RCA Inter CA Mega Quiz Contest

40 Questions | Total Attempts: 25

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RCA Inter CA Mega Quiz Contest


Questions and Answers
  • 1. 
    Once, AS, Ind AS and Companies Act played a game. What was the order of ranking?
    • A. 

      Ind AS, AS, Company law

    • B. 

      Ind AS, Company law, AS

    • C. 

      Company law, Ind AS, AS

    • D. 

      Company law, and then a tie between Ind AS and AS

  • 2. 
    Which of the following is NOT a part of an Asset’s definition?
    • A. 

      Control

    • B. 

      Result of past events

    • C. 

      Reasonable certainty of receipt

    • D. 

      Future economic benefits

  • 3. 
    Which of the following is NOT a part of a Liability’s definition?
    • A. 

      Result of past events

    • B. 

      Present obligation

    • C. 

      Reliable measurement of amount

    • D. 

      Outflow of resources is expected

  • 4. 
    Which of the following chapters do not use concepts from AS?
    • A. 

      Company Final Accounts

    • B. 

      Branch Accounting

    • C. 

      Departmental Accounting

    • D. 

      Every chapter would in some way cover AS

  • 5. 
    You have to urgently finalize the profit figure and balance sheet totals. Which of the following transactions cannot wait?
    • A. 

      Sale of long term investments

    • B. 

      Provision for bad debts turning out to be actual

    • C. 

      Investing excess money from sale of investment in cash equivalents

    • D. 

      Payment of a creditor for Assets purchased by issuing shares

  • 6. 
    Which ‘provisions’ are covered by AS 29?
    • A. 

      Provision for expenses

    • B. 

      Provision for bad debts

    • C. 

      Provision for depreciation

    • D. 

      All of the above

  • 7. 
    Which AS mentions nothing about discounting to present value (whether affirmatively or negatively)?
    • A. 

      AS 19

    • B. 

      AS 29

    • C. 

      AS 22

    • D. 

      AS 26

  • 8. 
    A Whatsapp group was created for ‘Group’ companies. Who would not be a member?
    • A. 

      A Ltd, who owns 51% stake in B Ltd

    • B. 

      C Ltd, which is jointly controlled by A Ltd and X Ltd

    • C. 

      V Ltd, whose board of directors are majorly the same as A Ltd

    • D. 

      W Ltd, whose board of director’s composition is decided by A Ltd

  • 9. 
    Definitions or provisions of which of the following Acts are not part of any Topic?
    • A. 

      Banking Regulations Act, 1949

    • B. 

      Reserve Bank of India (Amendment) Act, 1997

    • C. 

      Partnership Act, 1932

    • D. 

      All are covered

  • 10. 
    Issue of shares with differential rights basically covers
    • A. 

      Preference share capital

    • B. 

      Equity Share capital

    • C. 

      Debentures

    • D. 

      Two of the above

  • 11. 
    Which of the following is not an Analytical Procedure as per SA 520?
    • A. 

      Intrafirm Balance Sheet Comparison

    • B. 

      Interfirm Profit and loss Comparison

    • C. 

      ROI Calculation

    • D. 

      Sales growth comparison

  • 12. 
    If you are bored of checking a huge volume of transactions, then you will resort to which SA?
    • A. 

      SA 530

    • B. 

      SA 500

    • C. 

      SA 520

    • D. 

      SA 505

  • 13. 
    If you as a businessman are worried of the cash being stolen from the locker, you will most likely resort to
    • A. 

      Physical controls

    • B. 

      Logical Controls

    • C. 

      Segregation of Duties

    • D. 

      Trust the most loyal employee

  • 14. 
    How many Standards on Auditing are there between the series SA 200 – SA 300?
    • A. 

      7

    • B. 

      8

    • C. 

      9

    • D. 

      10

  • 15. 
    Ek aisi cheez joh sirf meri hai, merit hi, aur meri rahegi
    • A. 

      Audit Working Papers

    • B. 

      Books of Accounts

    • C. 

      Audit Report

    • D. 

      Vouchers, deeds and documents

  • 16. 
    If test of contols and substantive audit procedures are other audit procedures then _________ and ___________ are substantive audit procedures
    • A. 

      Test of Details and Test of Transactions

    • B. 

      Test of balances and test of details

    • C. 

      Test  of Controls and Analytical Procedures

    • D. 

      Test of Details and Analytical Procedures

  • 17. 
    Agar confirming party ka jawab aaya magar usne outstanding balance ko sahi nahi maana, toh yeh kaunsa confirmation request maana jaaygea?
    • A. 

      Positive Response Request

    • B. 

      Negative Response Request

    • C. 

      Positive Confirmation Request

    • D. 

      Negative Confirmation Request.

  • 18. 
    If you are CA Pradyuman, which of the following audit evidences are less reliable?
    1. CA Daya obtaining records from the accountant of the company
    2. CA Abhijit witnessing cash embezzlement with his own eyes
    3. CA Taarika obtaining photocopy of bank statements
    4. CA Salunkhe obtaining audit evidences orally.
    • A. 

      I, ii, iii

    • B. 

      I, iii, iv

    • C. 

      Ii, iii, iv

    • D. 

      I, ii, iv

  • 19. 
    A company pays royalty to state government on the basis of production, it is treated as
    • A. 

      Direct Material Cost

    • B. 

      Factory Overheads

    • C. 

      Direct Expenses

    • D. 

      Administration  Cost

  • 20. 
    Which of the following items is included in cost accounts?
    • A. 

      Notional Rent

    • B. 

      Donations

    • C. 

      Transfer to general reserve

    • D. 

      Rent receivable

  • 21. 
    Jo ho gaya, so ho gaya, ab uska kuch kar nahi sakte! Batao kaunsa cost hoon mein :
    • A. 

      Opportunity Cost

    • B. 

      Historical Cost

    • C. 

      Past Cost

    • D. 

      Sunk Cost

  • 22. 
    If 1000 units cost Rs. 1,50,000 and 1500 units cost Rs. 1,75,000, then how much does  2,100 units cost?
    • A. 

      3,15,000

    • B. 

      2,45,000

    • C. 

      2,05,000

    • D. 

      2,73,000

  • 23. 
    In case product produced or jobs undertaken are of diverse nature, the system of costing to be used should be
    • A. 

      Process costing

    • B. 

      Operating Costing

    • C. 

      Job Costing

    • D. 

      Contract Costing

  • 24. 
    Ek aisa driver batao jo consumption quantity batata hai, batao batao
    • A. 

      Activity Cost driver

    • B. 

      Resource Cost Driver

    • C. 

      Pool Cost Driver

    • D. 

      Object Cost Driver

  • 25. 
    Calculate tax liability of Mr. Donald Trump, resident of US, aged 74 years, having income in India of Rs. 50,01,500 for AY 2020-21.
    • A. 

      13,65,468

    • B. 

      13,14,000

    • C. 

      13,66,560

    • D. 

      13,63,960

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