Accountancy Class 11-Test 2

A person to whom money is owed by the business enterprise is called

• Creditor

• Debtor

• Receiver

• Payer

Bank overdraft is

• Non current liability

• Current liability

• Asset

• Capital expenditure

Goods sold to Gupta for Rs.20,000 is termed as

• Cash Sales

• Credit sales

• Sale proceeds

Patent is an

• Current Asset

• Tangible Asset

• Intangible Asset

• Fictitious asset

Purchase refers to the purchase of

• Goods for resale

• Stationary for office use

• Assets for the factory

If the benefit of the expenditure last for more than 1 accounting period is termed as

• Capital Expenditure

• Deferred revenue expenditure

• Revenue expenditure

Which of the following is a liability

• Interest received

• Stock

• Rent payable

• Accrued income

Amount received or receivable against sale of goods is

• Capital Receipt

• Revenue Receipt

• Capital Expenditure

• Revenue Expenditure

Which of the following is not a fixed asset

• Building

• Goodwill

• Balance with bank

• Vehicles

Which of the following is revenue

• Purchases

• Purchases return

• Sales

• Salary payable