The 'External Commercial Borrowings' (ECB) policy is governed by: MCQ with Answer and Explanation

Question
The 'External Commercial Borrowings' (ECB) policy is governed by:
A. SEBI
B. Ministry of Finance
C. RBI
D. DGFT
Answer: Option C
Solution (By JKSSB Mock Tests)
ECB policy and regulations are formulated by RBI in consultation with Government.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Revenue expenditure is intended to benefit:
A. None
B. Future periods
C. Current period only
D. Both current and future periods
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Correct Answer: Option C

Explanation:
Revenue expenditure benefits only the current accounting period and is charged to income.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is a variable cost?
A. Salary of manager
B. Direct material cost
C. Rent of factory
D. Depreciation
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Correct Answer: Option B

Explanation:
Direct material cost is a variable cost because it varies directly and proportionately with the level of production.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Creating a provision for doubtful debts is an application of which accounting convention?
A. Full Disclosure
B. Consistency
C. Conservatism
D. Materiality
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Correct Answer: Option C

Explanation:
Conservatism (Prudence) requires anticipating potential future losses (like bad debts) and providing for them immediately.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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