Which of the following is a 'Money Bill' in India? MCQ with Answer and Explanation

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Which of the following is a 'Money Bill' in India?

A. Bill for amendment of Companies Act

B. Bill on education

C. Bill on labor reforms

D. Finance Bill dealing with taxes

Answer: Option D

Solution (By JKSSB Mock Tests)

Finance Bill is a Money Bill as it deals with taxation and government expenditure.

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

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Question #1

The 'Consistency' concept means that:

A. Only cash basis should be used

B. Same accounting policies should be applied from one period to another

C. Different methods can be used arbitrarily

D. Accounting policies should be changed every year

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Correct Answer: Option B

Explanation:
Consistency ensures comparability; accounting policies should be consistently applied over time, changes only for valid reasons.

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Question #2

The 'Virtual Digital Assets' (VDA) are taxed under Income Tax at:

A. 30% (plus surcharge and cess)

B. Normal slab rates

C. 20%

D. 10%

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Correct Answer: Option A

Explanation:
Income from transfer of VDAs like cryptocurrency is taxed at 30% flat rate.

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

Question #3

S1: Revaluation Account is a real account. S2: Revaluation Account is prepared to show the effect of revaluation on partners' capital. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S1 only

C. S2 only

D. Both S1 and S2

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Correct Answer: Option C

Explanation:
Revaluation Account is a nominal account, not a real account, as it records expenses and incomes related to revaluation. Its purpose is indeed to show the net effect on partners' capital. S1 is incorrect, S2 is correct.

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