2023
Phase 1
Paper 2
IFSCA Grade A 2023 - Recollected Questions
Section – Commerce & Accountancy
Q.1) From which of the following financial statement can the financial position of an
organization be determined? (Topic- Balance Sheet)
(a) Income Statement
(b) Cash Flow Statement
(c) Balance Sheet
(d) Statement of Retained Earnings
(e) None of the above
Q.2) Under which accounting concept should an asset be valued "at lower of net realizable
value or fair value"? (Topic- Theory Base of Accounting)
(a) Prudence Concept
(b) Entity Concept
(c) Matching Concept
(d) Accrual Concept
(e) None of the above
Q.3) Donation and Legacy credited to which of the following account? (Topic- Recording
Transactions)
(a) Reserves and Surplus
(b) Capital Fund
(c) Bank Account
(d) Revenue Account
(e) None of the above
Q.4) In the working capital turnover ratio the relation of working capital is checked with which
other variable? (Topic- Ratio Analysis)
(a) Profit
(b) Assets
(c) Liabilities
(d) Sales
(e) None of the above
Q.5) Which of the following is the method to compute the working capital of an entity? (Topic-
Ratio Analysis)
(a) Excess of Total Assets over Current Liabilities
(b) Excess of Current Assets over Current Liabilities
(c) Excess of Current Assets over Total Liabilities
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(d) Excess of Current Liabilities over Current Assets
(e) None of the above
Q.6) Which of the following measures the amount of profit a company makes per share?
(Topic- Ratio Analysis)
(a) Net Income
(b) Revenue
(c) Expenses
(d) Earnings per Share
(e) Dividend Yield Ratio
Q.7) Under which category of assets is inventory classified? (Topic- Balance Sheet)
(a) Current Assets
(b) Non-Current Asset
(c) Fictious Asset
(d) Intangible Asset
(e) None of the above
Q.8) Which of the following assets does not depreciate? (Topic- Income Statement)
(a) Plant and Machinery
(b) Land
(c) Patent
(d) Vehicle
(e) Furniture
Q.9) Which of the following method for calculation of inventory should be used in case there
are large fluctuations in purchase price? (Topic- Balance Sheet)
(a) FIFO Method
(b) LIFO Method
(c) Weighted Average Method
(d) Specific Identification Method
(e) All of the above
Q.10) Subsidy provided for working capital by the government is part of? (Topic- Preparation
of final company accounts)
(a) Capital Receipt
(b) Aid
(c) Tax
(d) Revenue Receipt
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(e) None of the above
Q.11) In the domain of finance which formula is used to calculate the operating leverage?
(Topic- Ratio Analysis)
(a) Operating leverage = contribution/EBIT
(b) Operating leverage = Revenue / Variable costs
(c) Operating leverage = Fixed costs / Variable costs
(d) Operating leverage = EBIT / Variable costs
(e) Operating leverage = EBIT / Fixed costs
Q.12) What is the main objective of Financial Management? (Topic- Income Statement)
(a) Profit maximization
(b) Cost minimization
(c) Risk minimization
(d) Shareholder wealth maximization
(e) All of the above
Section – Costing
Q.13) In terms of cost classification, advertising expenditure can be categorized as: (Topic-
Overview of Cost and Management Accounting)
(a) Selling Overheads
(b) Fixed Cost
(c) Administration Overheads
(d) Factory Overheads
(e) None of the above
Q.14) Opportunity cost is what kind of cost? (Topic- Overview of Cost and Management
Accounting)
(a) Incremental Cost
(b) Sunk Cost
(c) Explicit Cost
(d) Implicit Cost
(e) None of the above
Q.15) Which of the following is the correct term for the interest cost associated with an
organization's own funds? (Topic- Overview of Cost and Management Accounting)
(a) Capitalized Costs
(b) Explicit Costs
(c) Implicit Cost
(d) Notional Cost
(e) None of the above
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Q.16) The pricing structure of a rickshaw driver, charging a fixed rate of 120 Rs and an additional
15 Rs per kilometer, exemplifies which type of cost? (Topic- Overview of Cost and Management
Accounting)
(a) Fixed Cost
(b) Variable cost
(c) Direct Cost
(d) Indirect Cost
(e) Semi-variable cost
Q.17) Batch Costing is a type of ________. (Topic- Job Costing and Batch Costing)
(a) Job Costing
(b) Process Costing
(c) Marginal Costing
(d) Standard Costing
(e) None of the above
Q.18) When a product does not have any realizable value then the cost of by product is? (Topic-
Joint Products and By Products Costing)
(a) It is treated as a gain.
(b) It is carried forward to the next accounting period.
(c) It is borne by good units.
(d) It doesn’t affect anything.
