The 'Institute of Chartered Accountants of India' (ICAI) was established by: MCQ with Answer and Explanation

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The 'Institute of Chartered Accountants of India' (ICAI) was established by:

A. RBI

B. SEBI

C. A resolution of Government

D. An Act of Parliament

Answer: Option D

Solution (By JKSSB Mock Tests)

ICAI was established by the Chartered Accountants Act, 1949.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

Which of the following is an example of a capital receipt?

A. Commission received

B. Rent received

C. Sale of old newspapers

D. Loan received from bank

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Correct Answer: Option D

Explanation:
Loan is a capital receipt as it creates a liability. Others are revenue receipts.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

Grouping of similar items and arranging them in a specific order in the Balance Sheet is called:

A. Journalising

B. Marshalling

C. Valuation

D. Summarising

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Correct Answer: Option B

Explanation:
Marshalling is the arrangement of assets and liabilities in a defined sequence, typically by liquidity or permanence.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

The 'Forfeiture of Shares' results in:

A. No change

B. Creation of reserve

C. Reduction of share capital

D. Increase of share capital

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Correct Answer: Option C

Explanation:
Forfeiture reduces the share capital by the amount called up, and creates a forfeited shares account (temporary).

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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