Indian Regulatory Framework MCQ

Question 1

1. A Chartered Accountant should be aware of law because

A) He has to be an expert in law

B) He has to argue in High court and Supreme court

D) None of the above

Answer

C) He has to advice management and clients on legal matters at a basic or threshold level ✓

Question 2

2. Which of the following is not a MAIN source of law in India?

B) The Parliament

C) State Assemblies

D) The Constitution

Answer

A) Legal text books ✓

Question 3

3. In India we follow the federal system of Government. This means that

A) All the power is with the President of India

C) All the power is with the Centre

D) There are no restrictions on the power of States

Answer

B) Powers are distributed between Centre and States ✓

Question 4

4. The Constitution of India was adopted in

A) 1947

B) 1949

D) 1951

Answer

C) 1950 ✓

Question 5

5. The law concerned with violation of the rule of law and punishment of the same is called

A) Family law

C) Civil law

D) Property law

Answer

B) Criminal law ✓

Question 6

6. Which of the following is NOT an example of Civil law?

A) Breach of contract

B) Non-delivery of goods

D) Non-payment of dues

Answer

C) Traffic offenses ✓

Question 7

7. When a law is proposed in Parliament it is called

A) Act

B) Statute

D) Notification

Answer

C) Bill ✓

Question 8

8. Which of the following is NOT a department of the Ministry of Finance?

A) Department of Economic Affairs

B) Department of Expenditure

D) Department of Revenue

Answer

C) Department of States ✓

Sample Questions: Indian Regulatory Framework