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 |
A. a-1, b-3, c-4, d-2
B. a-1, b-3, c-2, d-4
C. a-3, b-1, c-4, d-2
D. a-3, b-1, c-2, d-4
Answer: Option D
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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