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Latest FCI Manager Accounts Exam Question (Objective Questions), MCQ in English

Subjects : General Accounting and Finance

Question Bank FCI Manager (Accounts) Exam Phase II (Paper II) - English
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General Accounting and Finance

Question 1Single Answer
Which Windows interface element typically appears to display information, a warning, an error message, or a request for confirmation?
  1. A
    Window
  2. B
    Pop-up menu
  3. C
    Message box
  4. D
    Taskbar
Question 2Single Answer
What is active desktop ?
  1. A
    a term that is synonymous with viewing your desktop as web page
  2. B
    a feature to customize your desktop to display informating you can update from the internet
  3. C
    both a and b above mentioned
  4. D
    A software
  5. E
    None of these
Question 3Single Answer
What is meant by an active window?
  1. A
    A window that is minimized
  2. B
    The window currently receiving user input
  3. C
    Any window currently open
  4. D
    The window opened first
Question 4Single Answer
What was America Online (AOL) primarily known for during the early popularization of consumer Internet access?
  1. A
    An online service providing Internet access and proprietary online content
  2. B
    A computer operating system
  3. C
    A spreadsheet application
  4. D
    A database management system
Question 5Single Answer
An application is
  1. A
    word processing, accounting and engineering programs are example of application programs
  2. B
    computer program designed to enable users to perform specific job functions
  3. C
    Both a and b above mentioned
  4. D
    a document
  5. E
    None of these
Question 6Single 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 7Single 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 8Single Answer
Bonus Shares are issued to –
  1. A
    Equity Shareholders
  2. B
    Preference Shareholders
  3. C
    Debenture Holders
  4. D
    Secured Creditors
Question 9Single 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 10Single 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 11Single Answer
Which of the following is the apex financial institution in India ?
  1. A
    Reserve Bank of India
  2. B
    Securities and Exchange Board of India
  3. C
    Insurance Regulatory and Development Authority of India
  4. D
    Pension Fund Regulatory and Development Authority of India
Question 12Single Answer
The Reserve Bank of India is responsible for :
  1. A
    Issuing currency notes
  2. B
    Regulating the banking sector
  3. C
    Maintaining the country's foreign exchange reserves
  4. D
    All of the above
Question 13Single Answer
The Securities and Exchange Board of India (SEBI) is responsible for ?
  1. A
    Regulating the securities market
  2. B
    Protecting the interests of investors
  3. C
    Promoting fair and transparent trading practices
  4. D
    All of the above
Question 14Single Answer
The Insurance Regulatory and Development Authority of India (IRDAI) is responsible for :
  1. A
    Regulating the insurance sector
  2. B
    Protecting the interests of policyholders
  3. C
    Promoting fair and transparent insurance practices
  4. D
    All of the above
Question 15Single Answer
The Pension Fund Regulatory and Development Authority of India (PFRDA) is responsible for :
  1. A
    Regulating the pension sector
  2. B
    Protecting the interests of pension subscribers
  3. C
    Promoting fair and transparent pension practices
  4. D
    All of the above
Question 16Single Answer
Which of the following is NOT a function of a financial regulatory body ?
  1. A
    Issuing licenses to financial institutions
  2. B
    Conducting inspections and audits of financial institutions
  3. C
    Investigating and prosecuting financial crimes
  4. D
    Managing the country's fiscal policy
Question 17Single Answer
Which of the following is an example of a regulatory measure that can be taken by a financial regulatory body ?
  1. A
    Raising or lowering interest rates
  2. B
    Setting limits on lending
  3. C
    Requiring financial institutions to disclose certain information
  4. D
    All of the above
Question 18Single Answer
What is the importance of financial regulation ?
  1. A
    To protect consumers
  2. B
    To promote financial stability
  3. C
    To ensure fair and transparent markets
  4. D
    All of the above
Question 19Single Answer
Which of the following is a challenge faced by financial regulators in India ?
  1. A
    The growing complexity of the financial system
  2. B
    The increasing use of technology
  3. C
    The globalization of financial markets
  4. D
    All of the above
Question 20Single Answer
What are the two main categories of taxes in India ?
  1. A
    Income tax and property tax
  2. B
    Direct taxes and indirect taxes
  3. C
    Central taxes and state taxes
  4. D
    Corporate tax and sales tax
Question 21Single Answer
What is the full form of GST ?
  1. A
    General Sales Tax
  2. B
    Goods and Service Tax
  3. C
    Government Service Tax
  4. D
    Gross Service Tax
Question 22Single Answer
In which year was GST implemented in India ?
  1. A
    2015
  2. B
    2016
  3. C
    2017
  4. D
    2018
Question 23Single Answer
Which of the following taxes were subsumed under GST ?
  1. A
    Central Excise Duty
  2. B
    State Value Added Tax (VAT)
  3. C
    Service Tax
  4. D
    All of the above
Question 24Single Answer
GST is a multi-stage tax levied on :
  1. A
    Production of goods only
  2. B
    Consumption of services only
  3. C
    Both (a) and (b)
  4. D
    Value addition at each stage
Question 25Single Answer
What are the different types of GST ?
  1. A
