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Objective Questions

Latest EMRS Accountant Exam Question (Objective Questions), MCQ in English

Subjects : Subject Knowledge Test (Accountant)

Question Bank EMRS Accountant Tier 2 Exam - English
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Subject Knowledge Test (Accountant)

Question 1Single Answer
Who is Father of Scientific Management ?
  1. A
    Henry Fayol
  2. B
    Elton Mayo
  3. C
    Chester Bernard
  4. D
    F. W. Taylor
Question 2Single Answer
Appointment of a Company Secretary is made by –
  1. A
    Promoters
  2. B
    Board of Directors
  3. C
    Debenture holders
  4. D
    Government
Question 3Single Answer
Bonus Shares are issued to –
  1. A
    Equity Shareholders
  2. B
    Preference Shareholders
  3. C
    Debenture Holders
  4. D
    Secured Creditors
Question 4Single Answer
Under which principle, all the rights of an insured are transferred to insurance company after making payment of claim ?
  1. A
    Subrogation
  2. B
    Utmost good faith
  3. C
    Contribution
  4. D
    Average clause
Question 5Single Answer
Rs. 10,000 spent on the replacement of worn out parts of an electronic machinery is treated as –
  1. A
    Capital expenditure
  2. B
    Revenue expenditure
  3. C
    Deferred revenue expenditure
  4. D
    Capital loss
Question 6Single Answer
EPS is calculated as –
  1. A
    EBIT / Equity shares
  2. B
    EBIT – Preference Dividend / Equity shares
  3. C
    EAT / Equity shares
  4. D
    EAT – Preference Dividend / Equity shares
Question 7Single Answer
Which is the oldest form of organisation ?
  1. A
    Line
  2. B
    Line and staff
  3. C
    Functional
  4. D
    Matrix
Question 8Single Answer
In ‘Direction’ who is given importance ?
  1. A
    To machines
  2. B
    To paper work
  3. C
    To man
  4. D
    To production
Question 9Single Answer
Standard costing is a technique of –
  1. A
    Planning
  2. B
    Organising
  3. C
    Coordination
  4. D
    Control
Question 10Single Answer
‘Table A’ is an alternative to –
  1. A
    Prospectus
  2. B
    Articles of Association
  3. C
    Memorandum of Association
  4. D
    None of the above
Question 11Single Answer
What is the primary objective of an audit?
  1. A
    To detect and prevent fraud.
  2. B
    To ensure that financial statements are free from error.
  3. C
    To express an opinion on the fairness of financial statements.
  4. D
    To provide tax advice to the client.
Question 12Single Answer
Who are the primary users of audited financial statements?
  1. A
    Shareholders
  2. B
    Creditors
  3. C
    Investors
  4. D
    All of the above
Question 13Single Answer
What are the three main types of audit opinions?
  1. A
    Unqualified, qualified, disclaimer of opinion
  2. B
    Favorable, unfavorable, no opinion
  3. C
    Clean, qualified, adverse
  4. D
    Positive, negative, neutral
Question 14Single Answer
What does an unqualified audit opinion mean?
  1. A
    The financial statements are free from material misstatements.
  2. B
    The financial statements contain some material misstatements.
  3. C
    The auditor is unable to express an opinion on the financial statements.
  4. D
    The financial statements are materially misstated.
Question 15Single Answer
What does a qualified audit opinion mean?
  1. A
    The financial statements are free from material misstatements.
  2. B
    The financial statements contain some material misstatements.
  3. C
    The auditor is unable to express an opinion on the financial statements.
  4. D
    The financial statements are materially misstated.
Question 16Single Answer
What does a disclaimer of opinion mean?
  1. A
    The financial statements are free from material misstatements.
  2. B
    The financial statements contain some material misstatements.
  3. C
    The auditor is unable to express an opinion on the financial statements.
  4. D
    The financial statements are materially misstated.
Question 17Single Answer
What are audit standards?
  1. A
    Guidelines and rules that govern the conduct of audits.
  2. B
    Financial statements prepared by the company.
  3. C
    Internal controls of the company.
  4. D
    The auditor's working papers.
Question 18Single Answer
What is the purpose of audit standards?
  1. A
    To ensure consistency and quality in audit work.
  2. B
    To protect the interests of investors and other stakeholders.
  3. C
    To enhance public confidence in the financial reporting process.
  4. D
    All of the above
Question 19Single Answer
Who issues auditing standards in India?
  1. A
    The Institute of Chartered Accountants of India (ICAI)
  2. B
    The Reserve Bank of India (RBI)
  3. C
    The Securities and Exchange Board of India (SEBI)
  4. D
    The Ministry of Corporate Affairs
Question 20Single Answer
What are audit procedures?
  1. A
    The specific steps taken by the auditor to gather audit evidence.
  2. B
    The financial statements prepared by the company.
