Call money market deals in loans for a maximum period of: MCQ with Answer and Explanation

Question
Call money market deals in loans for a maximum period of:
A. 1 year
B. 5 years
C. 1 day to 14 days
D. 24 hours only
Answer: Option C
Solution (By JKSSB Mock Tests)
Call money refers to overnight loans, while notice money covers loans from 2 to 14 days, generally used for inter-bank transactions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
In the context of recent developments, what is the full form of 'MCA'?
A. Ministry of Corporate Affairs
B. Management of Corporate Assets
C. Monetary Control Authority
D. Market Control Agency
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Correct Answer: Option A

Explanation:
MCA stands for the Ministry of Corporate Affairs, which administers the Companies Act and regulates the corporate sector in India.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
S1: GST is a destination-based tax. S2: GST revenue goes to the state where the goods are manufactured. Which statement(s) is/are correct?
A. Neither S1 nor S2
B. Both S1 and S2
C. S2 only
D. S1 only
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Correct Answer: Option D

Explanation:
GST is a destination-based consumption tax. The revenue goes to the state where the goods or services are *consumed*, not where they are manufactured (which was the case under the origin-based CST). S1 is correct, S2 is incorrect.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'TDS on purchase of goods' under Section 194Q is applicable when:
A. Total sales exceed ₹50 lakh in previous year
B. Buyer's turnover exceeds ₹10 crore and purchase from a seller exceeds ₹50 lakh in a year
C. All purchases
D. No TDS
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Correct Answer: Option B

Explanation:
Section 194Q requires TDS at 0.1% on purchase of goods exceeding ₹50 lakh by buyer with turnover > ₹10 crore.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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