Accountancy and Book Keeping MCQs

Accountancy and Statistics

Accountancy and Book Keeping MCQs

Practice the latest Accountancy MCQs with answers and detailed explanations. Explore chapter-wise multiple-choice questions covering important accounting concepts, bookkeeping, financial statements, journal entries, ledger, trial balance, depreciation, ratio analysis, partnership accounts, company accounts, and more. Perfect for Class 11 & 12, B.Com, CA Foundation, CUET, Banking, SSC, JKSSB, JKPSC and competitive exams.

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Practice Questions

Page 80 of 94
Question #1581
The 'Insurance Regulatory and Development Authority of India' (IRDAI) regulates:
A. Insurance sector
B. Pension
C. Banking
D. Capital markets
Discuss
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Correct Answer: Option A

Explanation:
IRDAI is the insurance sector regulator.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1582
The 'Pension Fund Regulatory and Development Authority' (PFRDA) oversees:
A. National Pension System (NPS) and other pension funds
B. Mutual funds
C. Stock markets
D. Bank deposits
Discuss
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Correct Answer: Option A

Explanation:
PFRDA is the pension sector regulator.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1583
The 'Insolvency and Bankruptcy Board of India' (IBBI) regulates:
A. Companies Act compliance
B. Banking
C. Insolvency professionals, agencies, and processes under IBC
D. Capital markets
Discuss
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Correct Answer: Option C

Explanation:
IBBI is the regulator for insolvency and bankruptcy ecosystem.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1584
The 'Financial Stability and Development Council' (FSDC) is chaired by:
A. Union Finance Minister
B. SEBI Chairman
C. RBI Governor
D. Prime Minister
Discuss
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Correct Answer: Option A

Explanation:
FSDC is an apex body for financial sector stability, chaired by the Finance Minister.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1585
The 'Monetary Policy Committee' (MPC) in India decides the:
A. Budget allocation
B. Fiscal deficit target
C. Tax rates
D. Repo rate and other monetary policy instruments
Discuss
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Correct Answer: Option D

Explanation:
MPC is responsible for setting the policy repo rate to achieve inflation target.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1586
The 'External Commercial Borrowings' (ECB) policy is governed by:
A. SEBI
B. DGFT
C. RBI
D. Ministry of Finance
Discuss
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Correct Answer: Option C

Explanation:
ECB policy and regulations are formulated by RBI in consultation with Government.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1587
The 'FEMA' (Foreign Exchange Management Act) came into effect in:
A. 2000
B. 2013
C. 1991
D. 1999
Discuss
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Correct Answer: Option D

Explanation:
FEMA was enacted in 1999, replacing FERA.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1588
Under FEMA, current account transactions are:
A. Only allowed for exporters
B. Generally permitted, subject to certain restrictions
C. Only allowed for government
D. Prohibited
Discuss
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Correct Answer: Option B

Explanation:
Current account transactions are generally free unless specifically restricted.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1589
The 'Liberalised Remittance Scheme' (LRS) allows a resident individual to remit up to:
A. USD 2,50,000 per financial year
B. USD 50,000
C. USD 1,00,000 per financial year
D. No limit
Discuss
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Correct Answer: Option A

Explanation:
Under LRS, resident individuals can remit up to USD 2,50,000 per financial year for permissible transactions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1590
The 'Goods and Services Tax' on services provided by a director to a company is:
A. Always exempt
B. Not treated as supply
C. Exempt
D. Taxable under reverse charge if the director is not an employee
Discuss
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Correct Answer: Option D

Explanation:
Services provided by a non-executive director are taxable under RCM.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1591
The 'GST' on sale of used cars by a registered person is:
A. Taxable at 18% on margin (if no ITC taken) or on value
B. 5% on margin
C. Exempt
D. Nil
Discuss
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Correct Answer: Option A

Explanation:
GST on sale of used vehicles by registered persons is 18% on margin (difference between purchase and selling price) if no ITC taken; otherwise on value.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1592
The 'TDS' under GST is applicable to:
A. Only goods
B. All supplies
C. Only services
D. Specified government agencies and entities for supplies exceeding ₹2.5 lakh
Discuss
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Correct Answer: Option D

Explanation:
GST TDS is deducted by certain government departments/agencies at 2% on contracts exceeding ₹2.5 lakh.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1593
The 'TCS' under GST is collected by:
A. Exporters
B. Importers
C. E-commerce operators
D. All registered persons
Discuss
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Correct Answer: Option C

Explanation:
E-commerce operators collect TCS at 1% under Section 52.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1594
The 'GST Annual Return' GSTR-9 is required for:
A. Composition dealers
B. Regular taxpayers (not composition dealers, not ISD, etc.)
C. Input service distributors
D. All registered persons
Discuss
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Correct Answer: Option B

Explanation:
GSTR-9 is filed by normal taxpayers; composition taxpayers file GSTR-4 annually.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1595
The 'GST Audit' by a chartered accountant/cost accountant was abolished from:
A. FY 2020-21
B. FY 2019-20
C. Never existed
D. FY 2021-22
Discuss
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Correct Answer: Option A

Explanation:
Finance Act 2021 removed the requirement of GST audit by CA/CMA and self-certification was introduced from FY 2020-21.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1596
The 'Section 194N' of Income Tax Act deals with TDS on:
A. Cash withdrawals exceeding certain limits from bank accounts
B. Professional fees
C. Rent
D. Commission
Discuss
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Correct Answer: Option A

Explanation:
TDS at 2% on cash withdrawals exceeding ₹1 crore (or ₹20 lakh for non-filers of returns).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1597
The 'Section 194O' (TDS on e-commerce) rate is:
A. 2%
B. 5%
C. 1%
D. 10%
Discuss
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Correct Answer: Option C

Explanation:
TDS at 1% on gross amount of sales facilitated by e-commerce operator.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1598
The 'Section 80EEB' deduction is for:
A. Housing loan interest
B. Electric vehicle loan interest
C. Medical insurance
D. Education loan
Discuss
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Correct Answer: Option B

Explanation:
Section 80EEB provides deduction up to ₹1,50,000 on interest paid on loan for purchase of electric vehicle.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1599
The 'TDS on benefit or perquisite' under Section 194R is at the rate of:
A. 1%
B. 10%
C. 5%
D. 2%
Discuss
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Correct Answer: Option B

Explanation:
TDS at 10% on value of benefit/perquisite exceeding ₹20,000 in a year.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #1600
The 'Updated Return' (ITR-U) attracts additional tax of:
A. No additional tax
B. 25% of tax and interest if filed within 12 months, 50% if filed after 12 months
C. 10%
D. Fixed penalty
Discuss
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Correct Answer: Option B

Explanation:
Additional tax on updated return is 25% if filed within 12 months from end of AY, 50% if after 12 months but before 24 months.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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