Accounting MCQs

Which one of the following statements is correct?

Which of the following is an error of commission?

The loss on the sale of old furniture is debited to

Match List-I (Items of expenditure and receipt) with List-II (Nature of expenditure and receipt) and select the correct answer using the options given below the lists: List-I List-II a. Compensation paid to retrenched workers of the factory for the loss of service 1. Capital expenditure b. Legal expenses incurred in connection with the purchase of a plot of land 2. Capital receipt c. Compensation received from the government for the compulsory removal of a business premises to another place 3. Revenue expenditure d. Sale proceeds of merchandise (goods) 4. Revenue receipt

Rebate on bills discounted is shown in the Balance Sheet as . . . . . . . .

The nominal value of preference shares to be redeemed can be provided out of . . . . . . . .

Which one of the following should be considered as a revenue expenditure?

A person who draws a bill of exchange is known as the:

Which of the following is not a case of combination?