icmai mock test - Quiz Questions (Page 2 of 2)
This quiz contains 20 questions.
Question 11: In which section of the Companies Act, 2013, are the financial statements detailed?
- Section 129 (Correct Answer)
- Section 244
- Section 350
- Section 417
Question 12: What is the main focus of cost accounting?
- Recording and analyzing costs (Correct Answer)
- Improving legal procedures
- Increasing sales
- Managing personnel
Question 13: What is the primary reason to conduct a financial audit?
- Verify accuracy of accounts (Correct Answer)
- Improve corporate image
- Enhance market standing
- Determine advertising strategies
Question 14: Which document is mandatory for filing company taxes?
- Income Tax Return (Correct Answer)
- Trade License
- SEO Report
- Legal Summary
Question 15: What is a common tool for financial performance analysis?
- Ratio analysis (Correct Answer)
- Daily Ledger Sheet
- Management reviews
- Sales records
Question 16: What type of tax is GST classified as?
- Indirect tax (Correct Answer)
- Direct tax
- Excise duty
- Capital tax
Question 17: Which financial statement shows cash inflow and outflow?
- Cash Flow Statement (Correct Answer)
- Income Statement
- Expense Report
- Balance Sheet
Question 18: What is the accounting term for assets minus liabilities?
- Owner's equity (Correct Answer)
- Gross profit
- Revenues
- Net loss
Question 19: What principle dictates that revenue should be recognized when earned?
- Revenue recognition principle (Correct Answer)
- Matching principle
- Cost principle
- Conservatism principle
Question 20: What is the main goal of tax planning?
- Minimize tax liability legally (Correct Answer)
- Maximize rebates
- Delay tax payments
- Evade taxes
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.
