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

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The 'Cryptocurrency' as per Indian laws is:

A. Banned completely

B. Only allowed for banks

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

Petty Cash Book is maintained under:

A. Single entry system

B. Cash basis only

C. Imprest system

D. Mercantile system

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Correct Answer: Option C

Explanation:
Petty cash is often maintained on imprest system, where a fixed amount is kept for small expenses and replenished periodically.

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

Question #2

The term 'FIFO' stands for:

A. First In, First Out

B. Fixed In, Fixed Out

C. Final In, First Out

D. First In, First Over

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Correct Answer: Option A

Explanation:
FIFO is an inventory valuation method where the cost of the earliest goods purchased is assigned to the cost of goods sold first.

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

Question #3

The main difference between cash basis and accrual basis is:

A. Timing of recognition of revenues and expenses

B. Recording of transactions

C. Use of vouchers

D. Trial balance preparation

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Correct Answer: Option A

Explanation:
Cash basis recognises on cash flow; accrual on earning/incurring.

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

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