The primary regulator of Mutual Funds in India is: MCQ with Answer and Explanation

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The primary regulator of Mutual Funds in India is:

A. AMFI

B. IRDAI

C. SEBI

D. RBI

Answer: Option C

Solution (By JKSSB Mock Tests)

The Securities and Exchange Board of India (SEBI) regulates all capital market entities, including mutual funds.

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

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Question #1

A liability arising from a past event, whose existence depends on a future uncertain event, is known as:

A. Deferred Liability

B. Contingent Liability

C. Fixed Liability

D. Current Liability

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Correct Answer: Option B

Explanation:
Contingent liabilities depend on the outcome of a future event (like a pending lawsuit) and are disclosed in footnotes.

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Question #2

Provision for doubtful debts is created based on:

A. Convention of materiality

B. Convention of disclosure

C. Convention of consistency

D. Convention of conservatism

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Correct Answer: Option D

Explanation:
Creating provision for doubtful debts is an application of conservatism, anticipating possible losses.

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Question #3

The 'Target Costing' approach begins with:

A. Determining cost of production

B. Calculating actual cost

C. Setting a desired selling price and then deducting desired profit margin to arrive at target cost

D. Budgeting

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Correct Answer: Option C

Explanation:
Target costing is a market-driven approach: Target cost = Target selling price - Desired profit.

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

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