Accountancy 11th CBSE 2nd sep

Expenditure of revenue nature that gives benefit for more than one accounting period is categorised as

• Deferred Revenue Expenditure

• Capital Expenditure

• Revenue Expenditure

• None of these

According to Accrual Concept

• Transactions and events are recorded in the books at the time of their settlement in cash

• Transactions and events are recorded in the books at the time when they are entered into

• transactions and events may be recorded either at the time of the settlement or when they are entered into.

• None of these

Under Accrual Basis of Accounting

• Both cash and credit transactions are recorded

• Only cash transactions are recorded

• Only credit transactions are recorded

• None of these

Purchase of Machine by cash means

• Decrease in Asset and decrease in liability

• Increase in asset and decrease in asset

• Increase in asset and decrease in liability

• Decrease in asset and increase in capital

Income received in advance is a

• Real Account

• Nominal Account

• Personal Account

• None of these