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

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The 'Section 269ST' prohibits:

A. All digital payments

B. All cash transactions

C. Receipt of ₹2 lakh or more in cash from a person in a day or for a single transaction or related transactions

D. Cash payment above ₹10,000

Answer: Option C

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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Question #1

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In accounting, what does the term 'Vouching' fundamentally imply?

A. Creating financial forecasts

B. Calculating totals

C. Substantiating entries with documentary evidence

D. Filing tax returns

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Correct Answer: Option C

Explanation:
Vouching is the process of examining documentary evidence to ascertain the accuracy and authenticity of accounting entries.

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

Question #2

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In a partnership, interest on capital is allowed only when:

A. It is provided in the partnership deed

B. It is mandatory under law

C. The firm makes profit

D. The firm has cash

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Correct Answer: Option A

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

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A 'Bill Receivable Book' records:

A. Bills payable

B. Bills accepted by business

C. All bills

D. Bills drawn by the business and accepted by debtors

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Correct Answer: Option D

Explanation:
Bills Receivable Book records all bills of exchange drawn on debtors and accepted by them.

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

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