The 'Cryptocurrency' as per Indian laws is: MCQ with Answer and Explanation

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The 'Cryptocurrency' as per Indian laws is:

A. Only allowed for banks

B. Banned completely

C. Legal tender

D. Not considered legal tender but taxed

Answer: Option D

Solution (By JKSSB Mock Tests)

Cryptocurrencies are not legal tender in India but gains are taxed.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

In financial statement analysis, the current ratio is calculated as:

A. Current liabilities / Current assets

B. Quick assets / Current liabilities

C. Total assets / Total liabilities

D. Current assets / Current liabilities

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Correct Answer: Option D

Explanation:
Current ratio = Current assets / Current liabilities, measuring short-term liquidity.

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Question #2

Which of the following describes a 'Fictitious Asset'?

A. Current assets held in foreign currency

B. Assets without physical existence but having realizable value like patents

C. Expenses/losses written off over a period of time, having no realizable value

D. Assets created to evade taxes

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Correct Answer: Option C

Explanation:
Fictitious assets (e.g., preliminary expenses, debit balance of P&L) are not true assets; they are unamortized expenses/losses with zero resale value.

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Question #3

Which ratio is a strict measure of a firm's immediate ability to pay off current liabilities?

A. Current Ratio

B. Proprietary Ratio

C. Quick Ratio (Acid Test Ratio)

D. Debt-Equity Ratio

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Correct Answer: Option C

Explanation:
The Quick Ratio excludes inventory and prepaid expenses, comparing only highly liquid assets (cash, receivables) to current liabilities.

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

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