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Financial Accounting Practice Test: Accounting for Leases
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Financial Accounting Practice Test: Accounting for Leases
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25 Questions

1. Which of the following statement is false?
2. Royalty accounting is covered under Companies Act 1956
3. Which of the following statement is false
4. When the lessor receives payment, the credits—
5. Royalty is a revenue expenditure to lessor
6. Lessee is the…………
7. ………………..account is credited when lessor receive an amount
8. Patent Royalty is based in Sales of a Product
9. What is minimum Rent?
10. In case of recoupment of shortworking, the lessee:
11. Minimum Rent in the first year Rs 1,00,000 and will be increased by Rs 10,000 p.a. for three years and then after by 10% per year. What is the amount at the end of 6th year?
12. Under the average clause, the loss is suffered by both insurer and insured in the ratio of risk covered
13. The balance of royalty payable account is transferred to—
14. When the royalty are less than the minimum rent ?
15. Surplus is…………….
16. Royalty is an income to lessee
17. Shortworking means……
18. 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.
19. Lessor is the …………
20. The balance of royalty‟s receivable account is transferred to —
21. Shortworking is Excess of Minimum Rent over Actual Production
22. Copyright royalty is based on
23. The minimum rent can ……………………….be proportionately, if there is a stoppage due to strike.
24. Mining Royalty is based on
25. Short working = …………………- Royalty Payable

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