A 'Pay-in-slip' is a source document used for: MCQ with Answer and Explanation

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A 'Pay-in-slip' is a source document used for:

A. Recording petty cash expenses

B. Paying wages to employees

C. Withdrawing cash from the bank

D. Depositing cash or cheques into the bank

Answer: Option D

Solution (By JKSSB Mock Tests)

A pay-in-slip is filled out by a customer when depositing money or cheques into their bank account.

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

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The 'Surrender Value' of a keyman insurance policy received by a company is:

A. Capital receipt

B. Taxable as business income

C. Exempt

D. Treated as loan

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Correct Answer: Option B

Explanation:
Keyman insurance policy proceeds/surrender value are taxable as business income.

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

Question #2

In the context of PFMS, what does 'Aadhaar Payment Bridge System' (APBS) facilitate?

A. Stock market trading

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D. Bank auditing

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Correct Answer: Option C

Explanation:
APBS facilitates Direct Benefit Transfers (DBT) by using the Aadhaar number as the central key for routing government subsidies to beneficiaries.

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

Question #3

The 'Impersonal Accounts' are:

A. Only real accounts

B. Personal accounts only

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Correct Answer: Option D

Explanation:
Impersonal accounts include real accounts (assets) and nominal accounts (expenses, losses, incomes, gains).

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

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