Related InterviewSolutions

• Capital Receipts and Revenue ReceiptsA. must be distinguishedB. need not be distinguishedC. may or may not be distinguishedD. None of these
• Sales are equal toA. Cost of Goods Sold + Gross ProfitB. Cost of Goods Sold - Gross ProfitC. Gross Profit - Cost of Goods SoldD. None of these
• Goodwill is aA. Fictitious AssetB. Tangible AssetC. Intangible AssetD. Expense
• Income tax paid by a sole trader is shownA. on the debit side of the Trading AccountB. on the debit side of the Profit and Loss AccountC. as deduction from capital in the Balance SheetD. as addition to capital in the Balance Sheet
• Give any three points of distinction between Capital Expenditure and Revenue Expenditure
• Briefly explain Current Assets
• Distinguish between Profit and Loss Account and Balance Sheet on any six basis.
• Distinguish between Current Assets and Fixed Assets
• Write a short note on Contingent Liability
• Expenses on overhauling a second-hand machine purchased isA. Revenue ExpenditureB. Capital ExpenditureC. Deferred Revenue ExpenditureD. None of these