Top 1000+ Solved Financial Accounting MCQ Questions Answer
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