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JAIIB AFMB 2025, Check 50 Most Repetitive JAIIB AFMB MCQs

Saloni Singhal

Most Repetitive JAIIB AFMB MCQs

Most Repetitive JAIIB AFMB MCQs: The Junior Associate of Indian Institute of Bankers (JAIIB) exam is crucial for banking professionals seeking career advancement. Among the JAIIB modules, the Accounting and Finance for Bankers (AFMB) section plays a vital role. To help students prepare efficiently, we have curated the 50 Most Repetitive JAIIB AFMB MCQs, focusing on key topics and concepts that frequently appear in exams. This article is optimized to provide maximum value by covering essential MCQs, their answers, and explanations to strengthen your preparation.

Why Focus on Repetitive MCQs?

Focusing on repetitive MCQs helps identify commonly tested concepts, improving accuracy and efficiency during exams. It ensures targeted preparation by reinforcing high-frequency topics.

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Important Topics in JAIIB AFMB

The repetitive MCQs often revolve around the following areas:

50 Most Repetitive JAIIB AFMB MCQs

  1. What is the full form of IASC?
    • A) International Accounting Standards Company
    • B) Indian Accounting Standards Committee
    • C) International Accounting Standards Committee
    • D) Indian Accounting Standards Company
      Answer: C
  2. What organization replaced the IASC?
    • A) IASB
    • B) NAAC
    • C) ICAI
    • D) IFRS
      Answer: A
  3. In which year was the IASC replaced by the IASB?
    • A) 1999
    • B) 2001
    • C) 2003
    • D) 2005
      Answer: B
  4. What is the current name for the standards set by the IASB?
    • A) IAS
    • B) IFRS
    • C) ICAI Standards
    • D) IASC
      Answer: B
  5. Under which Act was the Institute of Chartered Accountants of India (ICAI) established?
    • A) Companies Act 1956
    • B) Partnership Act
    • C) Chartered Accountants Act 1949
    • D) Accounting Act 1960
      Answer: C
  6. What did NACA (National Advisory Committee on Accounting Standards) get replaced with in 2018?
    • A) ICAI
    • B) NAFFR
    • C) NFRA
    • D) IASB
      Answer: C
  1. How many Indian Accounting Standards (Ind AS) exist in total?
    • A) 29
    • B) 32
    • C) 41
    • D) 27
      Answer: C
  2. Why were Ind AS created in India?
    • A) To align with the Companies Act
    • B) To ensure compatibility with IFRS
    • C) To replace local accounting standards
    • D) To make financial statements simpler
      Answer: B
  3. Which standard deals with agricultural accounting in India?
    • A) AS 25
    • B) Ind AS 41
    • C) AS 21
    • D) Ind AS 29
      Answer: B
  4. How many accounting standards have been issued by the ICAI?
    • A) 41
    • B) 38
    • C) 32
    • D) 27
      Answer: C
  5. How many accounting standards are currently applicable in India?
    • A) 32
    • B) 27
    • C) 29
    • D) 25
      Answer: B
  6. Which accounting standard covers intangible assets?
    • A) AS 26
    • B) AS 8
    • C) Ind AS 29
    • D) AS 41
      Answer: A
  7. Which accounting standard no longer exists?
    • A) AS 6 and AS 8
    • B) AS 1 and AS 21
    • C) AS 7 and AS 29
    • D) AS 25 and AS 26
      Answer: A
  1. What does inflation accounting involve?
    • A) Tracking inflation’s impact on consumer prices
    • B) Adjusting financial statements for inflation effects
    • C) Calculating GDP changes
    • D) Preparing balance sheets without inflation considerations
      Answer: B
  2. Which of the following is an example of an intangible asset?
    • A) Land
    • B) Equipment
    • C) Goodwill
    • D) Inventory
      Answer: C
  3. What is the purpose of accounting standards?
    • A) To regulate taxation
    • B) To ensure uniformity in financial reporting
    • C) To track company performance
    • D) To assist in inventory valuation
      Answer: B
  1. What is the focus of the MCQ Cracker Batch?
    • A) Concept videos
    • B) Mock interviews
    • C) Multiple Choice Questions (MCQs)
    • D) Essay writing
      Answer: C