(e) None of the above
Section – Finance
Q.19) Which government agency is responsible for overseeing and regulating limited liability
partnerships (LLPs)? {Topic- Banking (Financial Institutions)}
(a) Ministry of Rural Development
(b) Ministry of Finance
(c) Ministry of Corporate Affairs
(d) Ministry of Housing Affairs and Urban Development
(e) None of the above
Q.20) Which financial institution or organization is responsible for safeguarding and managing a
country's foreign exchange reserves? {Topic- Banking (Functions of RBI)}
(a) Reserve Bank of India
(b) Securities and Exchange Board of India
(c) Pension Fund Regulatory Authority of India
(d) Insurance Regulatory Development Authority of India
(e) National Bank of Agriculture and Rural Development
Q.21) Which sector in India primarily receives loan refinancing from NABARD? {Topic- Banking
(Financial Institutions)}
(a) Private Sector in India
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(b) Public Sector in India
(c) Urban India in India
(d) Rural Sector in India
(e) Forest Sector in India
Q.22) Which regulatory body issues guidelines for the issuance of commercial paper? {Topic-
Capital Market (Debt Market)}
(a) Securities and Exchange Board of India
(b) Pension Fund Regulatory Authority of India
(c) Insurance Regulatory Development Authority of India
(d) Reserve Bank of India
(e) National Bank of Agriculture and Rural Development
Q.23) As per the Income Tax Act of 1961, who is considered the head of the Hindu Undivided
Family? (Topic- Direct and Indirect Tax)
(a) Main Person
(b) Karta
(c) User
(d) Head
(e) Informed person
Q.24) What is the methodology used to calculate the Sensex and Nifty indices? {Topic- Capital
Market (Equity Market)}
(a) Mixed float market capitalization
(b) Free fixed float market capitalization
(c) fixed float market capitalization
(d) Free float market capitalization
(e) None of the above
Q.25) Minimum paid-up capital required to be held by the government in a company to make such
a company a government company? {Topic- Capital Market (Equity Market)}
(a) 51%
(b) 50%
(c) 75%
(d) 100%
(e) None of the above
Section – Management
Q.26) Which of the following plans is intended to be achieved over a long period of time? (Topic-
General Management)
(a) Strategic Planning
(b) Tactical Planning
(c) Policy Planning
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(d) Operating Planning
(e) Corporate Planning
Q.27) Which leadership style involves seeking input from employees in the decision-making
process? (Topic- Leadership)
(a) Autocratic Leadership
(b) Democratic Leadership
(c) Delegative Leadership
(d) Transactional Leadership
(e) Transformational Leadership
Q.28) The authority of a manager, which is derived from his position in an organization is known
as_________________. (Topic- Leadership)
(a) Formal position
(b) Informal Position
(c) Derived Position
(d) Grapevine Position
(e) None of the above
Q.29) In which role does the manager lead and guide? (Topic- Leadership)
(a) Supervisor
(b) Leader
(c) Communicator
(d) Motivator
(e) Conflict Resolver
Q.30) Manager makes employees work by force which may lead to punishment for non-
compliance under which power? (Topic- Leadership)
(a) Coercive Power
(b) Rewarding Power
(c) Static Power
(d) Expert Power
(e) Legal Power
Q.31) Data that is valuable for facilitating decision-making is known as: (Topic- General
Management)
(a) Final Data
(b) Useful Data
(c) System
(d) Information
(e) Catalyst
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Q.32) The process of recruiting and onboarding suitable candidates for the organization. (Topic-
HRD)
(a) Recruitment
(b) Selection
(c) Passiveness
(d) Orientation
(e) None of the above
Q.33) What function of a manager is where he identifies the problem and then takes decisions?
(Topic- General Management)
(a) Diagnostic analysis
(b) Alternative Generation
(c) Choice Selection
(d) Designing
(e) None of the above
Q.34) What does the acronym SMART stand for? (Topic- General Management)
(a) Suitable, measurable, actionable, rewarded and timely
(b) Specific, measurable, actionable, resourced and timely
(c) Standardized, measurable, achievable, rewarded, and timely
(d) Specific, Measurable, Achievable, Realistic and Timely
(e) None of the above
Section – Economic and Social Development
Q.35) Which of the following sustainable development goals strives to achieve gender equality?
(Topic- Sustainable Development & Environmental Issues)
(a) SDG 8
(b) SDG 5
(c) SDG 12
(d) SDG 7
(e) SDG 10
Q.36) What are the core components that form the domain of population studies? (Topic-
Demographic Trends)
(a) Birth, Death and Migration
(b) Health, Education and Gender Ratio
(c) Fertility, Mortality and Population Density
(d) Population Growth, Age Structure and Employment
(e) Population Projections, Urbanization, and Household Size
Q.37) Which age group's population is factored into the calculation of India's literacy rate? (Topic-
Demographic Trends)
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(a) 5 years and above
(b) 6 years and above
(c) 7 years and above
(d) 8 years and above
(e) 9 years and above
Section – General Awareness
Q.38) As per a newspaper report published in January 2023, NASA’s James Webb Telescope has
discovered an exoplanet, LHS-47b, which is almost the same size as planet _________, matching
the extent of 99% in terms of diameter.
