The 'Liberalised Remittance Scheme' (LRS) allows a resident individual to remit up to: MCQ with Answer and Explanation

Question
The 'Liberalised Remittance Scheme' (LRS) allows a resident individual to remit up to:
A. USD 2,50,000 per financial year
B. No limit
C. USD 1,00,000 per financial year
D. USD 50,000
Answer: Option A
Solution (By JKSSB Mock Tests)
Under LRS, resident individuals can remit up to USD 2,50,000 per financial year for permissible transactions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Intangible Asset' (AS 26) is recognised if:
A. It is internally generated
B. It is probable that future economic benefits will flow and cost can be measured reliably
C. It has physical substance
D. It is purchased
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Correct Answer: Option B

Explanation:
Intangible assets are recognised when they meet the definition and recognition criteria.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under the Income Tax Act, the deduction under Section 80D for health insurance premiums paid for self, spouse, and dependent children is:
A. ₹25,000 for senior citizens
B. ₹25,000 for individuals below 60 years
C. ₹75,000 for individuals below 60 years
D. ₹50,000 for individuals below 60 years
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Correct Answer: Option B

Explanation:
Section 80D allows a deduction of up to ₹25,000 for health insurance premiums paid for self, spouse, and dependent children (if below 60 years). For senior citizens, the limit is ₹50,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A business purchased goods for Rs 50,000 on credit. What is the effect on the accounting equation?
A. Assets decrease, Liabilities decrease
B. Assets increase, Capital increases
C. Liabilities increase, Capital decreases
D. Assets increase, Liabilities increase
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Correct Answer: Option D

Explanation:
Stock (Asset) increases by Rs 50,000 and Creditors (Liability) increase by Rs 50,000, maintaining the equation balance.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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