Which of the following is an example of a real account? MCQ with Answer and Explanation

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

A. Machinery Account

B. Salary Account

C. Creditor Account

D. Sales Account

Answer: Option A

Solution (By JKSSB Mock Tests)

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

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

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Question #1

The 'Swachh Bharat Cess' was a cess on:

A. GST

B. All taxable services (during pre-GST era)

C. Corporate profits

D. Income tax

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Correct Answer: Option B

Explanation:
Swachh Bharat Cess at 0.5% was levied on taxable services before GST.

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

Question #2

The 'Tax Information Network' (TIN) in India is managed by:

A. GSTN

B. RBI

C. CBDT

D. NSDL

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Correct Answer: Option D

Explanation:
TIN was established by NSDL for collection, processing, and monitoring of TDS.

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Question #3

The 'Updated Return' (ITR-U) can be filed within:

A. 12 months from the end of the relevant assessment year

B. 36 months

C. No time limit

D. 24 months from the end of the relevant assessment year

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Correct Answer: Option D

Explanation:
Section 139(8A) allows filing updated return within 24 months from end of assessment year, with additional tax.

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

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