Under the Indian Financial System, 'Commercial Paper' is issued by: MCQ with Answer and Explanation

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Under the Indian Financial System, 'Commercial Paper' is issued by:

A. Highly rated corporate borrowers

B. Central Government

C. Reserve Bank of India

D. Commercial Banks only

Answer: Option A

Solution (By JKSSB Mock Tests)

Commercial Paper is an unsecured short-term debt instrument issued by large corporations with high credit ratings to meet short-term funding needs.

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

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Question #1

In the context of taxation, the term 'PAN' stands for:

A. Permanent Account Number

B. Personal Account Number

C. Primary Account Number

D. Public Account Number

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Correct Answer: Option A

Explanation:
PAN stands for Permanent Account Number, a unique 10-character alphanumeric identifier issued by the Income Tax Department of India.

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

Question #2

The 'Concept of OCI' (Other Comprehensive Income) was introduced to:

A. Report certain gains and losses outside profit or loss to present a more comprehensive view

B. Hide losses

C. Reduce tax

D. Bypass profit and loss for all items

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Correct Answer: Option A

Explanation:
OCI captures unrealised gains/losses and re-measurements not routed through P&L.

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

Question #3

The 'Virtual Digital Assets' (VDA) are taxed under Income Tax at:

A. 10%

B. 30% (plus surcharge and cess)

C. Normal slab rates

D. 20%

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Correct Answer: Option B

Explanation:
Income from transfer of VDAs like cryptocurrency is taxed at 30% flat rate.

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