(a) Jupiter
(b) Earth
(c) Mars
(d) Neptune
(e) Venus
Q.39) India holds G20 Presidency from 1st December 2022- 30th November 2023. Identify which
of the following countries will form the “G20 Troika”?
i) Brazil
ii) Germany
iii) Indonesia
iv) Italy
v) Saudi Arabia
(a) Only I and II
(b) Only I, II, and III
(c) Only III
(d) Only I and III
(e) Only III and V
Q.40) The 13th instalment of Rs 2000 under PM-Kisan was credited to the bank accounts of the
beneficiaries in February 2023. Which is NOT one of the categories of farmers that are ineligible
to receive the benefits under the PM-KISAN scheme?
(a) Former and present holders of constitutional posts
(b) All persons who paid tax in the last assessment year
(c) Former and present ministers
(d) Families with cultivable land of 10 ha and more
(e) Former and present members of the State legislative assembly and state legislative
council.
Q.41) What is the total gross enrolment ratio in higher educational targets under the National
Educational Policy 2020?
(a) 50% by 2035
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(b) 60% by 2035
(c) 40% by 2032
(d) 80% by 2030
(e) 95% by 2040
Q.42) Which of the following companies is not a foreign Company?
(a) Coca–Cola
(b) ITC
(c) Samsung
(d) Hindustan Unilever
(e) Nestle
Q.43) David Malpass is the president of ________.
(a) IMF
(b) World Bank
(c) International Development
(d) International Finance Corporation
(e) European Investment Bank
Q.44) As per the NFHS-5, 5 states had a higher TFR than 2.1. Which among the following is not
among them?
(a) Meghalaya
(b) Madhya Pradesh
(c) Uttar Pradesh
(d) Bihar
(e) Jharkhand
Q.45) World’s longest railway station hubbali is in which railway zone?
(a) Central Railway Zone
(b) Northern Railway Zone
(c) Eastern Railway Zone
(d) Southwestern Railway Zone
(e) Southeastern Railway Zone
Q.46) According to SDG India Index, which is released by NITI Aayog, what is the criteria for the
front-runner category?
(a) 0-49
(b) 50-64
(c) 65-99
(d) 100
(e) None of the above
Q.47) What is the Name and the Price Money given in the K.K Birla Foundation to Noted Hindi
writer Dr Gyan Chaturvedi?
(a) Vyas Samman ; 4 lakh
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(b) Hindi Samman ; 5 lakh
(c) Pujya Samman ; 6 lakh
(d) Vishnu Samman ; 7 lakh
(e) Saraswati Samman ; 10 lakh
Q.48) As per NEP 2020, Teaching up to at least Grade 5 to be in mother tongue/ regional language/
As per National Education Policy, a mother tongue will be the medium of instruction at least
which class?
(a) 5th
(b) 6th
(c) 7th
(d) 8th
(e) 9th
Q.49) World Economic Outlook predicts global slowdown in 2023 because of_________.
1. Increasing of interest rate by developed economies to counter inflation
2. Because of slowdown due to developing economies
3. War in Ukraine
(a) Only 1
(b) Only 2
(c) Only 3
(d) Both 1 and 2
(e) Both 1 and 3
Q.50) What is the minimum amount of premium to be paid by a member under Pradhan Mantri
Shram Yogi Maandhan Yojana who is joining the scheme at the age of 29 years and when he has
to pay the premium?
(a) Rs. 100 and 60 years
(b) Rs. 500 and 60 years
(c) Rs. 100 and 58 years
(d) Rs. 500 and 58 years
(e) None of the above
IFSCA Grade A 2023 - Recollected Questions
Answer Key
Section – Commerce & Accountancy
Question Answer
Number
1 C
2 A
3 B
4 D
5 B
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6 D
7 A
8 B
9 C
10 D
11 A
12 D
Section – Costing
Question Answer
Number
13 A
14 D
15 D
16 E
17 A
18 C
Section – Finance
Question Answer
Number
19 C
20 A
21 D
22 D
23 B
24 D
25 A
Section – Management
Question Answer
Number
26 A
27 B
28 A
29 B
30 A
31 D
32 B
33 A
34 D
Section – Economics and Social Development
Question Answer
Number
35 B
36 A
37 C
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Section – General Awareness
Question Answer
Number
38 B
39 D
40 D
41 A
42 B
43 B
44 B
45 D
46 C
47 A
48 A
49 E
50 A
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