The 'Insolvency and Bankruptcy Board of India' (IBBI) regulates: MCQ with Answer and Explanation

The 'Insolvency and Bankruptcy Board of India' (IBBI) regulates:
A. Banking
B. Capital markets
C. Companies Act compliance
D. Insolvency professionals, agencies, and processes under IBC
Answer: Option D
Solution (By JKSSB Mock Tests)
IBBI is the regulator for insolvency and bankruptcy ecosystem.

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Practice More Accountancy and Book Keeping Questions

Question #1
A: The Public Account of India includes Provident Funds. R: The government can withdraw money from the Public Account without parliamentary approval. Choose the correct option.
A. Both A and R are true but R is NOT the correct explanation of A
B. A is false but R is true
C. Both A and R are true and R is the correct explanation of A
D. A is true but R is false

Correct Answer: Option C


Explanation:
The Public Account holds money like Provident Funds where the government acts as a banker. Since these funds belong to others, the government can make payments from this account without parliamentary approval. R correctly explains the nature of the account.

Question #2
A company's net profit before tax is ₹5,00,000, tax rate 30%. Preference dividend ₹20,000. Number of equity shares 50,000. EPS is:
A. ₹7.00
B. ₹5.60
C. ₹6.60
D. ₹6.00

Correct Answer: Option C


Explanation:
PAT = 5,00,000 - 1,50,000 tax = 3,50,000. Less preference dividend 20,000 = 3,30,000. EPS = 3,30,000 / 50,000 = ₹6.60.

Question #3
The 'Section 194O' deals with TDS on:
A. Professional fees
B. Salary
C. Rent
D. E-commerce transactions

Correct Answer: Option D


Explanation:
E-commerce operators deduct TDS on payments to e-commerce participants at 1%.