Take this quick test on non-trading concerns to help you prepare for your exams and interviews. If you find it difficult to answer any of these multiple choice questions (MCQs), you can read this short article on non-trading concerns.
To complete the MCQ quiz, simply click on the “Start Quiz” button below.
Time limit: 0
Quiz-summary
0 of 8 questions completed
Questions:
1
2
3
4
5
6
7
8
Information
Non-trading concern msqs
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 8 questions answered correctly
Time has elapsed
Categories
Not categorized0%
1
2
3
4
5
6
7
8
Answered
Review
Question 1 of 8
1. Question
Examples of non-trading concerns are:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Civil hospital” (option 2).
Question 2 of 8
2. Question
The accounts of non-trading concerns are generally maintained according to:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Double entry bookkeeping system” (option 3).
Question 3 of 8
3. Question
The main source of income for non-trading concerns is:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Subscriptions” (option 1).
Question 4 of 8
4. Question
The control of non-trading concerns rests in the hands of:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Governing body” (option 3).
Question 5 of 8
5. Question
If the debit side of a receipts and payments account exceeds credit, it represents:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Cash at bank” (option 1).
Question 6 of 8
6. Question
Deficit balance can be shown in the balance sheet as:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Assets” (option 2).
Question 7 of 8
7. Question
If the debit side of an income and expenditure account is greater than the credit side, this is termed:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Deficit balance” (option 4).
Question 8 of 8
8. Question
A reciepts and payments account includes:
Correct
Awesome! Your answer is correct.
Incorrect
Your answer is incorrect. The correct answer is “Both capital and revenue items” (option 3).
Non-trading income is generally either included in the calculation of taxable income, or it is disregarded.
What is the treatment of capital gains from non-trading income?
Yes, a few specific rules apply to non-trading income. For example, certain types of income may be exempt from tax, or the income may be taxed at a different rate.
What is the treatment of capital gains from non-trading income?
What is the treatment of capital gains from non-trading income?
What is the treatment of losses from non-trading income?
Losses from non-trading income are generally deductible from other payment types. For example, if you have incurred a loss from selling an investment, you may be able to deduct the loss from your other income.
Are there any special rules for losses from non-trading income?
Yes, a few specific rules apply to losses from non-trading income. For example, certain types of losses may be deductible from other types of income, or the loss may be carried forward and used in future years.
About the Author True Tamplin, BSc, CEPF®
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
Awesome! Your answer is correct.
Your answer is incorrect. The correct answer is “Civil hospital” (option 2).
Questions are very simple, elementary stage. Advance and HOTS are required for class 12 cbse students
Yes, This is CBSE has introduced objective type and MCQ in syllabus for 2019-20 exams.
Do some research work for better questions for students.