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
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