Which of the following is a nominal account? MCQ with Answer and Explanation

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Which of the following is a nominal account?

A. Capital Account

B. Building Account

C. Rent Account

D. Ramesh Account

Answer: Option C

Solution (By JKSSB Mock Tests)

Rent Account represents an expense, which is a nominal account. The rule is 'Debit all expenses and losses, credit all incomes and gains'.

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

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Question #1

Which of the following is a feature of a joint stock company?

A. Unlimited liability

B. No perpetual succession

C. Separate legal entity

D. Managed by partners

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Correct Answer: Option C

Explanation:
A joint stock company is a separate legal entity distinct from its shareholders, with perpetual succession and limited liability.

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Question #2

Under the Companies Act 2013, the 'Serious Fraud Investigation Office' (SFIO) is empowered to investigate frauds that are:

A. Involving public interest

B. Only related to listed companies

C. Above ₹10 Crores or involving public interest

D. Of any amount

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Correct Answer: Option C

Explanation:
As per the Companies Act and related notifications, the SFIO (now often operating under the EBOW) investigates cases involving ₹10 Crores or more, or cases that involve public interest, or affect multiple states.

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Question #3

The 'Updated Return' (ITR-U) attracts additional tax of:

A. 25% of tax and interest if filed within 12 months, 50% if filed after 12 months

B. No additional tax

C. 10%

D. Fixed penalty

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Correct Answer: Option A

Explanation:
Additional tax on updated return is 25% if filed within 12 months from end of AY, 50% if after 12 months but before 24 months.

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