    Central GST (CGST) and State GST (SGST) only
  2. B
    Central GST (CGST), State GST (SGST), and Integrated GST (IGST)
  3. C
    Central GST (CGST) and Union Territory GST (UTGST)
  4. D
    National GST (NGST) and Local GST (LGST)
Question 26Single Answer
When is IGST applicable ?
  1. A
    Intra-state supply of goods and services
  2. B
    Inter-state supply of goods and services
  3. C
    Import of goods
  4. D
    Export of goods
Question 27Single Answer
What is the maximum rate of CGST or SGST that can be levied ?
  1. A
    10%
  2. B
    18%
  3. C
    25%
  4. D
    30%
Question 28Single Answer
What is the role of the Goods and Services Tax Network (GSTN) ?
  1. A
    Levies GST rates
  2. B
    Facilitates GST registration and filing
  3. C
    Collects IGST
  4. D
    Audits GST returns
Question 29Single Answer
What are the benefits of GST ?
  1. A
    Reduces cascading effect of taxes
  2. B
    Creates a unified national market
  3. C
    Promotes transparency
  4. D
    All of the above
Question 30Single Answer
Who is eligible for the composition scheme under GST ?
  1. A
    All businesses regardless of turnover
  2. B
    Businesses with a turnover below a specific limit
  3. C
    Only service providers
  4. D
    Only manufacturers
Question 31Single Answer
What is the primary purpose of bookkeeping?
  1. A
    To prepare financial statements
  2. B
    To track income and expenses
  3. C
    To calculate taxes
  4. D
    To calculate profits
Question 32Single Answer
Which of the following is a primary document used in bookkeeping?
  1. A
    Profit and loss statement
  2. B
    Balance sheet
  3. C
    Invoice
  4. D
    Tax return
Question 33Single Answer
What is the definition of accounting?
  1. A
    A system for recording financial transactions
  2. B
    A method for calculating taxes
  3. C
    The process of preparing financial statements
  4. D
    All of the above
Question 34Single Answer
Which principle is followed in double-entry bookkeeping?
  1. A
    Every debit has a corresponding credit
  2. B
    Every credit has a corresponding debit
  3. C
    Both debit and credit amounts are equal
  4. D
    Both a and b
Question 35Single Answer
Which of the following is an example of an asset in accounting?
  1. A
    Accounts payable
  2. B
    Inventory
  3. C
    Loan
  4. D
    Shareholder equity
Question 36Single Answer
The system of accounting where every transaction is recorded twice is called:
  1. A
    Single-entry system
  2. B
    Double-entry system
  3. C
    Accrual accounting
  4. D
    Cash basis accounting
Question 37Single Answer
Which accounting term refers to the difference between a company’s assets and liabilities?
  1. A
    Revenue
  2. B
    Net income
  3. C
    Equity
  4. D
    Liabilities
Question 38Single Answer
What is a ledger?
  1. A
    A book that records daily transactions
  2. B
    A book that records classified entries
  3. C
    A book that records income only
  4. D
    A financial statement
Question 39Single Answer
What is an example of an auxiliary book?
  1. A
    Cash book
  2. B
    Bank reconciliation statement
  3. C
    Balance sheet
  4. D
    Profit and loss account
Question 40Single Answer
Which document is used to record a business’s day-to-day transactions?
  1. A
    Income statement
  2. B
    Journal
  3. C
    Tax return
  4. D
    Balance sheet
Question 41Single Answer
What is the primary purpose of accounting?
  1. A
    To calculate profits
  2. B
    To record financial transactions
  3. C
    To prepare financial statements
  4. D
    To calculate taxes
Question 42Single Answer
Which of the following is NOT a branch of accounting?
  1. A
    Financial accounting
  2. B
    Cost accounting
  3. C
    Management accounting
  4. D
    Taxation accounting
Question 43Single Answer
Which of the following is an international accounting standard-setting body?
  1. A
    IASC
  2. B
    ICAI
  3. C
    IASB
  4. D
    SEBI
Question 44Single Answer
What is the full form of IAS in accounting?
  1. A
    International Accounting Standards
  2. B
    Internal Accounting Standards
  3. C
    International Audit Standards
  4. D
    Indian Accounting Standards
Question 45Single Answer
What is the main difference between financial accounting and management accounting?
  1. A
    Management accounting deals with internal reporting, while financial accounting deals with external reporting.
  2. B
    Financial accounting is more detailed than management accounting.
  3. C
    Management accounting is based on auditing principles.
  4. D
    Financial accounting focuses on cost control.
Question 46Single Answer
Which of the following is the correct order of financial statements?
  1. A
    Income Statement, Balance Sheet, Cash Flow Statement
  2. B
    Cash Flow Statement, Balance Sheet, Income Statement
  3. C
    Balance Sheet, Income Statement, Cash Flow Statement
  4. D
    Balance Sheet, Cash Flow Statement, Income Statement
Question 47Single Answer
Which organization sets accounting standards in India?
  1. A
    SEBI
  2. B
    RBI
  3. C
    ICAI
  4. D
    NSE
Question 48Single Answer
Which of the following is included in the National Accounting Standards in India?
  1. A
    Ind AS
  2. B
    IFRS
  3. C
    GAAP
  4. D
    IAS
Question 49Single Answer
Which standard sets out the accounting treatment for inventory?
  1. A
    AS 1
  2. B
    AS 2
  3. C
    AS 3
  4. D
    AS 4
Question 50Single Answer
The International Financial Reporting Standards (IFRS) are intended to achieve?
  1. A
    Harmonization of accounting standards worldwide
  2. B
    Standardization of tax policies worldwide
  3. C
    Uniformity of currency exchange rates
  4. D
    Similarities in the corporate tax rates
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