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Exams > SAIL Junior Officer (E-0) 2022 > General Functional Management (GFM)

CHAPTER 3 : FINANCE & ACCOUNTS MCQs

Total Questions : 10
Question 1. Evaluation and concurrence of proposals is done by
  1.    Finance Department
  2.    Accounts Department
  3.    Legal Department
  4.    Audit Department
 Discuss Question
Answer: Option A. -> Finance Department


Question 2. Financial Statements is prepared by
  1.    Finance Department
  2.    Accounts Department
  3.    Legal Department
  4.    Audit Department
 Discuss Question
Answer: Option B. -> Accounts Department


Question 3. Which department looks over compliance with Company Laws, Rules & Regulations
  1.    Finance Function
  2.    Accounts Function
  3.    Legal Function
  4.    Audit Function
 Discuss Question
Answer: Option D. -> Audit Function


Question 4.

What is function of MIS department?

  1.    compliance and adherence of various laws.
  2.    compliance with Company Laws, Rules & Regulations
  3.    providing the management with data for decision making.
  4.    Evaluation and concurrence of proposals
 Discuss Question
Answer: Option C. -> providing the management with data for decision making.


Question 5. Accounting is the language of
  1.    Economics
  2.    Business
  3.    Statistics
  4.    None
 Discuss Question
Answer: Option B. -> Business


Question 6. Which of the following is the basic elements of accounting?
  1.    Asset
  2.    Capital
  3.    Liabilities
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above


Question 7. Which Company Act prescribes the format of Balance Sheet?
  1.    The Companies Act, 2014
  2.    The Companies Act 2013
  3.    The Companies Act 2012
  4.    The Companies Act 2015
 Discuss Question
Answer: Option B. -> The Companies Act 2013


Question 8. Assets are classified into ______ major categories
  1.    Four
  2.    Six
  3.    Five
  4.    Three
 Discuss Question
Answer: Option D. -> Three


Question 9. The Expenses are divided into how many categories?
  1.    Four
  2.    Six
  3.    Five
  4.    Seven
 Discuss Question
Answer: Option D. -> Seven


Question 10. Interest of Management are
  1.    liquidity position or short term solvency of the firm
  2.    interested in the long term solvency and profitability of the firm
  3.    concentrate on the firm's profitability and financial condition
  4.    in evaluating every aspect of the firm's performance
 Discuss Question
Answer: Option D. -> in evaluating every aspect of the firm's performance


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