The correct answer is Both A and R are true and R is not the correct explanation of A.

• Financial bills are those bills that deal with fiscal matters, that is, revenue or expenditure.
• Financial bills are of three kinds:
  •  Money bills–Article 110
  •  Financial bills (I)–Article 117 (1)
  •  Financial bills (II)–Article 117 (3)
• This classification implies that money bills are simply a species of financial bills.
• Article 117 deals with the special provisions as to financial Bills. 
  • A Bill or amendment making provision for any of  the matters specified in sub-clauses (a) to (f) of clause (1) of Article 110 shall not be introduced or moved  except on the recommendation of the President and a Bill making such provision shall not be introduced in the Council of States
• It can be introduced only in the Lok Sabha and not in the Rajya Sabha. Hence (A) is correct.
• It can be introduced only on the recommendation of the President.
• The representatives of states and UTs in the Lok Sabha are directly elected by the people. Hence (R) is also correct.

Hence, Both A and R are true and R is not the correct explanation of A.