Accounting

Deewali advance given to an employee is

• Revenue Expenditure

• Capital Expenditure

• Not an Expenditure

• Deferred Revenue Expenditure

Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is nature and profit on sale is

• Revenue & transferred to P & L a/c

• Capital & transferred to capital reserve

• Capital & transferred to P & L a/c

• Revenue & transferred to general reserve

Provision for discount on debtors is calculated on the amount of debtors.

• After deducting provision for doubtful debts

• Before deducting provision for doubtful debts

• Before deducting actual debts and provision for doubtful debts

• After adding actual bad and doubtful debts

Which of the following is incorrect?

• Outstanding expenses -current asset

• Good will intangible asset

• Sundry debtors -current asset

• Loose tools tangible fixed asset

The nature of financial accounting is:

• Historical

• Analytical

• Social

• Forward looking

Valuation of stock in accounting follows the principle of cost price or which ever is lower.

• Net realizable Value

• Market Price

• Average Price

• None of these

Which of the following is not a nominal Account?

• Salaries account

• Interest paid

• Commission received

• Outstanding salaries Account

For every debit there will be an equal credit according to

• Dual aspect concept

• Matching concept

• Money measurement concept

• cost concept

A trader calculated his profit as Rs.150000 on 31/03/2014. It is an

• Event

• Transaction

• Transaction as well as event

• Neither transaction nor event

Cash a/c is a.........

• Real a/c

• Nominal

• Personal

• None