Business Management Sem III MCQ for Practice

 Business Management 

MCQ for Practice

1.  Which among the following is the highest-level need under Need Hierarchy Theory of Motivation?

1.     Physiological Need

2.     Safety and Security Needs

3.     esteem Needs

4.     Self-Actualization Needs

2. How many levels are there in Needs Hierarchy theory of motivation?

1.     6

2.     5

3.     4

4.     3

3.    Who has given the hierarchy of needs hierarchy theory of motivation?

2.     Abraham Maslow

3.     David McClelland

4.     Victor Vroom

5.     Frederick Herzberg

5.     Fixation of standards, measurement of performance, comparison, and correction of deviation are the steps in……

1.             (a)   Planning

2.            (b)   Controlling

3.          (c)    Directing

4.            (d)  All of the above

 

                     6. Two Factor Theory‟ was introduced by ---

           (a)  Fredrick Herzberg

           (b) Henry Fayol

                     (c) Abraham Maslow

                     (d) Peter Drucker

7. People naturally like to work and they seek responsibility‟. Which theory best describes this statement? 

(a) Theory Z

(b) Theory Y

(c) Theory X

 (d) None of the above

 

 

8. A leader should be ready to accept and adopt new ideas. This is ---- quality.

(a) Motivation

 (b) Social Maturity

(c) Flexibility

(d) Ability to communicate

 

 

9. Trait Theory of Leadership‟ was introduced by ---

(a) David C. McClelland

(b) Fredrick Herzberg

 (c) Douglas McGregor

(d) Chester I. Barnard

 

 

10. In which of the following style of leadership, the authority is concentrated in the hands of the leader?

 (a) Democratic Style

(b) Free- rein style

 (c) Autocratic style

(d) Participative style

 

11. Which Indian leader campaigned against social discrimination?

(a) Pandit Nehru

 (b) Mahatma Gandhi

(c) Dr. B.R. Ambedkar

(d) Sardar Vallabh bhai Patel

 

12. If employees are properly coordinated, their total accomplishment will be greater‟. This is a feature of -------------

a) Coordination

(b) Motivation

 (c) Direction

(d) Planning

 

13. Constructions of schools in rural areas is an example of –

(a) Ethics

(b) Governing Principles

 (c) Corporate Social Responsibility

(d) Corporate Governance

 

14. A company should spend a minimum of --- percent of its average net profits on CSR activities.

(a) 1%

(b) 3%

(c) 2%

 (d) 6%

 

15. Resistance to change by employees mainly occur due to ---

(a) Fear of losing a job

(b) Fear of obsolesce

 (c) Fear of increased work load

 (d) All of the above

                  Forensic Accounting

u Forensic accounting is a special practice of accounting where a financial professional, known as a forensic accountant, audits and investigates information and prepares it to be used in court

u  Forensic accounting uses accounting and investigative methods to evaluate potential financial crimes.

u  Forensic accountants specialize in tracing funds, uncovering assets and explaining financial situations.

u  Forensic accounting is used in a variety of circumstances, including court cases, criminal investigations, embezzlement and insurance fraud.

Who uses forensic accounting?

Forensic accounting is used by law enforcement agencies, government agencies, independent adjustment firms, insurance companies, banks and businesses of all sizes. Large accounting firms often have their own forensic accounting department, while other firms are entirely dedicated to providing forensic accounting services.

Definition: 

“The application of investigative and analytical skills for the purpose of resolving financial issues in a manner that meets standards required by court of law. Forensic accounts apply special skill in accounting, auditing, finance, certain areas of laws, research and investigative skills to collect, analyze and evaluate evidential matter and to interpret and communicate.” 

How Forensic Accounting is used?

Forensic accounting is used in circumstances where deeper analysis is required

     Litigation support

Forensic accounting is used in litigation when the total value of someone's losses needs to be determined. The court system may use a forensic accountant to help resolve disputes over settlements by having a forensic accountant quantify the damages the plaintiff sustained. They may even be asked to testify as an expert witness regarding the total losses the plaintiff sustained to help the court determine a fair settlement in a case.

