Which one of the following should be considered a revenue expenditure?

✅ D. Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue

Option A : Error of casting affects personal accounts Option B : Omission of a transaction from a subsidiary record affects only one account Option C : Error of carry forward affects two accounts Option D : Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue Correct Answer : Error of principle involves an… Read more

✅ D. Moving average method

Option A : Delivery method Option B : Percentage-of-completion method Option C : Production method Option D : Moving average method Correct Answer : Moving average method Read more

✅ A. Written down to zero or its scrap value

Option A : Written down to zero or its scrap value Option B : Shown in the Balance Sheet at its replacement cost Option C : Shown in the Balance Sheet at cost, but classified as a non-current asset Option D : Carried in the accounting records at cost until it is sold Correct Answer : Written down to zero… Read more

✅ E. All of these

Option A : Income received in advance Option B : Stock Option C : Debtors Option D : Pre-paid expenses and Accrued income Correct Answer : All of these Read more

✅ B. Land

Option A : Building Option B : Land Option C : Plant and Machinery Option D : Office equipment Correct Answer : Land Read more

✅ D. All the three

Option A : Errors of casting Option B : Errors of carry forward Option C : Errors of posting Option D : All the three Correct Answer : All the three Read more

✅ C. common size income statement

Option A : Balance sheet Option B : income statement Option C : common size income statement Option D : All of the Above Correct Answer : common size income statement Read more

✅ A. Acceptance

Option A : Acceptance Option B : Unconditional promise to pay Option C : Properly stamped Option D : Payment to be made legal currency Correct Answer : Acceptance Read more