The 'National Financial Reporting Authority' (NFRA) was established under: MCQ with Answer and Explanation

Question
The 'National Financial Reporting Authority' (NFRA) was established under:
A. Companies Act, 2013
B. Income Tax Act
C. SEBI Act
D. Chartered Accountants Act
Answer: Option A
Solution (By JKSSB Mock Tests)
NFRA was constituted under Section 132 of Companies Act, 2013 to oversee audit quality.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is not a feature of a company?
A. Unlimited liability
B. Perpetual succession
C. Common seal
D. Separate legal entity
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Correct Answer: Option A

Explanation:
Company has limited liability, not unlimited.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Expected Credit Loss' model under Ind AS 109 requires:
A. Provision based on incurred loss
B. Recognising expected credit losses from the point of initial recognition
C. No provision
D. Provision only when loss is certain
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Correct Answer: Option B

Explanation:
ECL model is forward-looking, recognising impairment based on expected losses rather than incurred losses.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
In the absence of a Partnership Deed, what is the rate of interest on capital provided to partners?
A. 12% p.a.
B. 6% p.a.
C. No interest is allowed
D. 9% p.a.
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Correct Answer: Option C

Explanation:
According to the Indian Partnership Act, 1932, if there is no deed, no interest on capital is allowed to any partner.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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