Which of the following is NOT a component of the Indian Financial System? MCQ with Answer and Explanation

Question
Which of the following is NOT a component of the Indian Financial System?
A. Financial Markets
B. Financial Institutions
C. Financial Auditors
D. Financial Instruments
Answer: Option C
Solution (By JKSSB Mock Tests)
The Indian Financial System comprises financial institutions, markets, instruments, and services. Auditors are professionals who verify financial data, not a structural component of the financial system itself.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'GST Suvidha Providers' (GSPs) are:
A. Tax officials
B. Private entities authorised to provide GST compliance services
C. Banks
D. Government agencies
Discuss
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Correct Answer: Option B

Explanation:
GSPs facilitate taxpayers in filing returns and other GST compliances via software.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is NOT a feature of cash basis accounting?
A. Complies with matching principle
B. Simple to maintain
C. Used by small professionals
D. Records only cash transactions
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Correct Answer: Option A

Explanation:
Cash basis does not follow the matching principle, as revenues and expenses are recorded only when cash is exchanged.
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. 6% p.a.
B. 12% p.a.
C. 9% p.a.
D. No interest is allowed
Discuss
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Correct Answer: Option D

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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