Monday, October 22, 2012

Royalty account Online test

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  1. Shortworking is excess of
  2. Minimum rent over actual rent
    Actual rent over minimum rent
    Minimum output over actual output
    None of the above

  3. When the royalties are less than the minimum rent
  4. Royalties account is debited with the actual amount due
    Royalties account is debited with the minimum rent
    Royalties account is debited with the amount paid to the landlord
    Royalties account is debited with the excess of minimum rent over the actual rent

  5. The lessee's right to recoup shortworkings is related to
  6. First year
    Next three years
    Terms and agreement
    During the period of agreement

  7. Irrecoverable shortworking are transferred to
  8. Trading A/c
    P/L A/c
    P/L Appropriation account
    Royalty account

  9. When shortworkings are to be recovered, the account to be debited is:
  10. Landlord A/c
    shortworkings A/c
    P&LA/c
    None of the above

  11. Which of the following statement is false
  12. Royalty paid on production is debited to P/L a/c
    Royalty a/c is a nominal account
    Minimum rent is termed as Dead Rent
    When shortworkings are recouped, the account to be debited in the books of lessee is landlord A/c.

  13. In case of Sub‐lease Royalty earned by the lessor is credited to
  14. Sub‐lessee account
    P/L A/c
    shortworking Suspense A/c
    Royalties Receivable account

  15. Royalty is the agreement between the following persons
  16. Seller and buyer
    Banker & customer
    Trustee and Beneficiaries
    Landlord and tenant

  17. Excess of minimum rent over royalties is termed as
  18. Surplus
    Shortworkings
    Royalties Payable
    Royalties Receivable

  19. Short workings A/c shows ________ balance in the books of Lessee
  20. Debit Balance
    Credit Balance

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