IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

Question No. 1

Which of the following options correctly describes the cost treatment of a by-product that does not have any

realizable value?

Options :

1. Treated as a separate product and valued at the cost of production

2. Allocated to the cost of main product

3. Excluded from the cost of production and shown as a separate expense in the income statement

4. Written off as a loss in the current period

5. None of the above

Answer : Allocated to the cost of main product

Question No. 2

Subsidy provided for working capital requirements by the government will be considered as?

Options :

1. Capital receipt

2. Revenue receipt

3. Current Liability

4. Long term liability

5. Provisions

Answer : Revenue receipt

Question No. 3

NASA's TESS mission reveals new ________-sized planet in habitable zone.

Options :

1. Mars
IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

2. Earth

3. Jupiter

4. Neptune

5. None of the above

Answer : Earth

Question No. 4

Which of the following assets is a non-depreciable asset?

Options :

1. Buildings

2. Land

3. Furniture and fixtures

4. Patents

5. Vehicles

Answer : Land

Question No. 5

Which of the following statements shows the financial position of an organization at a specific point in time?

Options :

1. Income statement

2. Balance sheet

3. Cash flow statement

4. Statement of changes in equity

5. All of the above

Answer : Balance sheet

Question No. 6
IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

Which of the following refers to the useful data that helps in making decisions?

Options :

1. Intelligence

2. Wisdom

3. Knowledge

4. Information

5. Insight

Answer : Information

Question No. 7

Which of the following leadership styles emphasizes employee involvement in decision-making?

Options :

1. Authoritarian

2. Laissez-faire

3. Transformational

4. Participative/Democratic

5. Servant

Answer : Participative/Democratic

Question No. 8

Which of the following is related to Securities?

Options :

1. Securities Contract Regulation Act 1956

2. SEBI Act 1992

3. Depositories Act 1996

4. Negotiable Instrument Act 1881

5. None of the above

IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

Answer : Negotiable Instrument Act 1881

Question No. 9

Which of the following is the main objective of financial management?

Options :

1. Maximizing employee benefits

2. Minimizing production costs

3. Maximizing customer satisfaction

4. Maximizing social responsibility

5. Maximizing shareholder wealth

Answer : Maximizing shareholder wealth

Question No. 10

What is the interest cost of an organization's own funds called?

Options :

1. Actual cost

2. Market cost

3. Notional cost

4. Opportunity cost

5. Marginal cost

Answer : Notional cost

Question No. 11

What kind of cost is opportunity cost?

Options :

1. Variable cost
IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

2. Fixed cost

3. Marginal cost

4. Average cost

5. Sunk cost

Answer : Marginal cost

Question No. 12

Five states are yet to achieve a replacement-level of fertility of 2.1, according to the NFHS-5. Which of the following

is not one of those 5 States?

Options :

1. Bihar

2. Jharkhand

3. Uttar Pradesh

4. Meghalaya

5. Madhya Pradesh

Answer : Madhya Pradesh

Question No. 13

Which of the following countries form G-20 Troika with India?

Options :

1. Indonesia

2. Brazil

3. Italy

4. Both a & b

5. Singapore

Answer : Both a & b

IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

Question No. 14

Under the NEP, a mother tongue will be the medium of instruction till ______ or preferably till _________.

Options :

1. Class 3 & Class 5

2. Class 5 & Class 8

3. Class 8 & Class 10

4. Class 2 & Class 6

5. None of the above

Answer : Class 5 & Class 8

Question No. 15

How operating leverage is calculated?

Options :

1. Contribution/EBIT

2. Contribution/EBT

3. Contribution/EAT

4. Contribution/ Operating expenses

5. Contribution/ Sales

Answer : Contribution/EBIT

Question No. 16

How is the working capital of an entity computed?

Options :

1. Excess of current liabilities over current assets.

2. Excess of total assets over outside liabilities.

3. Excess of current assets over current liabilities.

IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

4. Excess of Income over expenses.

5. Excess of Expenses over income.

Answer : Excess of current assets over current liabilities.

Question No. 17

The SDG India Index computes goal-wise scores onthe 16 SDGs for each State and Union Territory. Overall State and

UT scores are generated from goal-wise scores to measure aggregate performance of the sub-national unit based

on its performance across the 16 SDGs. A state in the Front runner category must be in the range of __________.

Options :

1. 0–49

2. 50–64

3. 65–99

4. 100

5. 81-100

Answer : 65–99

Question No. 18

What is the Minimum paid-up capital required to be held by the Government of India to make such company a

government company?

