Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Financial Statements of a Company

Question:

Refund of income tax is shown under which head of the statement of profit and loss of a company?

Options:

Income

Other income

Revenue from operations

None of these

Correct Answer:

Other income

Explanation:

Other income
(i) Interest income (in case of a company other than a finance company),
(ii) Dividend income,
(iii) Net gain/loss on sale of investments,
(iv) Other non-operating income (net of expenses directly attributable to such income).