit & loss account
profit & loss account
Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect
purchases A/c
purchases & sales account
sales account
purchases, sales & Ali account
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