Which of the following is not a column in a three-column cash book? MCQ with Answer and Explanation

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Which of the following is not a column in a three-column cash book?

A. Journal folio

B. Cash

C. Discount

D. Bank

Answer: Option A

Solution (By JKSSB Mock Tests)

Three-column cash book has discount, cash, and bank columns. Journal folio is not a column; ledger folio might appear.

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The 'Tax Residency' of an individual in India is determined based on:

A. Age

B. Citizenship

C. Number of days of stay in India

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Correct Answer: Option C

Explanation:
Residential status under Income Tax Act is based on physical presence in India.

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Question #2

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Correct Answer: Option D

Explanation:
Goods distributed as free samples reduce the stock of purchased goods, hence Purchases Account is credited at cost price.

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Question #3

S1: Ind AS 109 deals with Financial Instruments. S2: Ind AS 113 deals with Fair Value Measurement. Which statement(s) is/are correct?

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Correct Answer: Option D

Explanation:
Ind AS 109 prescribes the requirements for the recognition, measurement, impairment, derecognition, and hedge accounting of financial instruments. Ind AS 113 defines fair value and sets out its measurement framework. Both are correct.

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