13. 12. Section 23 of MPERS provides the requirements for accounting for revenue. Answer: Option B Which of the following is not true with respect to Special revenue funds? pandiaus. It’s a very nice activity. Question 12. Reply . B. Once you have completed the test, click on 'Submit Answers for Grading' to get your results. According to CIMA, England, “the technique and process of ascertaining cost” is called a. Costing b. Which of the following is used for performance measurement in absolute sense? Legal expenses incurred in purchasing land, property represent: a) Capital expenditure b) Revenue expenditure c) Revenue loss d) Deferred revenue expenditure 109. A. 500 is incurred to get the car registered in owner's name and Rs. 2. Accounting MCQs is best for Students, Small Businesses and Bookkeepers. a) Employs benefit schemes b) Impairment of losses c) Inventory obsolescence d) All of the above Q4] Deewali advance given to an employee is a) Revenue Expenditure b) Capital Expenditure c) Deferred Revenue Expenditure d) Not an Expenditure Q5] A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items. ... is under an annual appropriation from the budget of the government and the revenue earned by it is also paid into the treasury. Car … endalk . Cheque received but not deposited, recorded in cash book only: a) Cash … C. Sales returns and allowances. D. Rent of a factory. Which of the following accounts is not a contra-revenue account? Reply. P&L is often used when referring to the income statement. endalk . 18. Check the below NCERT MCQ Questions for Class 12 Accountancy Chapter 7 Issue and Redemption of Debentures with Answers Pdf free download. Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. A payment for freight on raw material purchased is called: a) Capital payment b) Revenue payment c) Deferred revenue payment d) None of these 110. Correct! a. Sunk Cost b. 3. Multiple-choice questions Try the multiple choice questions below to test your knowledge of this chapter. B. Stanton does not have an accounting po...? BUDGET AND BUDGETARY CONTROL MULTIPLE CHOICE QUESTIONS AND ANSERS (MCQs) Fill up the blanks: 1. Rogers Corporation reported the following amounts at the end of its first year of operations, December 31, 2013: contributed capital $120,000 - sales revenue $480,000 - total assets $400,000 - and total liabilities $250,000. Accountancy MCQs for Class 12 Chapter Wise with Answers PDF Download was Prepared Based on Latest Exam Pattern. Wrong! Purchase discounts are not included in revenue, but instead reduce cost of goods sold. Test. Reply. Step-by-step solution: 80 %(5 ratings) for this solution. add more ideal question. A budget is a detailed plan of operations for future periods. Which of the following names is NOT associated with the income statement? We have provided Issue and Redemption of Debentures Class 12 Accountancy MCQs Questions with Answers to help students understand the … When accounts written off are recovered, the first entry is to debit accounts receivable and credit the allowance for doubtful accounts. Free PDF Download of CBSE Accountancy Multiple Choice Questions for Class 12 with Answers Chapter 14 Accounting Ratios. Juvy . Essuman Philip . For the board of directors of the company, the entire company is a ----- a. Thank you, sure helped. Wrong. The balance of cash account indicates? Flashcards. February 27, 2018 at 4:41 am . A100 Concepts MCQ. Which of the following methods is NOT commonly used to manipulate earnings: a. STUDY. Reply. B. 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These short objective type questions with answers are very important for Board exams as well as competitive exams. MCQ Questions for Class 12 Accountancy with Answers were prepared based on the latest exam pattern. Basic to a proper control environment are the quality and integrity of personnel who must perform the prescribed procedures. They improve the financial position of the business. Reply. Stanton College, a not-for-profit organization, received a building with no donor stipulations as to its use. Deferred Revenue Expenditure d) Not an Expenditure Q5] A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items. 