Top 50+ Solved Accounting for Leases MCQ Questions Answer
Q. Calculate units manufactured during the year; Units Sold – 500, Opening stock – 100;Closing stock – 200Sol:
a. 500
b. 700
c. 550
d. 600
Q. Minimum Rent in the first year Rs 1,00,000 and will be increased by Rs 10,000 p.a. forthree years and then after by 10% per year. What is the amount at the end of 6th year?
a. Rs 100000
b. Rs 157300
c. Rs 168000
d. Rs 200000
Q. Royalty is Rs 64,000, Minimum rent Rs 80,000. Strike is for 3 months with no work done,Minimum rent to be reduced in proportion of time, find the amount paid to Landlord.
a. Rs 60000
b. Rs 80000
c. Rs 64000
d. Rs 100000
Q. Who is the person take the property on the lessee agreement
a. Lessor
b. Lessee
c. Payee
d. None of these
Q. When the lessor receives payment, the credits—
a. Lessee account
b. Royalty account
c. Short workings account.
d. all
Q. The balance of royalty payable account is transferred to—Sol:
a. Profit and loss account
b. Royalties suspense account
c. Production account
d. all
Q. Under the average clause, the loss is suffered by both insurer and insured in the ratio ofrisk coveredSol:
a. True
b. False
c. none
d. all
Q. ………………..account is credited when lessor receive an amountSol:
a. Lessee Account
b. Lessor Account
c. Profit and Loss Account
d. Income
Q. Fixed payment made for the used of an assets is called Financial LeaseSol:
a. True
b. False
c. none
d. all
Q. Shortworking is Excess of Minimum Rent over Actual ProductionSol:
a. True
b. False
c. none
d. all
Q. Royalty is Rs 44,000, Minimum rent Rs 50,000. Strike is for 2 months with no work done,Minimum rent to be reduced in proportion of time, find the amount paid to Landlord.
a. Rs 5000
b. Rs 50000
c. Rs 44000
d. Rs 6000