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Objective Questions

Latest RIICO AAO Grade 2 Exam Question (Objective Questions), MCQ in English

Subjects : Section A, Section B

Question Bank RIICO Assistant Accounts Officer Grade 2 (Part-2) Exam - English
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Section A

Question 1Single Answer
Ind AS 115 mainly deals with revenue recognition from which type of contracts?
  1. A
    Lease contracts
  2. B
    Loan contracts
  3. C
    Customer contracts
  4. D
    Share contracts
Question 2Single Answer
Ind AS 115 is based on which IFRS standard?
  1. A
    IFRS 16
  2. B
    IFRS 15
  3. C
    IFRS 9
  4. D
    IFRS 2
Question 3Single Answer
Revenue under Ind AS 115 is recognized when?
  1. A
    Control is transferred
  2. B
    Cash is received
  3. C
    Invoice is issued
  4. D
    Contract is signed
Question 4Single Answer
How many steps are there in revenue recognition under Ind AS 115?
  1. A
    Five
  2. B
    Four
  3. C
    Three
  4. D
    Six
Question 5Single Answer
First step in Ind AS 115 is?
  1. A
    Allocate price
  2. B
    Determine transaction price
  3. C
    Recognize revenue
  4. D
    Identify contract with customer
Question 6Single Answer
Performance obligation means?
  1. A
    Tax obligation
  2. B
    Payment obligation
  3. C
    Promise to transfer goods or services
  4. D
    Loan obligation
Question 7Single Answer
Transaction price refers to?
  1. A
    Cost price
  2. B
    Market price
  3. C
    Expected consideration
  4. D
    Book value
Question 8Single Answer
Variable consideration includes?
  1. A
    Interest income
  2. B
    Fixed price only
  3. C
    Salary payments
  4. D
    Discounts and rebates
Question 9Single Answer
Allocation of transaction price is based on?
  1. A
    Profit margin
  2. B
    Market demand
  3. C
    Standalone selling price
  4. D
    Cost structure
Question 10Single Answer
Control transfer means?
  1. A
    Invoice is issued
  2. B
    Seller retains ownership
  3. C
    Customer can use and benefit
  4. D
    Goods are produced
Question 11Single Answer
Ind AS 116 deals with?
  1. A
    Financial instruments
  2. B
    Inventory valuation
  3. C
    Revenue recognition
  4. D
    Lease accounting
Question 12Single Answer
Ind AS 116 is based on?
  1. A
    IAS 2
  2. B
    IAS 18
  3. C
    IFRS 16
  4. D
    IFRS 9
Question 13Single Answer
Under Ind AS 116 lessee recognizes?
  1. A
    Right of use asset and lease liability
  2. B
    Only lease expense
  3. C
    Only liability
  4. D
    Only asset
Question 14Single Answer
Short term lease means?
  1. A
    5 years
  2. B
    24 months
  3. C
    36 months
  4. D
    Lease period ≤ 12 months
Question 15Single Answer
Lease liability is measured at?
  1. A
    Book value
  2. B
    Market value
  3. C
    Historical cost
  4. D
    Present value of lease payments
Question 16Single Answer
Right of use asset is initially measured as?
  1. A
    Profit value
  2. B
    Market price
  3. C
    Lease liability + initial costs
  4. D
    Face value
Question 17Single Answer
Lease payments include?
  1. A
    Only insurance
  2. B
    Only fixed payments
  3. C
    Only taxes
  4. D
    Fixed and variable payments
Question 18Single Answer
Discount rate used in lease accounting is?
  1. A
    Bank rate
  2. B
    Repo rate
  3. C
    Incremental borrowing rate
  4. D
    Prime rate
Question 19Single Answer
Lease interest expense is recognized using?
  1. A
    No method
  2. B
    Simple interest
  3. C
    Straight line
  4. D
    Effective interest method
Question 20Single Answer
Depreciation period for right of use asset is?
  1. A
    10 years fixed
  2. B
    Only useful life
  3. C
    Only lease term
  4. D
    Lease term or useful life whichever is shorter
Question 21Single Answer
Operating lease classification exists in?
  1. A
    GST law
  2. B
    Ind AS 116
  3. C
    Old standards
  4. D
    Income tax
Question 22Single Answer
Non refundable upfront fees are?
  1. A
    Recognized immediately
  2. B
    Deferred and recognized over time
  3. C
    Ignored
  4. D
    Expensed fully
Question 23Single Answer
Contract asset means?
  1. A
    Loan
  2. B
    Cash balance
  3. C
    Inventory
  4. D
    Right to receive consideration
Question 24Single Answer
Contract liability means?
  1. A
    Equity
  2. B
