Accountancy Nios plus two II Welcome to your Accountancy Nios plus two II 1. Which of the following is not a financial statement? Trading Account Balance Sheet Memorandum of Association Income Statement None Hint 2. What is the correct accounting equation? Assets = Liabilities + Capital Capital = Assets + Liabilities Assets = Income – Expenses Assets = Capital – Liabilities None Hint 3. Gross Profit is calculated as: Cost of Goods Sold – Net Sales Net Sales – Cost of Goods Sold Net Sales – Net Purchases Opening Stock + Purchases None Hint 4. The main purpose of preparing an Income Statement is: To find the value of assets To know the number of employees To calculate tax To ascertain profit or loss None Hint 5. Which of the following is a revenue receipt? Rent received from tenants Loan taken from bank Capital introduced by owner Amount received from sale of machinery None Hint 6. Capital Expenditure is shown in the: Balance Sheet Income Statement Notes to Accounts Cash Flow Statement None Hint 7. Revenue receipts are: Considered as capital Related to sale of fixed assets Considered in calculating income Not considered in calculating profit None Hint 8. Revenue Expenditure is usually: Non-recurring Recurring Capital in nature Recorded in Balance Sheet None Hint 9. The main purpose of preparing a Trading Account is to: Show capital of the business Find out Gross Profit or Gross Loss Find out Net Profit Determine the financial position None Hint 10. Which of the following is a recurring activity in CAS? Creating master files Creating ledger groups Setting organisation name Generating reports None Hint 11. What is the role of ‘Data Audit’ in CAS software? Create financial reports Prevent data loss Track expenses Identify changes and who made them None Hint 12. Deferred revenue expenditure: Occurs every month Is ignored while preparing accounts Gives benefits over a long period Is an item of liability None Hint 13. Which of the following is an example of Capital Expenditure? Purchase of raw material Salaries paid Purchase of machinery Repair of furniture None Hint 14. Which of the following is included in the Trading Account? Office Rent Wages and Carriage Inward Salaries to Manager Interest Paid None Hint 15. Which of the following is not a capital receipt? Capital introduced by the owner Loan from a bank Sale of old furniture Sale of goods None Hint 16. Revenue receipts are usually: Treated as capital Non-recurring in nature Not shown in financial statements Recurring in nature None Hint 17. Which of the following statements is true? Capital receipts occur frequently Revenue receipts are not recorded in the Profit & Loss Account Revenue receipts are non-recurring Capital receipts do not arise from regular business operations None Hint 18. Capital receipts are: Recorded on the debit side of the Trading Account Not treated as income Same as revenue receipts Treated as daily income None Hint 19. Capital Receipts are generally: Recurring in nature Non-recurring in nature Recorded on debit side of P&L Earned from daily operations None Hint 20. Which of the following tasks is performed by CAS software? Updating customer accounts in Sales Ledger Drawing cartoons Editing YouTube videos Booking movie tickets None Hint 21. Capital receipts arise from: Interest received Sale of goods Sale of fixed assets Rent received from tenants None Hint 22. What are financial statements? Statements prepared at the end of the accounting period Statements showing future plans of a business List of business employees Reports of marketing activities None Hint 23. None 24. Revenue Expenditure gives benefit for: No specific time Several years One accounting year Five years None Hint 25. The nature of capital receipts is: Revenue Profit Capital Income None Hint 26. The Balance Sheet is also known as: Operational Sheet Annual Report Position Statement Revenue Sheet None Hint Time's up Share: admin Previous post Accountancy Nios plus two I September 26, 2025 Next post English NIOS NEW plus two I January 22, 2026