Options :

1. 25%

2. 51%

3. 76%

4. 85%

5. 100%

Answer : 51%
IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

Question No. 19

Which of the following options correctly describes the type of costing that Batch costing is?

Options :

1. Contract costing

2. Process costing

3. Job costing

4. Unit costing

5. None of the above

Answer : Job costing

Question No. 20

Which regulatory body governs Limited Liability Partnership (LLP) firms in India?

Options :

1. Reserve Bank of India (RBI)

2. Securities and Exchange Board of India (SEBI)

3. Ministry of Corporate Affairs (MCA)

4. Registrar of Companies

5. Indian Partnership Act

Answer : Ministry of Corporate Affairs (MCA)

Question No. 21

Which variable is compared to working capital when calculating the working capital turnover ratio?

Options :

1. Gross Profit

2. Fixed Assets

3. Net Sales
IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

4. Total Liabilities

5.

Answer : Net Sales

Question No. 22

While regulator in India regulates and provide guidelines on issuance of commercial papers?

Options :

1. Insurance Regulatory and Development Authority of India (IRDAI)

2. Securities and Exchange Board of India (SEBI)

3. Federation of Indian Chambers of Commerce and Industry (FICCI)

4. Ministry of Corporate Affairs (MCA)

5. Reserve Bank of India (RBI)

Answer : Reserve Bank of India (RBI)

Question No. 23

Which institution or entity is custodian of Country’s foreign exchange reserve?

Options :

1. Ministry of Finance

2. Reserve bank of India

3. Ministry of Foreign Affairs

4. International Monetary Fund

5. Ministry of Trade

Answer : Reserve bank of India

Question No. 24

Under the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM), Each subscriber shall receive minimum assured

pension of Rs 3000/- per month after attaining the age of _______.

IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

Options :

1. 45 years

2. 50 years

3. 55 years

4. 60 years

5. 65 years

Answer : 60 years

Question No. 25

In case of large fluctuations in purchase price of inventory which method for calculation of cost of inventory

should be used?

Options :

1. LIFO method

2. FIFO method

3. Specific identification method

4. Weighted average cost method

5. Moving average cost method

Answer : Weighted average cost method

Question No. 26

India has got World’s longest Railways Platform in Hubbali. Hubbali comes under which Railways Zone?

Options :

1. Southern Railways

2. South Western Railway

3. Central Railways

4. East Coast Railways

5. Nothern Railways
IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

Answer : South Western Railway

Question No. 27

As per the Income Tax Act in India, who is considered as the head of a Hindu Undivided Family (HUF)?

Options :

1. The eldest member of the family

2. The youngest member of the family

3. The male member with the highest income

4. The female member with the highest income

5. The Karta

Answer : The Karta

Question No. 28

Which type of planning is typically focused on the long-term objectives of an organization?

Options :

1. Strategic planning

2. Tactical planning

3. Operational planning

4. Contingency planning

5. Financial planning

Answer : Strategic planning

Question No. 29

A salesperson in an organization have a fixed salary of $2,000 per month, and an additional commission of 10% on

all sales made. This is an example of which type of cost?

Options :
IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

1. Fixed Cost

2. Variable cost

3. Semi variable cost

4. Opportunity cost

5. Marginal cost

Answer : Semi variable cost

Question No. 30

In which role does a manager provide vision and direction to their team, and inspire them to work towards

achieving organizational goals?

Options :

1. Monitor

2. Disseminator

3. Spokesperson

4. Leader

5. Liaison

Answer : Leader

Question No. 31

Which of the following types of power is used by a manager who forces employees to work and threatens them

with punishment for non-compliance?

Options :

1. Coercive power

2. Legitimate power

3. Expert power

4. Referent power

5. Reward power

Answer : Coercive power

IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

Question No. 32

What is the term used to describe the process of staffing in which the right candidate for the organization is

onboarded?

Options :

1. Recruitment

2. Screening

3. Selection

4. Onboarding

5. Staff development

Answer : Selection

Question No. 33

Gross Enrolment Ratio in higher education to be raised to ______ under the National Education Policy 2020.

Options :

1. 50 % by 2035

2. 20% by 2030

3. 75% by 2025

4. 100% by 2050

5. None of the above

Answer : 50 % by 2035

Question No. 34

Which of the following category of farmers is not eligible under PM-KISAN Scheme?

