'Capital Work-in-Progress' is shown in the Balance Sheet as: MCQ with Answer and Explanation

Question
'Capital Work-in-Progress' is shown in the Balance Sheet as:
A. Investment
B. Intangible asset
C. Fixed asset under construction
D. Current asset
Answer: Option C
Solution (By JKSSB Mock Tests)
It represents assets not yet ready for use, part of fixed assets.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
An unearned income is classified as:
A. Asset
B. Expense
C. Liability
D. Income
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Correct Answer: Option C

Explanation:
Unearned income (advance received) represents obligation to render service, hence a liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'TCS' under GST is collected by:
A. All registered persons
B. E-commerce operators
C. Importers
D. Exporters
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Correct Answer: Option B

Explanation:
E-commerce operators collect TCS at 1% under Section 52.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
In a Cash Book with discount columns, the total of the 'Discount Received' column is posted to the:
A. Credit of Cash A/c
B. Debit of Creditors A/c
C. Credit of Discount Received A/c
D. Debit of Discount Received A/c
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Correct Answer: Option C

Explanation:
Discount Received is a gain (nominal account rule: credit all gains), so the periodic total is posted to the credit side of the Discount Received ledger account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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