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Financial Accounting Practice Test: Accounting for Leases
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Avg score: 69% • Most missed: “Royalties is calculated either on the basis of ………………..”
Financial Accounting Practice Test: Accounting for Leases
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25 Questions

1. 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.
2. The balance of royalty payable account is transferred to—
3. Short working is a type of taxes paid by the lessee
4. Royalties is calculated either on the basis of ………………..
5. In case of recoupment of shortworking, the lessee:
6. Lessor is the …………
7. Shortworking can be recouped only out of ………………..
8. Mining Royalty is based on
9. What is the example of wasting assets
10. In the books of Lessee , short working recovered amount is debited to
11. Lessee is the…………
12. Short working is ………….
13. Shortworking means……
14. 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.
15. Shortworking not recouped is debited to P/L Account
16. ………………..account is credited when lessor receive an amount
17. Under the average clause, the loss is suffered by both insurer and insured in the ratio of risk covered
18. Royalty accounting is covered under Companies Act 1956
19. When the royalty are less than the minimum rent ?
20. The minimum rent can ……………………….be proportionately, if there is a stoppage due to strike.
21. Which of the following statement is false
22. Royalty is a revenue expenditure to lessor
23. What is minimum Rent?
24. Dead rent is also called …………
25. Patent Royalty is based in Sales of a Product

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