Options :

1. Farmers with more than 10 acres of land

2. All persons who paid income tax in last assessment year

IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

3. Farmers doing horticulture

4. Persons with facilities to undertake mechanised farming

5. None of the above

Answer : All persons who paid income tax in last assessment year

Question No. 35

What method is used to calculate the Sensex and Nifty indices in India?

Options :

1. Free Float Market Capitalization Method

2. Market Capitalization Method

3. Simple Average Method

4. Modified Capitalization Weighted method

5. Weighted Market Capitalization Method

Answer : Free Float Market Capitalization Method

Question No. 36

As per SEBI’s regulation, Mutual Funds are allowed to accept investment in cash upto INR 50,000 per financial year

per Mutual Fund.

Options :

1. 20000

2. 35000

3. 50000

4. 56000

5. 100000

Answer : 50000

Question No. 37
IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

What does the ratio obtained by dividing a company's net income by its number of shares outstanding signify?

Options :

1. The company's market capitalization

2. The number of shares that are available for trading on the stock market

3. The earnings per share of the company

4. The book value per share of the company

5. The dividend yield of the company

Answer : The earnings per share of the company

Question No. 38

Which of the following NBFC can be a part of Middle Layer?

Options :

1. non-deposit taking NBFCs below the asset size of ₹1000 crore

2. non-deposit taking NBFCs with asset size of ₹1000 crore and above

3. non-deposit taking NBFCs with asset size of ₹500 crore and above

4. non-deposit taking NBFCs with asset size of ₹10000 crore and above

5. None of the above

Answer : non-deposit taking NBFCs with asset size of ₹1000 crore and above

Question No. 39

Which of the following is an Indian Company?

Options :

1. HP

2. ITC

3. Microsoft

4. Google

5. None of the above

IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

Answer : ITC

Question No. 40

NABARD refinance loan of which sector in Indian?

Options :

1. Rural Sector

2. Urban Sector

3. Real Estate

4. Textile and Apparel

5. Automobile

Answer : Rural Sector

Question No. 41

The Vyas Samman is the second highest literary award, after the Jnanpith Award, for contributions made to Indian

literature. This award was given in 1991 by K. K. Birla Foundation started the first Vyas Samman was given in the year

1991. What is the amount given to the winner of the award?

Options :

1. 2 Lakh

2. 3 lakh

3. 4 lakh

4. 5 lakh

5. 10 lakh

Answer : 4 lakh

Question No. 42

David Robert Malpass is an American economic analyst and former government official serving as President of the

___________.
IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

Options :

1. IMF

2. WTO

3. World Bank

4. None of the above

5.

Answer : World Bank

Question No. 43

As per which accounting concept an asset should be valued at ‘Lower of net realizable value’ or ‘Fair value’?

Options :

1. Entity concept

2. Accrual concept

3. Consistency concept

4. Prudence concept

5. Going concern concept

Answer : Prudence concept

Question No. 44

What is the appropriate accounting treatment for general donations and legacies received by a non-profit

organization in India?

Options :

1. Income & expenditure account (Revenue account)

2. Capital fund account

3. Reserve Fund account

4. Asset account

5.
IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

Answer : Income & expenditure account (Revenue account)

Question No. 45

___________ are core to the domain of population studies.

I- Birth

II- Death

III- Migration

Options :

1. Only I

2. I & II

3. II & III

4. Only III

5. I, II & III

Answer : I, II & III

Question No. 46

What type of cost is advertisement expense considered as?

Options :

1. Selling overhead cost

2. Administrative overhead cost

3. Manufacturing overhead cost

4. Research and development overhead cost

5. None of the above

Answer : Selling overhead cost

Question No. 47
IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

What is Government of India’s share in National Housing Bank?

Options :

1. 50%

2. 60%

3. 80%

4. 85%

5. 100%

Answer : 100%

Question No. 48

Which of the following SDG Goal is related to Gender Equality?

Options :

1. SDG Goal 1

2. SDG Goal 5

3. SDG Goal 13

4. SDG Goal 8

5. SDG Goal 10

Answer : SDG Goal 5

Question No. 49

Which of the following terms describes the authority of a manager that is based on their position within an

organization's formal hierarchy?

Options :

1. Personal authority

2. Informal authority

3. Charismatic authority

4. Formal authority
IFSCA Grade A Officer 2022 Phase 1 Paper 2 Previous Year Paper

5. Reward power

Answer : Formal authority

Question No. 50

In the financial statements of an entity under which type of asset is inventory categorized?

Options :

1. Fixed Assets

2. Non-Current Assets

3. Long term investments

4. Prepaid Expenses

5. Current Assets

Answer : Current Assets

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