NFRA has jurisdiction over: MCQ with Answer and Explanation

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NFRA has jurisdiction over:

A. Only public sector units

B. Listed companies and large unlisted companies

C. Only banks

D. All companies

Answer: Option B

Solution (By JKSSB Mock Tests)

NFRA covers listed companies and such class of unlisted companies as prescribed.

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

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Question #1

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The 'Employees' State Insurance' (ESI) scheme provides:

A. Pension only

B. Medical, sickness, maternity, disablement, and dependent benefits

C. Education loan

D. Housing loan

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Correct Answer: Option B

Explanation:
ESI is a social security scheme offering comprehensive medical and cash benefits.

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

Question #2

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In the absence of a partnership deed, profits are shared:

A. Based on experience

B. Based on age

C. Equally

D. In the ratio of capital

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Correct Answer: Option C

Explanation:
As per Indian Partnership Act, 1932, in absence of a deed, profits and losses are shared equally among partners.

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

Question #3

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Which of the following is an example of a deferred revenue expenditure?

A. Payment of salary

B. Payment of rent

C. Purchase of machinery

D. Heavy advertising campaign for a new product launch

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Correct Answer: Option D

Explanation:
A heavy advertising campaign for a new product provides benefits over multiple years, making it a deferred revenue expenditure.

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

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