Which one of the following should be considered as a revenue expenditure?
A. Rs. 1,000 paid for the erection of a new plant
B. Cost of Rs. 10,000 incurred in increasing the sitting accommodation of a hotel
C. Damages paid on account of breach of a contract to supply certain goods
D. Repairs to machinery purchased second hand
Answer: Option C
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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