CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Capital And Revenue Quiz 4 - MCQExams.com

Receipt from the sale of season tickets for a series of soccer matches' should be classified as _________________.
  • Accrued asset
  • Accrued liability
  • Unearned revenue
  • Prepaid expense
Any donation received for a specific purpose is an ________.
  • Liability
  • Assets
  • Revenue receipts
  • Capital receipts
A company incurred Rs. 10 crore on massive advertisement campaign during CWG in order to launch a new product in the market. This expenditure is a ______.
  • Capital Expenditure
  • Revenue Expenditure
  • Deferred Revenue Expenditure
  • None of the above
Treating capital expenditure as revenue expenditure will __________.
  • increase profit
  • decrease profit
  • increase net worth
  • increase current ratio
Cost of goods sold is Rs. 1,00,000, rate of gross profit on sales is 20%. What is the amount of sales?
  • Rs. 1,20,000
  • Rs. 80,000
  • Rs. 1,25,000
  • None of these
The written down value of a plant is Rs. 6,000 (the original value being Rs. 10,000). It is sold for Rs. 12,000 during the current financial year. Which one of the following is true in this regard?
  • Capital profit = Rs.6,000
  • Revenue profit = Rs. 6,000
  • Capital profit and Revenue profit = Rs.2,000 and Rs.6,000.
  • Capital profit = Rs. 12,000
Which of the following is correct ?
  • Pre-operative expenses are revenue expenses.
  • Errors of Principle will affect Trial Balance.
  • Depreciation is an amortised expenditure.
  • When we buy furniture on cash, we debit Cash Account.
Sale of investment is ______________.
  • Capital receipts
  • Capital expenditure
  • Both (A) & (B)
  • None of the above
A machine with a written down value of $$Rs 10000$$ has been sold for $$Rs 13000$$. The amount realized is a ___________.
  • capital receipt and profit involved should be transferred to capital reserve
  • revenue receipt
  • capital receipt and profit involved should be transferred to General Reserve
  • capital receipt and profit involved should be transferred to profit and loss account
The following are capital expenditure except______.
  • computer and office equipment purchased for business use
  • office building
  • patents held on new product design developed
  • furniture purchased for resale
State with reasons, whether the following statement is True or False.
Insurance claim received on account of plant and machinery completely damaged by fire is a capital receipt.
  • True
  • False
Which of the following statement is true?
  • Loan capital is paid up capital of the company
  • Loan capital is subscribed capital of the company
  • Loan capital is money borrowed from outsiders
  • Loan capital is not normally repaid to the lender
Which of the following items is not an operating expenses?
  • Interest on debentures
  • Office expenses
  • Selling overheads
  • Postage expenses
The following are the figures relating to a trader:
Opening stock$$Rs. 1,00,000$$
Closing stock$$Rs. 1,10,000$$
Purchase$$Rs. 7,00,000$$
The goods are sold at a profit of $$30$$% on cost. The amount of sales will be_________. 
  • $$Rs. 10,40,000$$
  • $$Rs. 9,10,000$$
  • $$Rs. 8,97,000$$
  • $$Rs. 2,10,000$$
Extract of trial balance of Mr. Q is as follows.
ParticularsDr. Rs.Cr. Rs.
Sundry debtors$$1,00,000$$-
Sundry creditors-$$78,000$$
Additional information:
Included in sundry debtors Rs. $$5,000$$ due from Mr. A. Included in sundry creditors Rs. $$2,000$$ payable to Mr.A.
Sundry debtors and creditors will appear in balance sheet at __________ & Rs. ___________.
  • $$97,000; 75,000$$
  • $$98,000; 76,000$$
  • $$95,000; 76,000$$
  • $$98,000; 72,000$$
The net assets of a firm at the beginning of 2007 were Rs. 107,What were the net assets in the year 2007, if the profit earned by the business in 2007 was Rs. 72,500 and owner withdrew goods for his own private use that had cost Rs. 2,500.
  • Rs. 177,200
  • Rs. 107,700
  • Rs. 177,700
  • Rs. 176,700
0:0:1


Answered Not Answered Not Visited Correct : 0 Incorrect : 0

Practice Class 10 Elements Of Book Keeping And Accountancy Quiz Questions and Answers