Which of the following is NOT one of the 5 heads of income under the Income Tax Act? MCQ with Answer and Explanation

Question

Share Report Error

Which of the following is NOT one of the 5 heads of income under the Income Tax Act?

A. Income from Salaries

B. Income from Capital Gains

C. Income from Exports

D. Income from Other Sources

Answer: Option C

Solution (By JKSSB Mock Tests)

The 5 heads are: Salaries, House Property, Profits and Gains of Business/Profession, Capital Gains, and Other Sources.

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

Share Report

A: The Current Ratio is a liquidity ratio. R: It measures the ability to pay off long-term debts. Choose the correct option.

A. A is false but R is true

B. A is true but R is false

C. Both A and R are true but R is NOT the correct explanation of A

D. Both A and R are true and R is the correct explanation of A

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
The Current Ratio is indeed a liquidity ratio. However, it measures short-term liquidity (ability to pay current liabilities), not long-term debts (which is measured by solvency ratios like Debt-Equity). A is true, R is false.

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

Question #2

Share Report

In a computerised accounting system, the 'Voucher Entry' screen is used to:

A. Record transactions

B. View reports

C. Set passwords

D. Create backup

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Voucher entry is the primary data input interface.

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

Question #3

Share Report

In cost accounting, the term 'Opportunity Cost' means:

A. The benefit foregone by choosing one alternative over another

B. The depreciation cost

C. The cost of raw materials

D. The actual cost incurred

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Opportunity cost is the potential benefit that is given up when one alternative is selected over another.

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

Explore All Accountancy and Book Keeping MCQs