Question : Income and expenditure account records income and expenditure of :

Option 1: Capital nature only 

Option 2: Revenue nature only

Option 3: both Revenure and capital nature 

Option 4: None of  the above 

Question : ‘Discount on issue’ is a ………….. and will be ----------- during the life time of the debentures. But till then it will be shown as --------------’ on the Assets side of the Balance Sheet.

Option 1: Revenue loss, debited, amortized expenditure

Option 2: Capital loss, written off, unamortized expenditure 

Option 3: Revenue loss, profit and loss, fixed assets 

Option 4: Capital loss, written off, amortized expenses

Question : Fill in the blanks-
____________________= Revenue expenditure - Revenue receipts.
 

Option 1: Capital deficit
 

Option 2: Budgetary deficit
 

Option 3: Revenue deficit
 

Option 4: None of the above.
 

Question : Which of the following is non-recurring in nature?
 

Option 1: Revenue expenditure
 

Option 2: Capital expenditure
 

Option 3: Revenue receipt
 

Option 4: Both A and C.
 

Question : Discount on issue of debenture is a

Option 1: Capital loss to be written off over the tenure of the debentures

Option 2: Revenue loss to be charged in the year of issue

Option 3: Capital loss to be written off from Capital Reserve

Option 4: Capital loss to be shown as goodwill