A sum of ₹10,000 received as rent is credited to: MCQ with Answer and Explanation

Question
A sum of ₹10,000 received as rent is credited to:
A. Cash A/c
B. Rent Received A/c
C. Rent A/c
D. Capital A/c
Answer: Option B
Solution (By JKSSB Mock Tests)
Rent received is income, so Rent Received A/c is credited (nominal account rule: credit incomes).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Which of the following taxes is subsumed under GST?
A. Stamp Duty
B. Income Tax
C. Value Added Tax (VAT)
D. Customs Duty
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Correct Answer: Option C

Explanation:
State VAT, Central Excise, and Service Tax were among the major indirect taxes subsumed into GST.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The Indian Partnership Act that governs general partnerships is of the year:
A. 2013
B. 1930
C. 1932
D. 1956
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Correct Answer: Option C

Explanation:
The Indian Partnership Act was enacted in 1932.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is a key feature of 'Ind AS 115' (Revenue from Contracts with Customers)?
A. Revenue is recognised based on transfer of control
B. Revenue is recognised when invoice is raised
C. Revenue is recognised only on completion
D. Revenue is recognised based on transfer of risks and rewards
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Correct Answer: Option A

Explanation:
Ind AS 115 uses the control-based model.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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