Commerce MCQs Tests for NTS PPSC FPSC KPPPSC BSPS SPSC

1-Capital contributed by the partners is a:

A). Revenue receipt

B). Capital receipt✔️

C). Current receipt

D). Deferred receipt

2- The revenue receipts are shown in profit and loss account on the:

A). Debit side

B). Credit side✔️

C). Expense side

D). None of these

3- The capital receipts are shown in the balance sheet on the:

A). Liabilities side✔️

B). Asset side

C). Debit side

D). None of these

4- Receipts decreases the value of asset or increases the value of liability are:

A). Revenue receipts

B). Capital receipts✔️

C). Short term receipts

D). Capital profit

5- Receipt does not increases or decreases the value of asset or liability are:

A). Long term receipts

B). Capital receipts

C). Revenue receipts✔️

D). Revenue profit

6- Money received from the sale of goods is:

A). Capital receipt

B). Long term receipt

C). Revenue profit

D). Revenue receipt✔️

7- Money obtained by the issue of debentures is:

A). Capital receipt✔️

B). Revenue receipt

C). Capital profit

D). Revenue profit

8- Amount received against a trade debt previously written off bad is a:

A). Capital receipt

B). Revenue receipt✔️

C). Capital loss

D). Capital profit

9- Sale proceeds of stock in trade are:

A). Capital receipts

B). Revenue receipts✔️

C). Capital loss

D). Capital profit

10- Amount contributed by the proprietor as his capital is regarded as:

A). Capital receipt✔️

B). Revenue receipt

C). Capital loss

D). Revenue profit

11- The profit which is earned on the sale of a fixed asset is regarded as:

A). Capital profit✔️

B). Revenue profit

C). Capital loss

D). Capital receipt

12- 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

13- The capital profit should be transferred to:

A). Profit and Loss Account✔️

B). Trading Account

C). Balance sheet

D). None of these

14- The revenue profit should be transferred to:

A). Balance sheet

B). Trading Account✔️

C). Profit and loss Account

D). None of these

15-If an asset, whose book value is Rs.6000 on the date of sale is sold for Rs.8000 the capital profit is:

A).6000

B).8000

C).14000

D).2000✔️

16- The loss suffered by a business on the sale of a fixed asset is regarded as:

A). Capital loss✔️

B). Revenue loss

C). Ordinary loss

D). Regular loss

17- The loss suffered by the business in the ordinary course or day to day operation is regarded as:

A). Capital loss

B). Revenue loss✔️

C). Long term loss

D). None of these

18- The loss incurred on raising capital of joint stock company is regarded as:

A). Recurring loss

B). Revenue loss

C). Capital loss✔️

D). Ordinary loss

19- Capital loss may be shown in:

A). Trading statement

B). Income Statement✔️

C). Cash statement

D). Balance sheet

20- Revenue losses are shown in:

A). Trading Account

B). Profit and loss Account✔️

C). Balance sheet

D). None of these

21- If a building having book value of Rs.60000 is sold for Rs.45000 the capital loss is:

A).60000

B).105000

C).15000✔️

D). None of these

22- The amount which is actually paid on account of a capital expenditure is:

A). Capital payment✔️

B). Revenue payment

C). Capital loss

D). Capital expenditure

23- An amount which is actually paid on the account of some revenue expenditure is:

A). Capital payment

B). Revenue payment✔️

C). Revenue loss

D). Revenue expenditure

24- Errors usually occur in the books of accounts can broadly be divided into:

A). One class

B). Two classes✔️

C). Three classes

D). Four classes

25- If a transaction has been completely omitted from the original books of account, it will be considering, as:

A). Error of commission

B). Error of omission✔️

C). Error of principle

D). Compensating error

Useful Links:-

Lecturer Commerce Online Tests

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