    Loan payable
  3. C
    Advance received
  4. D
    Expense
Question 25Single Answer
Significant financing component requires adjustment for?
  1. A
    Time value of money
  2. B
    Production cost
  3. C
    Sales volume
  4. D
    Tax
Question 26Single Answer
Warranty service type warranty is?
  1. A
    Expense
  2. B
    Separate performance obligation
  3. C
    Liability only
  4. D
    Asset
Question 27Single Answer
Assurance warranty is accounted under?
  1. A
    Ind AS 2
  2. B
    Ind AS 115
  3. C
    Ind AS 116
  4. D
    Ind AS 37
Question 28Single Answer
Principal vs agent determination depends on?
  1. A
    Control of goods
  2. B
    Profit margin
  3. C
    Sales quantity
  4. D
    Customer type
Question 29Single Answer
Principal recognizes revenue at?
  1. A
    Cost price
  2. B
    Net commission
  3. C
    Gross amount
  4. D
    Zero revenue
Question 30Single Answer
Agent recognizes revenue at?
  1. A
    Full sales value
  2. B
    Commission only
  3. C
    Cost value
  4. D
    Asset value
Question 31Single Answer
Sale and leaseback is covered under?
  1. A
    Ind AS 2
  2. B
    Ind AS 116
  3. C
    Ind AS 10
  4. D
    Ind AS 7
Question 32Single Answer
Revenue recognition can be?
  1. A
    None
  2. B
    Only point in time
  3. C
    Only over time
  4. D
    Over time or point in time
Question 33Single Answer
Output method measures progress by?
  1. A
    Profit earned
  2. B
    Cost incurred
  3. C
    Expenses paid
  4. D
    Units delivered
Question 34Single Answer
Input method measures progress by?
  1. A
    Sales price
  2. B
    Market share
  3. C
    Cost incurred
  4. D
    Cash flow
Question 35Single Answer
Customer obtains control when?
  1. A
    Pays advance
  2. B
    Signs contract
  3. C
    Can direct use and benefit
  4. D
    Orders goods
Question 36Single Answer
Licensing revenue is recognized?
  1. A
    Only over time
  2. B
    Only point in time
  3. C
    Over time or point in time
  4. D
    Never
Question 37Single Answer
Usage based royalty revenue recognized?
  1. A
    At contract signing
  2. B
    When usage occurs
  3. C
    At year end
  4. D
    At delivery
Question 38Single Answer
Refund liability arises when?
  1. A
    Loan taken
  2. B
    Payment delayed
  3. C
    Interest charged
  4. D
    Customer return rights exist
Question 39Single Answer
Return assets are measured at?
  1. A
    Market value
  2. B
    Carrying amount less costs
  3. C
    Selling price
  4. D
    Profit value
Question 40Single Answer
Contract combination occurs when?
  1. A
    Different customers
  2. B
    Contracts are interrelated
  3. C
    Different products
  4. D
    Different periods
Question 41Single Answer
Contract modification means?
  1. A
    Only price change
  2. B
    Scope or price change
  3. C
    Only scope change
  4. D
    No change
Question 42Single Answer
Transaction price excludes?
  1. A
    Incentives
  2. B
    Discounts
  3. C
    Rebates
  4. D
    Sales taxes collected
Question 43Single Answer
Incremental contract costs are?
  1. A
    Ignored
  2. B
    Expensed immediately
  3. C
    Capitalized
  4. D
    Written off
Question 44Single Answer
Contract fulfillment costs are capitalized if?
  1. A
    Optional
  2. B
    Not recoverable
  3. C
    Recoverable
  4. D
    Always
Question 45Single Answer
Performance obligation is satisfied when?
  1. A
    Control transfers
  2. B
    Goods produced
  3. C
    Order placed
  4. D
    Invoice issued

Section B

Question 46Single Answer
The Companies Act 2013 applies to?
  1. A
    Only foreign companies
  2. B
    Only private companies
  3. C
    All companies incorporated in India
  4. D
    Only listed companies
Question 47Single Answer
The minimum number of directors for a public company is?
  1. A
    2
  2. B
    3
  3. C
    1
  4. D
    5
Question 48Single Answer
A private company must have at least how many directors?
  1. A
    1
  2. B
    2
  3. C
    3
  4. D
    4
Question 49Single Answer
A One Person Company (OPC) must have?
  1. A
    Three directors
  2. B
    At least two directors
  3. C
    Only one director
  4. D
    No directors required
Question 50Single Answer
The maximum number of members in a private company is?
  1. A
    50
  2. B
    100
  3. C
    500
  4. D
    200
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