In the Indian Financial System, Treasury Bills (T-Bills) are issued by: MCQ with Answer and Explanation

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In the Indian Financial System, Treasury Bills (T-Bills) are issued by:

A. RBI on behalf of the Central Government

B. Commercial Banks

C. State Governments

D. SEBI

Answer: Option A

Solution (By JKSSB Mock Tests)

T-Bills are short-term debt instruments issued by the Reserve Bank of India on behalf of the Government of India to meet short-term liquidity needs.

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

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Question #1

Wages paid for the erection of a new boiler should be debited to:

A. Wages Account

B. Repairs Account

C. Boiler (Machinery) Account

D. Trading Account

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Correct Answer: Option C

Explanation:
Capitalizing erection costs is required under standard accounting principles, so it is debited to the specific asset account.

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Question #2

Which accounting concept requires that the life of the business be divided into smaller intervals for performance measurement?

A. Accounting Period Concept

B. Matching Concept

C. Going Concern Concept

D. Materiality Concept

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Correct Answer: Option A

Explanation:
The Accounting Period Concept artificially breaks the continuous life of a business into standard intervals (usually 12 months) for reporting purposes.

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Question #3

A Suspense Account is generally closed when:

A. The balance sheet is signed

B. The auditor approves it

C. All errors causing the trial balance difference are rectified

D. The financial year ends

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Correct Answer: Option C

Explanation:
The Suspense Account exists only as a temporary fix. Once all one-sided errors are found and rectified, its balance becomes zero.

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