The 'Set-off and Carry Forward' of losses under Income Tax: Speculation loss can be set off against: MCQ with Answer and Explanation

Question
The 'Set-off and Carry Forward' of losses under Income Tax: Speculation loss can be set off against:
A. Any business profit
B. Salary income
C. Only speculation profit
D. House property income
Answer: Option C
Solution (By JKSSB Mock Tests)
Speculation loss can only be set off against speculation profit.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Gross Profit' is transferred to:
A. Balance Sheet liability
B. Capital Account
C. Trading Account debit
D. Profit and Loss Account credit
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Correct Answer: Option D

Explanation:
Gross profit is credited to Profit & Loss Account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
If a cheque received from a customer is endorsed to a creditor on the same day, it is recorded in:
A. Sales Book
B. Cash Book
C. Journal Proper
D. Pass Book only
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Correct Answer: Option C

Explanation:
Since no cash or bank balance of the business changes, endorsement of a cheque is recorded in the Journal Proper.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is a 'Qualifying Asset' for borrowing cost capitalisation under AS 16?
A. A power plant under construction
B. Inventories routinely manufactured
C. Investment property measured at fair value
D. Assets ready for use
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Correct Answer: Option A

Explanation:
A qualifying asset requires a substantial period to get ready for intended use/sale.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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