Tag: social science

Quizzes (684) Questions (1162)

Questions Related to social science

Multiple choice social science government budget and taxation indian taxation system taxation : need, principles and importance tax and its importance

Money obtained through the issues of debenture is ______.

  1. revenue receipt

  2. capital receipt

  3. revenue profit

  4. capital profit
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Money obtained through the issues of debenture is capital receipt. It is the amount received from the sale of assets, shares and debentures. Nature of the capital receipt is that it is non-recurring. This should result either in the reduction in government assets (sale of share, disinvestment) or increase in some liability (government borrowings).

Multiple choice social science government budget and taxation indian taxation system taxation : need, principles and importance tax and its importance

Amount received from IDBI as a medium-term loan for augmenting working capital is _____.

  1. capital expenditure

  2. revenue expenditure

  3. capital receipts

  4. none of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Amount received from IDBI as a medium-term loan for augmenting working capital is a capital receipt. Cash from the sale of fixed asset; cash from the sale of shares in the business; cash from the issuance of a debt instrument which includes loans and bonds are also included in capital receipts.

Multiple choice social science government budget and taxation indian taxation system taxation : need, principles and importance tax and its importance

Capital receipt is shown in the balanced sheet on _______.

  1. asset side

  2. debit side

  3. liability side

  4. none of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A balance sheet is a statement of the assets, liabilities, and capital of a business or other organization at a particular time, which details the balance of income and expenditure over the preceding period. On a balance sheet capital receipt is shown on the liability side. 

Multiple choice social science government budget and taxation indian taxation system taxation : need, principles and importance tax and its importance

Insurance claim received on account of machinery damaged completely by fire is called _________.

  1. Capital receipt

  2. Revenue receipt

  3. Capital expenditures

  4. Revenue expenditures
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Insurance claim received on account of machinery damaged completely by fire is called capital receipt. As this is a receipt that deals with fixed assets, it falls under capital receipt.

Multiple choice social science government budget and taxation indian taxation system taxation : need, principles and importance tax and its importance

Money spent by a student on buying an application form adds to ______.

  1. tax revenue

  2. non-tax revenue

  3. profit

  4. none of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Money spent by a student on buying an application form adds to non-tax revenue. Non Tax Revenue Receipts are those revenue receipts which are not generated by taxing the public.

Multiple choice social science government budget and taxation indian taxation system taxation : need, principles and importance tax and its importance

Capital receipts are credited to _______.

  1. respective account of capital nature

  2. trading and profit and loss account

  3. both a and b

  4. none of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Capital receipt includes cash from the sale of fixed assets (either tangible or intangible), cash from the sale of shares in the business, cash from the issuance of a debt instrument. The receipts are directly credited to the respective account which is capital in nature.

Multiple choice social science government budget and taxation indian taxation system taxation : need, principles and importance tax and its importance

According to 2009-10 data, the percentage contribution of non-tax revenue to the total revenue of the central and GDP was ______.

  1. 22% and 3% respectively

  2. 22% and 2% respectively

  3. 2% and 22% respectively

  4. 3% and 22% respectively
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

According to 2009-10 data, the percentage contribution of non-tax revenue to the total revenue of the central is 22%. Contribution of non-tax revenue to the total GDP is 3%. 

Multiple choice social science government budget and taxation indian taxation system taxation : need, principles and importance tax and its importance

In the statement of financial position we record.

1. Capital receipts

2. Revenue expenditure

3. Deferred revenue expenditure

Which of the above statement is true?

  1. Only 1

  2. 1 and 2

  3. 1 and 3

  4. All the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Capital receipts and deferred revenue expenditure are recorded in the statement of financial position.