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