Section 80D deduction is for: MCQ with Answer and Explanation

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Section 80D deduction is for:

A. Health insurance premium

B. Life insurance premium

C. Donations

D. Education loan interest

Answer: Option A

Solution (By JKSSB Mock Tests)

Section 80D allows deduction for medical insurance premium.

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

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Question #1

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A Realisation Account is opened at the time of:

A. Admission of a partner

B. Change in profit-sharing ratio

C. Retirement of a partner

D. Dissolution of partnership firm

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Correct Answer: Option D

Explanation:
Realisation Account is prepared to close books on dissolution of the firm, not just reconstitution.

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

Question #2

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The 'Sales Book' total is posted to:

A. Credit side of Sales Account

B. Debit side of Creditors Account

C. Debit side of Sales Account

D. Credit side of Debtors Account

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Correct Answer: Option A

Explanation:
Sales book total is credited to Sales Account (revenue) and individual debtors are debited.

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

Question #3

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A company's quick ratio is 1:1, current assets ₹2,00,000, inventory ₹40,000. Current liabilities are:

A. ₹1,60,000

B. ₹40,000

C. ₹1,00,000

D. ₹2,00,000

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Correct Answer: Option A

Explanation:
Quick assets = Current assets - Inventory = 2,00,000 - 40,000 = 1,60,000. Quick ratio = QA / CL = 1:1, so CL = ₹1,60,000.

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