Q. The periodic total of purchase day book is posted to —
✅ Correct Answer: (C)
Purchase A/c ;
Financial Accounting MCQs and Notes
Q. Generally the term fund is used to mean the difference between
✅ Correct Answer: (A)
Current assets and current liabilities ;
Q. Journal is also known by —
✅ Correct Answer: (C)
Books of original entry ;
Q. Purchase day book records
✅ Correct Answer: (C)
Only credit purchase of raw material or goods purchased for resale ;
Q. Cash received from debtors would be deemed as ………… of funds.
✅ Correct Answer: (A)
No flow ;
Q. Expenses of the following nature are treated as a Revenue expenses except —
✅ Correct Answer: (B)
Putting the new asset in working condition ;
Q. Which of these types of expenditure would not be treated as a Capital Expenditure
✅ Correct Answer: (D)
Maintenance of the Asset
Q. Which of the following is a capital expenditure
✅ Correct Answer: (C)
Cost of stand by equipment;
Q. Which of the following is a revenue expenses
✅ Correct Answer: (A)
Raw material consumed ;
Q. Revenue is generally recognised as being earned at that point of time when
✅ Correct Answer: (A)
sale is effected ;