Which of the following is not a capital receipt? MCQ with Answer and Explanation

Question

Share Report Error

Which of the following is not a capital receipt?

A. Sale of goods

B. Issue of shares

C. Loan from bank

D. Sale of old machinery

Answer: Option A

Solution (By JKSSB Mock Tests)

Sale of goods is revenue from operations, a revenue receipt.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The 'Double Entry System' was first codified by:

A. Kautilya

B. Henry Ford

C. Luca Pacioli

D. Adam Smith

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Luca Pacioli, an Italian mathematician, described the double-entry system in 1494.

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

Question #2

Advance tax must be paid in instalments during the financial year if the estimated tax liability exceeds:

A. Rs 5,000

B. Rs 10,000

C. Rs 50,000

D. Rs 1,00,000

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Under Section 208, advance tax is mandatory if the estimated tax liability for the year is Rs 10,000 or more.

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

Question #3

The 'Related Party' as per AS 18 includes:

A. All suppliers

B. Government

C. Key management personnel and their relatives

D. All customers

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Related parties include key management, enterprises with control or significant influence, etc.

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

Explore All Accountancy and Book Keeping MCQs