The 'Financial Stability and Development Council' (FSDC) is chaired by: MCQ with Answer and Explanation

Question
The 'Financial Stability and Development Council' (FSDC) is chaired by:
A. Prime Minister
B. SEBI Chairman
C. Union Finance Minister
D. RBI Governor
Answer: Option C
Solution (By JKSSB Mock Tests)
FSDC is an apex body for financial sector stability, chaired by the Finance Minister.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Export Promotion Capital Goods' (EPCG) scheme allows import of capital goods at:
A. High duty
B. Only GST exemption
C. Concessional rate of customs duty subject to export obligation
D. Nil customs duty
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Correct Answer: Option C

Explanation:
EPCG allows import of capital goods at reduced duty against export commitment.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Reverse Charge Mechanism' (RCM) under GST applies when:
A. A registered person buys from an unregistered person (for specified goods/services)
B. A registered person buys from another registered person
C. For exports
D. Only for imports
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Correct Answer: Option A

Explanation:
RCM is applicable in certain cases including supplies by unregistered persons to registered persons (though now mostly suspended except specific notified items). Also for specified services like legal, goods transport agency, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is not a characteristic of a company?
A. Separate legal entity
B. Common seal (now optional)
C. Perpetual succession
D. Unlimited liability of members
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Correct Answer: Option D

Explanation:
Company members have limited liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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