Deferred revenue expenditure is written off over: MCQ with Answer and Explanation
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Question #1
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Goods destroyed by fire ₹8,000, insurance company admitted claim of ₹5,000. Loss charged to P&L A/c will be:
Correct Answer: Option B
Explanation:
Net loss = Total loss - Insurance claim = 8,000 - 5,000 = ₹3,000, charged to P&L.
Net loss = Total loss - Insurance claim = 8,000 - 5,000 = ₹3,000, charged to P&L.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which accounting concept requires that the life of the business be divided into smaller intervals for performance measurement?
Correct Answer: Option A
Explanation:
The Accounting Period Concept artificially breaks the continuous life of a business into standard intervals (usually 12 months) for reporting purposes.
The Accounting Period Concept artificially breaks the continuous life of a business into standard intervals (usually 12 months) for reporting purposes.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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All revenues received, loans raised, and money received in repayment of loans by the Government of India form part of the:
Correct Answer: Option C
Explanation:
As per Article 266(1), all these inflows form the Consolidated Fund of India, from which no money can be spent without parliamentary approval.
As per Article 266(1), all these inflows form the Consolidated Fund of India, from which no money can be spent without parliamentary approval.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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