MCQs on Financial Accounting - 18

1. Which one is capital loss?

(a) interest paid on debentures,
(b) redemption of debentures at par,
(c) underwriting commission
(d) None of these



2. Payment made to creditors is a

(a) capital receipt
(b) capital expenditure
(c) revenue receipt
(d) revenue expenditure


3. A motor car purchased for Rs. 80,000 whose book value is Rs. 48,000 was sold for Rs. 100000. Capital profit is

(a) Rs. 15,000 
(b) 20,000
(c) Rs. 30,000 
(d) 40,000


4. Wages paid on the repairs of old furniture account

(a) furniture account 
(b) Cash account
(c) Wages account
(d) owner’s account.


5. Amount incurred on electric installations of a new building is

(a) revenue expenditure 
(b) Capital expenditure,
(c) Deferred revenue expenditure
(d) capital loss



6. Out of the following, direct expense is

(a) Salaries 
(b) Carriage outward
(c) Rent of office building
(d) Carriage inward.



7. The balance sheet gives information regarding

(a) Financial position during a particular period,
(b) Results of operation for a particular period,
(c) The operating efficiency of the firm,
(d) Financial position on a particular date.



8. Goodwill is a

(a) fixed asset
(b) current asset
(c) intangible asset
(d) fictitious asset



9. Income received in advance is

(a) an income
(b) a liability
(c) an asset
(d) a loss


10. Sales are equal to

(a) Cost of goods sold plus profit
(b) Cost of goods sold minus gross profit,
(c) Gross profit minus cost of goods sold,
(d) none of these.




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