 Criminal investigations

Forensic accounting is commonly used by law enforcement in criminal investigations. A forensic accountant can help discover whether a crime occurred and if criminal intent was likely. Some examples are securities fraud, money laundering, identify theft, insurance fraud, employee theft or falsification of financial statement information.

 Insurance

Forensic accounting is often used to help with insurance claims. For example, a forensic accountant may be asked to determine the total damages that resulted from a car accident, medical malpractice claim or another type of case.

 Objectives of Forensic Accounting

u To look the  unusual development in the accounting and financial system

u To perform audit type process on a routine schedule in order to reduce transaction processing risk

u To asses working transactions for compliance with basic operating process and agreement

u To perform through scrutiny and examination of financial payments dealing in accounting system to decide if they are according to standard or beyond company policy

u To asses standard ledger and financial reporting system for likely unlawful tempering or falsification of information or accounts

u To assess the economic damage and insuring insurance demand that arises from catastrophes such as fire or other natural setbacks

u To asses business rating in consolidation and accomplishment

u The main objectives of forensic accounting are to provide evidence that financial fraud has taken place, and present the results of an investigation in such a way that it can withstand cross-examination in court. On top of proving whether irregularities have occurred, the practice also seeks to identify those involved so legal action can be taken against them.

u With so much at stake, it is essential that an investigation does the following:

u Prove that a business or individual has suffered financial loss

u Identify the perpetrators of said fraud 

u Establish the motives and methods used by the fraudsters

u Prove beyond reasonable doubt the involvement of the alleged perpetrators

Need of Forensic Accounting

u Fraud investigation

u Valuation of business during sale

u Conflicts between shareholders or partners

u Brokerage fraud

u Commercial insurance claim

u Merger and acquisition

u Injury claim

u Class action litigation

u Criminal cases

u Contract claims

u Money Laundering

Prof. Manisha R. Nikam

Sanjivani ACS College, Kopargaon

 Subject: Advanced Accounting (352)

Class: T. Y. B. Com

Question Bank

Advanced accounting (objective types question)

1) on which day does the accounting year of a banking company end every year?

A)  31st december

B)   31st march

C)   30th june

D)  1st april

2) what does accounting standard-15 stand for?

A)  Accounting for government grants

B)   Employee benefits

C)   Segment reporting

D)  Leases

3) accounting standard-19 stands for what?

A)  Leases

B)   Earning per share

C)   Consolidated financial statements

D)  Accounting for taxes on income

 

4) what is mean by ‘npa’

AA) Not profit assets

BB)   Non-performing assets

CC) A & b

D D) Non banking assets

5) which section of banking regulation act provides for preparation of bank’s final account in prescribed forms?

A)  Section 29

B)   Section 28

C)   Section 27

D)  Section 26

6) accounting standard 3 stands for what?

A)  Accounting for research and development
B)   Construction contracts
C)   Interim financial reporting
D)  Cash flow statements

 

7) what are the other names for unexpired discount?

A)  Discount Paid in advance

B)   Rebate on bills discounted

C)   A & b

D)  None of the above

 

 8) accounting standard 18 stands for what?

A)  Related party disclosure
B)   Earning per share
C)   Consolidated financial statements
D)  Accounting for taxes on income

 

9) what is the percentage of profit transfer to the statutory reserve by the bank every year?

A)  20%
B)   25%
C)   30%
D)  15%
 

10) what is gst?

A)  Goods and sales tax

B)   Government sales tax

C)   Goods and service tax

D)  None of the above

 

11) which act governs the working of banking companies in India?

A)  Banking regulation act, 1949
B)   Company act, 1956
C)   Maharashtra state co-operative societies act,1960
D)  Central co-operative societies act,1912 

12) Investment having maturity period less the 3 months are called ……...

A. Fixed Asset 

B. Cash 

C. Cash Equivalents 

D. None of the above

13) Types of lease are operating lease and ……. lease

A. Revenue 

B. Finance

 C. Cost 

D. All of the above