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

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The 'Cryptocurrency' as per Indian laws is:

A. Legal tender

B. Only allowed for banks

C. Banned completely

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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Question #1

When analyzing Cost Accounting data, 'Contribution' is useful for:

A. Determining depreciation

B. Make or Buy decisions

C. Valuing Goodwill

D. Calculating Income Tax

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Correct Answer: Option B

Explanation:
Contribution (Sales - Variable Cost) is a key metric in marginal costing used for managerial decisions like 'Make or Buy', dropping a product, or accepting special orders.

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

Question #2

If a bill is discounted with the bank, the account debited in the books of the drawer is:

A. Drawee Account

B. Bills Receivable Account

C. Discounting Charges Account

D. Bank Account

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Correct Answer: Option D

Explanation:
When a bill is discounted, the bank gives cash (or credits the bank account) before the due date, so the Bank Account is debited.

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

Question #3

Which of the following items is shown in the Profit and Loss Appropriation Account of a partnership firm?

A. Rent paid to partner's building

B. Salary to partners

C. Discount allowed to debtors

D. Office electricity expenses

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Correct Answer: Option B

Explanation:
Salary to partners is an appropriation of profit, hence shown in P&L Appropriation A/c, not in P&L A/c.

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

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