Insurance Claim Received on account of plant and machinery completely damaged by fire is a capital receipt
Financial Accounting

Quiz
•
Professional Development
•
University
•
Hard
Deepa Hegde
Used 501+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accrual Concept implies accounting on cash basis
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Partners can share profits or losses in their capital ratio, when there is no agreement
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Receipts and Payments Account highlights total income and expenditure
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Outstanding Wages A/c is a Personal Account
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Bad Debts A/c is a Nominal Account
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the Double Entry System, every business transaction affects the same side of two accounts
True
False
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