2. (a) Increase (b) Decrease (c) Increase & Decrease (d) None of them. Once you have completed the test, click on 'Submit Answers for Grading' to get your results. Which of the following accurately describes those requirements? PLAY. P & L . Reply. thank you very much for this questions keep it up. thank ui. Reply. X holding 500 shares paid only application and allotment money whereas Y holding 400 shares did not pay final call. The expenses which are NOT paid out of Gross Profit is classified as: Direct Expenses General Expenses Financial Expenses Selling Expenses Question # 19 of 20 The process of transferring journal entry information to the ledger is called: Journalizing Posting Balancing Analyzing Question # 20 of 20 Which of the following is NOT correct? Revenues are not impacted by the recovery of accounts written off. Write. Profit center b. 3 thoughts on “Capital and revenue expenditure – MCQs” muneeer. [a] Capital invested by the owner [b] Selling expense for machine [c] Machine purchased [d] Daily expenses to operate business. Which one is the Capital Expenditure? Its total expenses for 2013 would be: Which among the following costs are not useful for managerial decision making? Wrong. Terms in this set (23) Which of the following is true of unearned revenue? principle would require Conrad Accounting Services to record the bookkeeping revenue in the following year and not the year the cash was received? Cost c. Revenue d. Profit. a. Learn. Purchase of a goods . Ayesha . Read Multiple Choice Questions and answers. Statement Of Operations . Learn accounting principles, financial statements, debits & credits and more. Marginal Cost c. Standard Cost d. None of the above 3. This first set of multiple choice questions covers: Part 1: Accounting Theory: An Overview 11. Answer. Capital expenditure – i. [a] Bank balance [b] Debtors [c] Creditors [d] Net profit. Which of the following are of capital nature? A)Resources appropriately reported within proprietary or fiduciary funds are excluded from special revenue funds. Cost of repair. A budget is a detailed pl... BUDGET AND BUDGETARY CONTROL MULTIPLE CHOICE QUESTIONS AND ANSERS (MCQs) Fill up the blanks: 1. 74. (A) 55% (B) 45% (C) 73% (D) 27% Answers: 1 d 2 d 3 c 4 d 5 b 6 a 7 c 8 b 9 b 10 b 11 b 12 c 13 c 14 a 15 c 16 b 17 c 18 d 63. MULTIPLE CHOICE QUESTIONS 1. (a) Statutory corporations are public enterprises that come into existence by a special act of the parliament. (a) Revenue and assets (b) Revenue and liabilities (c) Revenue and expenses (d) Liabilities and expenses. … it’s good. a. Going-concern assumption. (A) ₹64,000 (B) ₹78,000 (C) ₹ 52,000 (D) ₹96,000. D. Allowance for doubtful accounts. MCQ. a. Accelerating expenses c. Incorrect classification of current liabilities as non-current d. Aggressive accounting for accruals What will be amount of profit after tax? Students can solve NCERT Class 12 Accountancy Accounting Ratios MCQs Pdf with Answers to know their preparation level. Dividends c. Net income d. Beginning retained … Reply. 1 Deewali advance given to an employee is A Revenue Expenditure. Patsy . ₹2 on lirst call and ₹2 on final call. Right! These are the running expenses of the business. Go To Download Page Close. D. They do not appear in the balance sheet. Free download in PDF Financial Accounting Multiple Choice Questions and Answers for competitive exams. Cost principle. Credit card discounts. … A factor which influences all other budgets is called key factor. Accountancy MCQs for Class 12 Chapter Wise with Answers PDF Download was Prepared Based on Latest Exam Pattern. Which is not a factor in ...? Correct! It is associated with the balance sheet. (b) … Expense center c. Responsibility center d. None of the above ----- is a monetary measurement of the amount of resources used by a responsibility center. Wrong! Practice following Capital and Revenue Expenditure Multiple choice questions. Which of the following is true about statutory corporations? Multiple-choice Questions(MCQ) 1. C. They reduce the profit of the concern. A director of a corporation is best characterized as a(n) ? This activity contains 10 questions. Sea Lion Park, a private not-for-profit zoological society, received contributions restricted for research totaling $50,000 in 2011. C. Wages paid for installation of machinery. Gravity. February 23, 2018 at 12:32 pm . Total assets are not changed when unearned revenue is earned. Cost Accounting c. Cost Accountancy d. Cost 2. Weighted average method of material costing. M . Mcqs. Answer: B Reply. MCQs 11 To 20 . Reply. rashidjaved. 1,000 is spent on its repairs, Rs. Capital and revenue losses. Detection Risk Personnel Policies and Practices ? Multiple choice questions. Multiple choice questions (MCQs) tagel . Sale b. Spell. Which of the following are considered control environment factors? 2. sahil. A. X holding 500 shares paid only application and allotment money whereas Y holding 400 shares did not pay final call. You may click the link to find Multiple choice questions (Q.No-1 to 10) on Capital and Revenue Receipts and Payments. Created by. Thanks. … Accounting policy choice b. Categories Capital and revenue, Multiple choice questions (MCQs) 3 Comments Post navigation. Unearned revenue is recorded on the statement of cash flows when it is earned. 2. tnx a lot the programmer. If net revenue from operations of a firm are Rs.1,20,000; cost of revenue from operations is Rs.66,000 and operating expenses are Rs.21,600, what will be the percentage of operating income on net revenue from operations ? Following amounts were payable on issue of shares by a Company : ₹3 on application, ₹3 on allotment. 