icmai mock test - Quiz Questions (Page 1 of 2)
This quiz contains 20 questions.
Question 1: What is the primary objective of financial accounting?
- Provide financial information to stakeholders (Correct Answer)
- Optimize tax liabilities
- Ensure compliance with corporate laws
- Predict future market trends
Question 2: Which document contains a detailed study of expenses and revenues?
- Income Statement (Correct Answer)
- Balance Sheet
- Cash Flow Statement
- Financial Summary
Question 3: What is the principle of conservatism in accounting?
- Recognize expenses early, revenue late (Correct Answer)
- Ensure profits are maximized
- Recognize the potential for tax savings
- Match all revenues with expenses
Question 4: What is a contingent liability?
- Possible obligation, depends on future events (Correct Answer)
- Fixed company asset
- Revenue earned in advance
- Corporate tax account
Question 5: Which tax is levied on the capital gains?
- Capital Gains Tax (Correct Answer)
- Service Tax
- Value Added Tax
- Custom Duty
Question 6: Which ledger account remains open at the end of an accounting period?
- Balance Sheet account (Correct Answer)
- Revenue account
- Expense account
- Nominal account
Question 7: Which organization oversees accounting standards in India?
- ICAI (Correct Answer)
- RBI
- SEBI
- NSE
Question 8: What is the main purpose of budgeting in management accounting?
- Plan and control financial resources (Correct Answer)
- Reduce tax burden
- Ensure legal compliance
- Expand market share
Question 9: What are preliminary expenses in accounts?
- Initial setup costs for business (Correct Answer)
- Future projections
- Irregular income
- Overpaid taxes
Question 10: What does IFRS stand for?
- International Financial Reporting Standards (Correct Answer)
- Indian Financial Regulation Stipulations
- Investment Fund Recovery Scheme
- Indexed Financial Recalibration System
This ICMAI mock test helps you check your skills in financial accounting, management accounting, taxation, and corporate laws. It is made for students getting ready for the Cost and Management Accountancy exams. The quiz is simple and clear to use. Try it and see how prepared you are for the real exam.
