In the Indian financial system, SEBI regulates: MCQ with Answer and Explanation

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In the Indian financial system, SEBI regulates:

A. Insurance sector

B. Foreign exchange

C. Banking sector

D. Capital markets

Answer: Option D

Solution (By JKSSB Mock Tests)

The Securities and Exchange Board of India (SEBI) is the regulatory body for the securities and capital markets in India.

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

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Question #1

In a common size income statement, all items are expressed as a percentage of:

A. Net profit

B. Total assets

C. Gross profit

D. Revenue from operations (net sales)

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Correct Answer: Option D

Explanation:
Common size income statement base is net sales/revenue from operations.

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Question #2

Which body is responsible for making recommendations on GST rates, exemptions, and thresholds?

A. GST Council

B. Finance Commission

C. NITI Aayog

D. CBDT

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Correct Answer: Option A

Explanation:
Formed under Article 279A, the GST Council is chaired by the Union Finance Minister and comprises state finance ministers.

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Question #3

The 'Retention Period' for audit working papers is generally:

A. No requirement

B. 7 years (or as per SQC 1)

C. 10 years

D. 1 year

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Correct Answer: Option B

Explanation:
As per ICAI's Standard on Quality Control, retention period is at least 7 years.

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

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