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11th Accountancy Weekly Test - 3 (Capital and Revenue transactions)

MABS Institution

11th Accountancy Weekly Test - 3 (Capital and Revenue transactions)-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

Amount of Rs.5,000 spent as lawyer's fee to defend a suit claiming that the firm's factory site belonged to the plaintif's land is ____________

Capital expenditure
Revenue expenditure
Prepaid revenue expenditure
Revenue receipt

Revenue receipts are__________ in the business.

non-recurring
recurring
neither of the above
A AND B

Revenue from sale of products, ordinarily is reported part of the earning in the period in which __________.

The sale in made
The Cash is collected
The products are manufactured
At any time

Pre-operative expenses are

Revenue expenditure
Prepaid revenue expenditure
Deferred revenue expenditure
Capital expenditure

There are _________ types of expenditure.

One
Two
Three
Four

The net loss which arises in a business is an example of __________

Revenue loss
Capital loss
Neither of the two
None of these

An plant worth Rs. 8,000 is sold for Rs. 8,500 the capital receipt amounts to ___________.

Rs.8,000
Rs.8,500
Rs.500
Rs.165

Revenue expenditure is intended to benefit

Past period
Future period
Current period
Any period

Small repair charges incurred on a building is a ___________

Revenue expenditure
Capital expenditure
Deferred revenue expenditure
Prepaid Revenue expenditure

Which of the following Expenditure can be converted into cash?

Capital expenditure
Revenue expenditure
Deferred revenue expenditure
None of these

___________ items are to be shown in the Balance sheet.

Capital
Expense
Revenue
Loss

Transaction which provide benefit to the business for more than one year is called as ___________

Capital transaction
Revenue transaction
Neither of the two
None of these

Amount received from IDBI as a medium term loan for augmenting working capital

Capital expenditures
Revenue expenditures
Revenue receipts
Capital receipt

Deferred revenue expenditure is to be written off ___________

In the year in which the expenses are incurred
In the year in which the benefit of expenses are exhausted
Within 3 to 5 years
Within 5 to 10 years

An asset worth Rs. 1,00,000 is sold for Rs. 75,000 the capital loss amounts to

Rs.1,75,000
Rs.1,00,000
Rs.75,000
Rs.25,000

The benefits of ___________ are available for more than one year.

Capital expenditure
Revenue expenditure
Referred revenue expenditure
Capital profit

____________ is recurring in nature.

Deferred revenue expenditure
Revenue expenditure
Capital expenditure
None of these

The 'receipt' which is invested in the business for a long time is ____________

Capital receipt
Revenue receipt
Investment receipt
None of these

___________ is received in the normal course of business

Capital receipt
Capital expenditure
Revenue receipt
Revenue loss

Excess of revenue expenditure over revenue receipt is ____________

Revenue expenditure
Net profit
Net loss
Gross profit

Shanthi introduces Rs.50,000 as additional capital in the business. This amount will be considered as _____________.

Capital receipt
Revenue receipt
Capital expenditure
Revenue expenditure

The loss which is not incurred in the normal course of business is ___________

Capital loss
Revenue loss
both 'a' and 'b'
None of these

A plant worth Rs.8,000 is sold for Rs.8,500 the capital receipt amounts to __________

Rs.8,000
Rs.8,500
Rs.500
Rs.16,500

Amount spent on remodelling an old car is an example of ______________

Deferred revenue expenditure
Revenue expenditure
Capital expenditure
Revenue receipt

Cost of acquisition of land and building is an example of __________.

Capital expenditure
Revenue expenditure
Capital receipts
Revenue receipts

_______ expenditure is recurring in nature.

Capital expenditure
Revenue expenditure
Capital loss
Capital profit

Money spent Rs.10,000 as travelling expenses of the directors on trips abroad for purchase of Capital Asset is __________

Capital expenditure
Revenue expenditure
Prepaid revenue expenditure
Revenue receipt

Amount spent on increasing the seating capacity in a cinema hall is

Capital expenditure
Revenue expenditure
Deferred revenue expenditure
None of the above.

Venkatesh purchases goods worth Rs.80,000 for the purpose of selling. This amount will be treated as _________

Capital expenditure
Revenue expenditure
Deferred revenue expenditure
None of these

Interest on bank deposits is

Capital receipt
Revenue receipt
Capital expenditures
Revenue expenditures

Expenditure incurred Rs.20,000 for trial run of a newly installed machinery will be

Preliminary expense
Revenue expenditure
Capital expenditure
Deferred revenue expenditure

Interest on Investments received from UTI is ____________

Capital receipt
Revenue receipt
Capital expenditures
Revenue expenditures

An asset worth Rs. 1,00,000 is sold for Rs. 85,000 the capital loss amounts to

Rs.85,000
Rs.1,00,000
Rs.15,000
Rs.70000

Excess of revenue receipts over revenue expenditure is ____________

Net receipt
Net loss
Net profit
Capital profit

Loss on sale of fixed asset is an example of ____________

Revenue loss
Capital loss
Expenditure
Capital profit

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