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1. When preparing the Cash Flow Statement for XY Ltd., how should the interest received on loans be categorized?

Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Flow from Financing Activities Cash and Cash Equivalent

2. According to Schedule III, where should Current Maturities of Long Term Borrowings be reported in the Balance Sheet?

Current Assets Non-current Liabilities Current Liabilities Other Expenses in Profit and Loss Statement

3. Which of the following does not qualify as a criterion for identifying a reportable segment under AS 17?

10% or more of total revenue across all segments 10% or more of total assets across all segments 10% or more of total liabilities across all segments 10% or more of total profit or loss across all segments (higher of the two)

4. Which financial statement is not mandatory for a General Insurance Company according to IRDA regulations?

Revenue Account Profit and Loss Account Balance Sheet Cash Flow Statement

5. What is the minimum percentage of profit that a Banking Company must transfer to its reserve fund?

10% 15% 20% 25%

6. For an electricity company, depreciation on assets is determined based on rates set by which authority?

Companies Act 2013 State Electricity Commission Central Electricity Regulatory Commission Income Tax Act 1961

7. When should an auditor issue a Disclaimer of Opinion?

When he is confident about the accuracy and fairness of the financial statements. When he has some reservations regarding the accuracy and fairness of the financial statements. When significant information is missing. When disagreements with management are not significant.

8. Who is responsible for filling a casual vacancy in the auditor's position in a company that is not a Government Company?

The Board of Directors The Managing Director The Comptroller and Auditor General (CAG) The Shareholders

9. What is the minimum number of directors required to form an Audit Committee?

4 3 5 6

10. What does SA 530 refer to in auditing standards?

Audit Documentation Audit Sampling Responsibility of Joint Auditor Agreeing the terms of Audit Engagements

CAA Paper 2017

The Number of MCQs are limited as per ICMAI Past Paper in Syllabus 2016