The 'Loss from House Property' can be carried forward for how many years? MCQ with Answer and Explanation

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The 'Loss from House Property' can be carried forward for how many years?

A. 4 years

B. Indefinitely

C. Not allowed

D. 8 years

Answer: Option D

Solution (By JKSSB Mock Tests)

House property loss can be carried forward for 8 assessment years.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Which metric evaluates the financial value of the social and environmental outcomes created by an organization?

A. Social Return on Investment (SROI)

B. Return on Capital Employed (ROCE)

C. Earnings Per Share (EPS)

D. Internal Rate of Return (IRR)

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Correct Answer: Option A

Explanation:
SROI is a method for measuring values not traditionally reflected in financial statements, assessing social and environmental impact.

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Question #2

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Which body is responsible for making recommendations on GST rates, exemptions, and thresholds?

A. Finance Commission

B. CBDT

C. NITI Aayog

D. GST Council

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Correct Answer: Option D

Explanation:
Formed under Article 279A, the GST Council is chaired by the Union Finance Minister and comprises state finance ministers.

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Question #3

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Which of the following is an example of a real account?

A. Salary Account

B. Creditor Account

C. Sales Account

D. Machinery Account

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Correct Answer: Option D

Explanation:
Machinery Account represents a tangible asset, which is a real account. The rule is 'Debit what comes in, credit what goes out'.

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