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. Finance Bill dealing with taxes

B. Bill for amendment of Companies Act

C. Bill on labor reforms

D. Bill on education

Answer: Option A

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

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Under Ind AS 115, 'Variable Consideration' (like bonuses or penalties) can only be included in the transaction price if:

A. It is highly probable that a significant reversal in the amount of cumulative revenue will not occur.

B. The entity has received the cash for the variable consideration.

C. The customer has explicitly agreed to the variable amount in the contract.

D. The performance obligation is fully satisfied.

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Correct Answer: Option A

Explanation:
Ind AS 115 imposes a constraint on variable consideration. It can only be included in the transaction price to the extent that it is highly probable that a significant reversal of revenue will not occur when the uncertainty is resolved.

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

Question #2

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Under the Single Entry System, if opening capital is Rs 1,00,000, closing capital is Rs 90,000, and drawings are Rs 30,000 (no fresh capital), the profit is:

A. Rs 20,000

B. Rs 40,000

C. Rs 10,000 Loss

D. Rs 20,000 Loss

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Correct Answer: Option A

Explanation:
Profit = Closing Cap + Drawings - Opening Cap = 90,000 + 30,000 - 1,00,000 = Rs 20,000.

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

Question #3

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The fundamental accounting equation is a mathematical expression of which concept?

A. Cost Concept

B. Money Measurement Concept

C. Dual Aspect Concept

D. Going Concern Concept

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Correct Answer: Option C

Explanation:
The Dual Aspect Concept states that every transaction has a two-fold effect, expressed as Assets = Liabilities + Capital.

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

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