1521. A sum of 200 $ paid as wages to repair office furniture should be debited to :
A. Repairs account *
B. Cash account
C. Furniture account
D. None of these
1522. Distinction between capital and revenue items is important for the preparation of :
A. Balance sheet only
B. Final account *
C. Bank reconciliation statement
D. Cash book
1523. The terms “non-recurring” and “long-term” receipts refer to receipts whose benefits are
A. Capital receipts *
B. Revenue receipts
C. Short term receipts
D. Capital profit
1524. Receipts that are recurring in nature and can be used to cover all of a company’s day-to-day costs are referred to as:
A. Capital receipts
B. Revenue receipts *
C. Long term receipts
D. Revenue profit
1525. A receipt is capital in nature , when :
A. It relates to profit and loss account
B. It relates to fixed assets
C. It credited to capital account *
D. The amount is heavy
1526. A receipt is revenue in nature, when:
A. It relates to balance sheet
B. It is received during the accounting year
C. It is a small amount;
D. It relates to the business’s regular operations *
1527. Receipt on account of fixed asset is a :
A. Revenue receipt
B. Current receipt
C. Capital receipt *
D. Deferred receipt
1528. Capital contributed by the partners is a :
A. Revenue receipt
B. Capital receipt *
C. Current receipt
D. Deferred receipt
1529. The revenue receipts are shown in profit and loss account on the :
A. Debit side
B. Credit side *
C. Expense side
D. None of these
1530. The capital receipts are shown in the balance sheet on the :
A. Liability side *
B. Asset side
C. Debit side
D. None of these