National & International Accounting Authorities – Corporate and Management Accounting MCQ

Students should practice National & International Accounting Authorities – Corporate and Management Accounting CS Executive MCQ Questions with Answers based on the latest syllabus.

National & International Accounting Authorities – Corporate and Management Accounting MCQ

Question 1.
The profession of Company Secretaries is regulated in India by provisions of the___
(A) Companies Act, 2013
(B) Company Secretaries Act, 1988
(C) SEBI Regulations
(D) All of the above
Answer:
(D) All of the above

Question 2.
ICSI functions under the jurisdiction of the –
(A) Prime Minister of India
(B) Ministry of Company Affairs
(C) NCLT
(D) Ministry of Corporate Affairs
Answer:
(D) Ministry of Corporate Affairs

Question 3.
Company Secretary is also known as___
(A) Legal Officer
(B) Chief Company Law Officer
(C) Compliance Officer
(D) Ethical Officer
Answer:
(C) Compliance Officer

Question 4.
At present near about persons are the members of ICSI.
(A) 55,000
(B) 1,05,000
(C) 2,02,000
(D) 3,48,000
Answer:
(A) 55,000

Question 5.
The Council of ICAI constitutes of members of whom are elected by the Chartered Accountants and remaining are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance and other stakeholders.
(A) 20; 12; 4
(B) 40; 32; 8
(C) 30; 20; 6
(D) 50; 38; 9
Answer:
(B) 40; 32; 8

Question 6.
Institute of Cost Accountants of India was established on –
(A) 10th May, 1960
(B) 28th May, 1960
(C) 28th May, 1959
(D) 10th May, 1959
Answer:
(C) 28th May, 1959

Question 7.
Objective of the Institute of Cost Accountants of India is –
(A) To promote and develop the adop¬tion of scientific methods in cost and management accountancy.
(B) To compete with the Chartered Accountants.
(C) To Implement the IFRS in India.
(D) To develop high-quality public sector financial reporting stan-dards.
Answer:
(A) To promote and develop the adop¬tion of scientific methods in cost and management accountancy.

Question 8.
Member of which organization can be appointed as statutory auditor of a company under the Companies Act, 2013.
(A) Member of ICSI
(B) Member of ICAI
(C) Member of ICWAI
(D) Any of the above
Answer:
(B) Member of ICAI

Question 9.
IFRS Foundation is a responsible for developing a single set of high-quality global accounting standards, known as IFRS Standards.
(A) Not-for-profit organization
(B) Statutory organization
(C) Nominee organization
(D) None of the above
Answer:
(A) Not-for-profit organization

Question 10.
The IFRS Foundation has a governance structure
(A) Three-tier
(B) Two-tier
(C) Four-tier
(D) Five-tier
Answer:
(A) Three-tier

Question 11.
Financial Reporting Council (UK) is a:
(A) Company limited by guarantee
(B) Unlimited company
(C) Subsidiary company of IFRS
(D) Associate company of the Insti-tute of Chartered Accounts of England
Answer:
(A) Company limited by guarantee

Question 12.
The Financial Reporting Council (UK) board is supported by three committees, namely:
(A) Presidents Committee; Profes-sional Committee; Implementa-tion Committee
(B) Core Standards Committee; Conduct Committee; Standby Committee
(C) Official Committee; Subsidiary Committee; Professional Com-mittee
(D) Codes & Standards Committee; Executive Committee; Conduct Committee
Answer:
(D) Codes & Standards Committee; Executive Committee; Conduct Committee

Question 13.
Approval of exposure drafts, re-exposure drafts, and IPSASs are made by the affirmative vote of at least of the International Public Sector Accounting Standards Board (IPSASB) members.
(A) one-third
(B) two-thirds
(C) one-half
(D) three-fourth
Answer:
(B) two-thirds

Question 14.
The European Financial Reporting Advisory Group (EFRAG) is a private association established in –
(A) 1901
(B) 2001
(C) 1991
(D) 2011
Answer:
(B) 2001

Question 15.
Professional Oversight Board (POB) is a:
(A) Accountancy & Actuarial Discipline Board of UK
(B) Australian regulatory body
(C) UK regulatory body
(D) Canadian accounting body
Answer:
(C) UK regulatory body

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