Under FEMA, current account transactions are: MCQ with Answer and Explanation

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Under FEMA, current account transactions are:

A. Only allowed for exporters

B. Generally permitted, subject to certain restrictions

C. Prohibited

D. Only allowed for government

Answer: Option B

Solution (By JKSSB Mock Tests)

Current account transactions are generally free unless specifically restricted.

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

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Question #1

The 'Secretarial Audit' is mandated for:

A. Small companies only

B. Private companies only

C. Listed companies and certain prescribed class of companies

D. All companies

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Correct Answer: Option C

Explanation:
As per Section 204 of Companies Act, 2013, secretarial audit is mandatory for listed and other prescribed companies.

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

Question #2

Which of the following is an example of an 'Artificial Personal Account'?

A. Ramesh's Account

B. Capital Account

C. Reliance Industries Ltd. Account

D. Outstanding Wages Account

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Correct Answer: Option C

Explanation:
Corporations and companies are artificial persons created by law, distinguishing them from natural persons (Ramesh) or representative accounts.

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

Question #3

Under GST, what does HSN stand for?

A. Highly Sensitive Network

B. Home State Number

C. Harmonized Service Number

D. Harmonized System of Nomenclature

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Correct Answer: Option D

Explanation:
HSN is an internationally accepted system of naming, classifying, and coding goods, widely used for calculating GST and Customs duties.

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

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