The 'Section 269ST' prohibits: MCQ with Answer and Explanation

Question
The 'Section 269ST' prohibits:
A. All digital payments
B. All cash transactions
C. Cash payment above ₹10,000
D. Receipt of ₹2 lakh or more in cash from a person in a day or for a single transaction or related transactions
Answer: Option D
Solution (By JKSSB Mock Tests)
Section 269ST restricts cash receipt of ₹2 lakh or more.
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 financial statement that shows the financial position of an entity at a specific date is:
A. Trading Account
B. Balance Sheet
C. Profit & Loss Account
D. Cash Flow Statement
Discuss
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Correct Answer: Option B

Explanation:
Balance Sheet is a statement of assets and liabilities as on a specific date, showing financial position.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In a partnership, interest on capital is allowed only when:
A. The firm makes profit
B. It is mandatory under law
C. It is provided in the partnership deed
D. The firm has cash
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Correct Answer: Option C

Explanation:
Interest on capital is payable only if the partnership deed so provides, and only out of profits.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Emphasis of Matter' paragraph in audit report is used to:
A. Draw attention to a matter appropriately presented or disclosed that is fundamental to users' understanding
B. Qualify the opinion
C. Give adverse opinion
D. Disclaim opinion
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Correct Answer: Option A

Explanation:
Emphasis of Matter does not affect the audit opinion; it highlights significant matters.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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