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MCQ on National and International Accounting Authorities

1. 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

2. 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

3. Objective of the Institute of Cost Accountants of India is –
(A) To promote and develop the adoption 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 standards

4. 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

5. 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

6. 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

7. 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

8. Company Secretary is also known as ______.
(A) Legal Officer
(B) Chief Company Law Officer
(C) Compliance Officer
(D) Ethical Officer

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