  3. C
    The internal controls of the company.
  4. D
    The auditor's working papers.
Question 21Single Answer
What is the main purpose of determining the residential status of an individual for tax purposes?
  1. A
    To calculate the age of the taxpayer
  2. B
    To determine the tax liability in India
  3. C
    To decide the amount of salary to be paid
  4. D
    To assess the social status of the individual
Question 22Single Answer
Under the Income Tax Act, a person is considered a resident in India if they stay in India for at least:
  1. A
    182 days in the previous year
  2. B
    240 days in the previous year
  3. C
    120 days in the previous year
  4. D
    365 days in the previous year
Question 23Single Answer
Which section of the Income Tax Act deals with the determination of residential status?
  1. A
    Section 2
  2. B
    Section 6
  3. C
    Section 10
  4. D
    Section 80C
Question 24Single Answer
An individual is considered a Non-Resident (NR) if they do not meet the conditions for:
  1. A
    Ordinary Resident
  2. B
    Resident but Not Ordinarily Resident
  3. C
    Resident
  4. D
    Foreign Resident
Question 25Single Answer
The status "Resident but Not Ordinarily Resident (RNOR)" is applicable to individuals who have been non-residents in India for:
  1. A
    1 out of the last 10 years
  2. B
    2 out of the last 10 years
  3. C
    5 out of the last 10 years
  4. D
    7 out of the last 10 years
Question 26Single Answer
Which of the following is NOT a factor in determining the residential status of a company?
  1. A
    Place of incorporation
  2. B
    Place of effective management (POEM)
  3. C
    Number of employees
  4. D
    Location of board meetings
Question 27Single Answer
An individual who is an Indian citizen working abroad and receiving income in a foreign country is considered:
  1. A
    Resident
  2. B
    Non-Resident
  3. C
    Resident but Not Ordinarily Resident
  4. D
    Partially Resident
Question 28Single Answer
A company is considered a resident in India if:
  1. A
    It has employees in India
  2. B
    It is listed on the Indian Stock Exchange
  3. C
    Its Place of Effective Management (POEM) is in India
  4. D
    It pays taxes in India
Question 29Single Answer
Residential status is determined for each:
  1. A
    Financial year
  2. B
    Calendar year
  3. C
    Assessment year
  4. D
    Five-year period
Question 30Single Answer
A Hindu Undivided Family (HUF) is considered a resident in India if:
  1. A
    Its business is conducted in India
  2. B
    Its karta (head) is a resident in India
  3. C
    It has property in India
  4. D
    It earns income only from agriculture
Question 31Single Answer
The primary objective of financial management is to:
  1. A
    Maximize profit
  2. B
    Minimize risk
  3. C
    Maximize shareholder wealth
  4. D
    Ensure liquidity
Question 32Single Answer
Which of the following is not a function of financial management?
  1. A
    Investment decision
  2. B
    Financing decision
  3. C
    Dividend decision
  4. D
    Marketing decision
Question 33Single Answer
Financial management mainly focuses on:
  1. A
    Short-term financial planning
  2. B
    Long-term financial planning
  3. C
    Both short-term and long-term planning
  4. D
    Only day-to-day transactions
Question 34Single Answer
Which of the following is a major financial management decision?
  1. A
    Capital budgeting
  2. B
    Branding strategy
  3. C
    Recruitment process
  4. D
    Market segmentation
Question 35Single Answer
The term 'financial leverage' refers to:
  1. A
    Use of equity capital only
  2. B
    Use of debt to increase return on equity
  3. C
    Use of retained earnings for funding
  4. D
    Reducing capital expenditure
Question 36Single Answer
Which of the following is not a finance function?
  1. A
    Decision on capital structure
  2. B
    Investment decisions
  3. C
    Market research
  4. D
    Dividend policy decisions
Question 37Single Answer
The finance manager's main responsibility is to:
  1. A
    Minimize taxes
  2. B
    Manage funds efficiently
  3. C
    Increase operational cost
  4. D
    Reduce shareholder value
Question 38Single Answer
Which financial function focuses on short-term financial management?
  1. A
    Working capital management
  2. B
    Capital budgeting
  3. C
    Dividend decisions
  4. D
    Capital structure decisions
Question 39Single Answer
The process of allocating financial resources to different investment opportunities is called:
  1. A
    Budgeting
  2. B
    Capital structure planning
  3. C
    Investment decision-making
  4. D
    Financial forecasting
Question 40Single Answer
Which of the following best describes financial risk?
  1. A
    Loss due to market conditions
  2. B
    Risk of debt financing leading to default
  3. C
    Risk due to change in tax policies
  4. D
    Fluctuation in foreign exchange rates
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