A hybrid system of accounting is a mixture of: MCQ with Answer and Explanation

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A hybrid system of accounting is a mixture of:

A. Financial and Cost accounting

B. Indian GAAP and IFRS

C. Double entry and Single entry

D. Cash basis and Accrual basis

Answer: Option D

Solution (By JKSSB Mock Tests)

In a hybrid system, typically incomes are recorded on a cash basis while expenses are recorded on an accrual basis.

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

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Question #1

Money kept in Provident Funds and small savings schemes forms part of the:

A. Public Account of India

B. Contingency Fund of India

C. Consolidated Fund of India

D. RBI Reserves

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Correct Answer: Option A

Explanation:
The Public Account holds money acting as a banker (e.g., provident funds) and does not require parliamentary vote for disbursements.

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Question #2

In the context of the Indian Financial System, the 'Deposit Insurance and Credit Guarantee Corporation' (DICGC) is a wholly owned subsidiary of:

A. Reserve Bank of India

B. Securities and Exchange Board of India

C. State Bank of India

D. Ministry of Finance

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Correct Answer: Option A

Explanation:
The DICGC was established as a wholly owned subsidiary of the Reserve Bank of India (RBI) to provide deposit insurance and guarantee credit facilities.

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Question #3

Under Section 80D of the Income Tax Act, a deduction is allowed for:

A. Medical insurance premiums

B. Life insurance premiums

C. Donations to charities

D. Interest on education loan

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Correct Answer: Option A

Explanation:
Section 80D provides deductions for premiums paid toward health/medical insurance for self, family, and parents.

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