Accounting Mcqs

Page No. 27

No journal entry is required to be passed when there is


aLoss by theft


bNormal loss


cLoss of bad debts


dAbnormal loss of business


View Answer Normal loss

Legal expenses incurred on a suit for breach of contract to supply goods is a


aCapital expenditure


bDeferred Revenue expenditure


cRevenue expenditure


dBoth 'b' and 'c'


View Answer Revenue expenditure

Under diminishing balance method, depreciation


aIs constant every year


bIncreases every year


cDecreases every year


dNone of the above


View Answer Decreases every year

The parties to joint venture are called


aFriends


bPrincipal and agent


cPartners


dCo-ventures


View Answer Co-ventures

Interest on debentures is calculated on


aPurchase value of debentures


bMarket value of debentures


cFace value of debentures


dAll of the above



Liability for bill discounted is a


aContingent liability


bFixed liability


cCurrent liability


dNone of the above


View Answer Contingent liability

Heavy amount spent for the advertisement of new company product is


aRevenue expenditure


bDeferred Revenue expenditure


cCapital expenditure


dEither 'a' or 'c'



Cash Account is


aPersonal account


bReal account


cNominal account


dNone of the above


View Answer Real account

Income includes


aIncome earned


bIncome received


cIncome receivable


dAll of the above


View Answer All of the above

The following error will affect the Trial Balance


aError of partial omission


bError of principle


cError of complete omission


dAll of the above



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