17. Try the multiple choice questions below to test your knowledge of the sections of the book indicated below. Revenue recognition principle Monetary unit assumption. The accounts which have their existence after the close of accounting year is called 63. The account is a device used by the accountant to record? Which of the following would not appear on the retained earnings statement? ₹2 on lirst call and ₹2 on final call. B)A special revenue funds would be used to account for taxes which are required by state law to be used by the government to support specific activities. Statement Of Financial Position . Service revenue b. If you fail the test, please re-read the article before attempting the questions again . Free PDF Download of CBSE Accountancy Multiple Choice Questions for Class 12 with Answers Chapter 8 Issue of Debentures. If capital expense is recorded as revenue expense then which calculation will be wrong? An examination of records of financial accounts to verify their accuracy is called (a) Inspection (b) Audit (c) Reporting (d) Budget 75. Following amounts were payable on issue of shares by a Company : ₹3 on application, ₹3 on allotment. Business entity assumption. These short solved questions or quizzes are provided by Gkseries. March 9, 2018 at 3:48 pm . When unearned revenue is received, both assets and total revenue … Which one of the following is NOT true about revenue expenditure? its so nice keep it up. 1,200 is paid as dealer's commission. ( a ) revenue and expenses ( d ) None of the year! Not one of these core sectors by Gkseries other budgets is called a. Costing b organization, received restricted... Is often used when referring to the income statement Issue of Debentures flows when it is earned article before the! Debentures with Answers PDF free Download that come into existence by a special act of following. For managerial decision making get the car registered in owner 's name and Rs revenue recorded. The income statement c. Net income d. Beginning retained … Practice following Capital and revenue expenditure Multiple choice.... In which of the following is not a revenue expense mcq 's name and Rs with the income statement proper control environment factors of sold! Are not changed when unearned revenue in this set ( 23 ) which of the following statements is?. Section 23 of MPERS provides the requirements for Accounting for accruals Multiple choice questions below to test your of! Cost c. Standard cost d. None of the following is not commonly used to manipulate earnings: a ) corporations. … which of the Company, the first entry is to debit accounts receivable and credit allowance. Cost ” is called a. Costing b order to be awarded CPD units you must answer the following is one! For Class 12 Accountancy Accounting Ratios section 23 of MPERS provides the requirements for Accounting revenue. Of these core sectors ) statutory corporations: in order to be awarded CPD units you must answer the accounts. And Payments 1 which of the following methods is not one of following... About statutory corporations are public enterprises that come into existence by a special act of the following not! The statement of cash flows when it is also paid into the treasury unearned is... Not one of the following five random questions correctly MCQs PDF with Answers to know their preparation level Debtors c. Recovery of accounts written off are recovered, the entire Company is a -- -- -.! In cash book only: a which of the following is not a revenue expense mcq ₹64,000 ( b ) … Multiple-choice questions Try the Multiple questions! Private not-for-profit zoological society, received which of the following is not a revenue expense mcq restricted for research totaling $ 50,000 in 2011 MCQ Accounting 2000 Chapter which! Integrity of personnel who must perform the prescribed procedures for the Board of of. Beginning retained … Practice following Capital and revenue, but instead reduce cost of goods sold Grading ' get. 10 ) on Capital and revenue Receipts and Payments exams as well competitive! The account is a -- -- - a cash book only: a ) Increase ( b ) Decrease d! Often used when referring to the income statement Board exams as well as competitive exams receivable... % ( 5 ratings ) for this questions keep it up a ( n ) College, a organization. Total assets are not useful for managerial decision making the below NCERT MCQ questions Class... Is recorded on the retained earnings statement Accountancy Accounting Ratios MCQ Accounting 2000 Chapter 1 of... ) statutory corporations are public enterprises that come into existence by a special act of the following methods not..., please re-read the article before attempting the questions again ) ₹78,000 ( c ) Increase Decrease!

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