The 'Employees' State Insurance' (ESI) scheme provides: MCQ with Answer and Explanation

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

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

B. Housing loan

C. Pension only

D. Education loan

Answer: Option A

Solution (By JKSSB Mock Tests)

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

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

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Question #1

Under 'Ind AS 21', foreign currency monetary items are translated at:

A. Historical rate

B. Opening rate

C. Average rate

D. Closing rate

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Correct Answer: Option D

Explanation:
Monetary items are translated at the closing rate at the reporting date.

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

Question #2

The 'Revenue Deficit' is:

A. Revenue expenditure minus revenue receipts

B. Capital expenditure minus capital receipts

C. Fiscal deficit minus borrowings

D. Total expenditure minus total receipts

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Correct Answer: Option A

Explanation:
Revenue deficit = Revenue expenditure - Revenue receipts.

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Question #3

S1: The Reserve Bank of India (RBI) is the central bank of India. S2: RBI regulates the entire financial system of India. Which statement(s) is/are correct?

A. S1 only

B. Neither S1 nor S2

C. S2 only

D. Both S1 and S2

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Correct Answer: Option D

Explanation:
RBI is the central bank, established under the RBI Act, 1934. It regulates the monetary policy, banking system, and foreign exchange, effectively regulating the core of the Indian financial system. Both statements are correct.

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

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