Which of the following is an example of a capital receipt? MCQ with Answer and Explanation

Question

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Which of the following is an example of a capital receipt?

A. Rent received

B. Loan received from bank

C. Commission received

D. Sale of old newspapers

Answer: Option B

Solution (By JKSSB Mock Tests)

Loan is a capital receipt as it creates a liability. Others are revenue receipts.

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

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Question #1

The 'Final Dividend' is recommended by:

A. Auditors

B. Board of Directors

C. Registrar

D. Shareholders

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Correct Answer: Option B

Explanation:
Board recommends final dividend, which is then approved by shareholders in AGM.

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Question #2

When an auditor issues a 'Qualified Opinion', it implies that:

A. The financial statements are completely false

B. Except for specific issues, the statements present a true and fair view

C. The auditor lacks independence

D. The auditor could not gather any evidence

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Correct Answer: Option B

Explanation:
A qualified opinion means the statements are generally accurate, 'except for' certain matters detailed in the report.

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Question #3

The 'Surcharge' on income tax is levied for:

A. Senior citizens only

B. All taxpayers

C. High-income individuals/entities

D. Companies only

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Correct Answer: Option C

Explanation:
Surcharge is additional tax on income above specified thresholds for individuals, HUFs, companies.

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

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