  2. How many MCQs are covered in the Cracker Batch?
    • A) 100
    • B) 200-300
    • C) 300-400+
    • D) 500-600
      Answer: C
  3. What is the daily target for MCQs in the session?
    • A) 10
    • B) 15
    • C) 20
    • D) 25
      Answer: B
  4. What code can be used to get maximum discounts on Olive Board?
    • A) OB123
    • B) PDY
    • C) OLIVE20
    • D) ELITE30
      Answer: B
  1. Which organization prepares financial standards in India?
    • A) NACA
    • B) ICAI
    • C) IASB
    • D) NFRA
      Answer: B
  2. What does NFRA stand for?
    • A) National Financial Reporting Authority
    • B) National Financial Regulatory Authority
    • C) National Fiscal Reporting Agency
    • D) National Financial Accounting Authority
      Answer: A
  3. How many accounting standards were initially issued?
    • A) 29
    • B) 32
    • C) 27
    • D) 25
      Answer: C
  4. Which year marked the replacement of NACA with NFRA?
    • A) 2016
    • B) 2018
    • C) 2020
    • D) 2022
      Answer: B
  1. What is the key benefit of MCQ practice sessions?
    • A) Time management improvement
    • B) Enhanced descriptive skills
    • C) Focus on theoretical learning
    • D) Memorizing standards
      Answer: A
  2. What type of questions does the MCQ Cracker Series include?
    • A) Essay-based
    • B) Theory-based
    • C) Mixed and Sequence-based
    • D) Project-based
      Answer: C
  3. What is the relationship between Ind AS and IFRS?
    • A) Ind AS simplifies IFRS
    • B) Ind AS aligns with IFRS standards
    • C) Ind AS is unrelated to IFRS
      • D) Ind AS replaces IFRS globally
        Answer: B
  1. Which standard deals with consolidation of financial statements?
  1. Which accounting concept is applied when revenue is recognized only when it is realized?
  1. Which accounting principle ensures expenses are matched with the revenue of the same period?
  1. What is the main goal of International Financial Reporting Standards (IFRS)?
  1. AS 7 deals with accounting for which of the following?
  1. Which standard specifies the preparation and presentation of cash flow statements?
  1. Which Ind AS corresponds to IFRS 9?
  1. How can candidates improve their performance in MCQs?
  1. Which is the most effective strategy for time management during MCQ exams?
  1. What should students focus on to reduce errors in MCQ exams?
  1. What is one of the critical outcomes of practicing with MCQs?
  1. What is the primary role of the NFRA?
  1. Which accounting standard focuses on the treatment of leases?
  1. How many mandatory accounting standards were issued by IASC before its replacement?
  1. Which standard requires disclosures about related party transactions?
  1. What is the standard code used for Financial Instruments?
  1. Which organization develops accounting standards for the US?
  1. In India, what body is responsible for issuing Ind AS?
  1. Which concept suggests that financial statements are prepared assuming the entity will continue operating?
  1. AS 19 deals with which area of accounting?
  1. What is the primary feature of inflation-adjusted financial statements?
  1. Which Ind AS deals with revenue from contracts with customers?
  1. What is the primary focus of AS 6?
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Important Accounting Standards and Ind AS

StandardArea of FocusIndian Equivalent (Ind AS)IFRS Equivalent
AS 7Construction ContractsInd AS 11IAS 11
AS 3Cash Flow StatementsInd AS 7IAS 7
AS 9Revenue RecognitionInd AS 115IFRS 15
AS 6Depreciation AccountingInd AS 16IAS 16
AS 18Related Party DisclosuresInd AS 24IAS 24

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Conclusion

The 50 Most Repetitive JAIIB AFMB MCQs provide a strategic edge in exam preparation by highlighting high-priority topics. Focusing on these questions ensures effective time management and concept clarity, which are crucial for success. Use this guide to streamline your study plan and boost your confidence for the JAIIB AFMB exam.

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