Match List-I (Item of expenditure/receipt) with List-II (Nature of expenditure/receipt) and select the correct answer using the options given below the lists:
| List-I | List-II |
| a. Carriage charges on a new machine purchased for factory | 1. Revenue receipt |
| b. Legal expenses incurred in defending a case of violation of a provision of Factories Act | 2. Revenue expenditure |
| c. Grant-in-aid received from the Government for the construction of a building | 3. Deferred revenue expenditure |
| d. Amount received for a part of the office building sublet | 4. Capital expenditure |
| 5. Capital receipt |
A. a-2, b-3, c-1, d-5
B. a-4, b-2, c-5, d-1
C. a-3, b-4, c-1, d-5
D. a-4, b-3, c-1, d-5
Answer: Option B
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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