The 'Budget' is presented in Parliament by: MCQ with Answer and Explanation

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The 'Budget' is presented in Parliament by:

A. President

B. Speaker

C. Finance Minister

D. Prime Minister

Answer: Option C

Solution (By JKSSB Mock Tests)

The Union Budget is presented by the Finance Minister.

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

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Question #1

In case of a partnership firm, registration is:

A. Not compulsory but advisable

B. Required only for banking

C. Not possible

D. Mandatory

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Correct Answer: Option A

Explanation:
Registration of partnership firm is optional, though unregistered firms face some disabilities.

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

Question #2

A company issues 10,000 equity shares of ₹10 each at a premium of ₹5. The amount credited to Securities Premium A/c is:

A. ₹10,000

B. ₹50,000

C. ₹1,50,000

D. ₹1,00,000

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Correct Answer: Option B

Explanation:
Securities premium = shares * premium per share = 10,000 * 5 = ₹50,000.

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

Question #3

The 'Sales Book' total is posted to:

A. Debit side of Creditors Account

B. Credit side of Sales Account

C. Credit side of Debtors Account

D. Debit side of Sales Account

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Correct Answer: Option B

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

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