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ICMAI Model Question Paper Foundation Course Examination : The Institute of Cost Accountants of India

Organisation : The Institute of Cost Accountants of India ICMAI
Recruitment Exam : Foundation Course Examination
Document Type : Model Question Paper
Year : 2024
Website :

ICMAI Foundation Course Exam Model Question Paper

Time Allowed: 1 Hour
Full Marks: 100
Answer all questions. Each question carries 2 marks.

1. What are the sources of law?
(a) Constitution of India
(b) Constitution of India, judicial precedents, customary laws, statutes and ordinance
(c) Statutes enacted by the Parliament of India and State Legislatures
(d) Religion

2. Which Article in the Constitution of India, 1950 has provisions for introduction of a bill in the Parliament of India?
(a) Article 119
(b) Article 141
(c) Article 107
(d) Article 243

3. Money Bill is introduced in which House of the Parliament?
(a) Council of People – Lok Sabha
(b) Council of States – Rajya Sabha
(c) Both the Houses
(d) None of the Houses

4. Under what Article of the Constitution of India, 1950 is The President of India empowered to make an ordinance?
(a) Article 243
(b) Article 123
(c) Article 129
(d) Article 368

5. The essence of Sub-rdinate legislation can be found in which Article of the Constitution of India, 1950?
(a) Article 12
(b) Article 32
(c) Article 13
(d) Article 14

6. Voidable contract is one :
(a) Which is lawful
(b) Which is invalid
(c) Which is valid so long it is not avoided by the party entitled to do so
(d) None of these

7. The difference between an advertisement for sale and a proposal is :
(a) No difference at all
(b) That a proposal becomes a promise as soon as the party to whom it is made accepts it but an advertisement does not
(c) Every case will be viewed according to the circumstances
(d) None of these

8. In a Book depot a catalogue of books enlisting the price of each book and specifying the place where the particular book is available is :
(a) An invitation to offer
(b) An offer
(c) An invitation to visit the book shop
(d) None of these

9. A catalogue of the goods of a company for sale ….. a series of offers but only an invitation for offers.
(a) is
(b) is not
(c) in normal cases is
(d) in normal cases is not

10. An offer does not lapse if the :
(a) offeror dies before acceptance
(b) The offeree dies before acceptance
(c) Acceptance is made by the offeree in ignorance of the death of the offeror
(d) Acceptance is made by the offeree with knowledge of the death of the offeror

11. A telephonic acceptance is complete when the offer is :
(a) spoken into the telephone
(b) heard but not understood by the offeror
(c) heard and understood by the offeror
(d) is received, heard and understood by some person in the offeror’s house

12. With regard to the contractual capacity of a person of unsound mind, which one of the following statements is most appropriate?
(a) A person of unsound mind can never enter into a contract
(b) A person of unsound mind can enter into a contract
(c) A person who is usually of unsound mind can contract when he is, at the time of entering into a contract, of sound mind
(d) A person who is occasionally of unsound mind can contract although at the time of making the contract, he is of unsound mind

13. While obtaining the consent of the promisee, keeping silence by the promisor when he has a duty to speak about the material facts, amounts to consent obtained by:
(a) Coercion
(b) Misrepresentation
(c) Mistake
(d) Fraud

14. A’ threatened to commit suicide if his wife did not execute a sale deed in favour of this brother. The wife executed the sale deed. This transaction is:
(a) Voidable due to under influence
(b) Voidable due to coercion
(c) Void being immoral
(d) Void being forbidden by law

15. A contract which is vitiated by undue influence is declared as which one of the following by the Indian Contract Act?
(a) Invalid
(b) Void
(c) Illegal
(d) Voidable

16. Consider the following:
1. Active concealment of fact.
2. Promise made without any intention of performing it.
3. Breach of duty which gains an advantage to the person committing it.
4. Inducing mistakes as to subject matter. Which of the above amount to fraud?
(a) 1 and 2
(b) 2 and 3
(c) 3 and 4
(d) 1 and 4

17. Factors vitiating consent are:
(a) Coercion, Undue influence
(b) Fraud, Misrepresentation
(c) Mistake
(d) All of these

18. Misrepresentation means:
(a) Unwarranted assertion
(b) Any breach of duty without an intent to deceive
(c) Innocent mistake
(d) All the above

19. If a party stands in a fiduciary relation to the other:
(a) He cannot dominate
(b) He can dominate the will of another
(c) The trust should be maintained
(d) None of these

20. A person is deemed to be in a position to dominate the will of another if he:
(a) Holds real or apparent authority
(b) Stands in a fiduciary relationship
(c) Both (a) and (b)
(d) Either (a) or (b)

Pattern of Foundation Course Examination

Paper – 1 : Fundamentals of Business Laws and Business Communication (100 Marks 50 Multiple Choice Questions)
Paper – 2 : Fundamentals of Financial and Cost Accounting (100 Marks 50 Multiple Choice Questions)
Paper – 3 : Fundamentals of Business Mathematics and Statistics (100 Marks 50 Multiple Choice Questions)
Paper – 4 : Fundamentals of Business Economics and Management (100 Marks 50 Multiple Choice Questions)

Download Foundation Exam Model Question Paper


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