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ICWA Interview Questions & Answers - Learning Mode

ICWA Interview Questions & Answers - Learning Mode

Institute of Cost Accountants of India (ICAI) [previously known as the Institute of Cost & Works Accountants of India (ICWAI)] is a premier statutory professional accountancy body in India with the objects of promoting, regulating and developing the profession of Cost Accountancy. It is the only licensing cum regulating body of Cost & Management Accountancy profession in India. It works closely with the industries, various departments of Government of India, State governments in India and other Regulating Authorities in India e.g. Reserve Bank of India, Insurance Regulatory and Development Authority, Securities and Exchange Board of India etc. on several aspects of performance, cost optimisation and reporting.

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ICWA Interview Questions & Answers - Learning Mode
Try ICWA Interview Questions & Answers - Exam Mode
Question: What are the differences between perfect competition and monopoly competition?

Answer: In a monopoly, you are gaining an unfair advantage over any competition because you own so many infrastructures. Monopolies used to be known as trusts, which is why you sometimes hear of Anti-Trust Law violations.

At one time, AT&T owned every phone line, every phone and every piece of phone equipment in the country. They monopolized the industry; how could you compete with them when they owned everything? Similarly, the Post Office has an excellent infrastructure for delivering mail, but Source:
Question: What kind of market demand and supply information would be useful to you in deciding upon a business strategy?

Answer: Market Demand and Supply Information

A customer-filled form of the following fields will be of great use. 1) Do you need product urgently

2) How many times have you visited our store

3) Was the proper information provided to you

4) Were you attended properly

5) Can you afford to pay more for a quick delivery

6) Have you ever used our product

7) How do you know about our product
Question: What is the average standard of living in Africa?

Answer: It is extremely low. Africa is the most impoverished continent on the face of the planet. The average African has scarce access to safe drinking water and most commonly lacks plumbing. "Informal housing" is the rule with electricity and safe transportation remaining luxuries. Even life style attributes taken for granted by the average Mexican or Russian are out of reach for many Africans. In terms of employment, many Africans are unemployed or employed in agriculture.

Sub-Saharan Africa i Source:
Question: What is the advantage of mixed economy system?

Answer: Advantages are:

1) People can make there own decisions

2) The government has limited control, which is good for structure

3) Provides freedoms such as Enterprise, ownership, Social Welfare, Profit Earnings, Political Freedom

4) All national resources are utilized under mixed economy.

5) It will activate the government support and direction. Source:
Question: What is an Oligopoly?

Answer: Oligopoly is a market where the supply is controlled by a small group of companies. In this condition, the actions of one company will have a material effect on the entiremarket for a product.

Several characteristics of an Oligopoly:

1) Substantial barriers to entry

2) Market dominated by a few large firms

3) Differentiated products

4) Price rigidity
Question: What are business cycles and what role do the Federal Reserve and Federal Government have in trying to control them?

Answer: It is very important that you understand that the Federal Reserve is not a government institution. It does not take its orders from the federal government. Yes, they put their hand in and try to change the course of the U.S. Economy. Source:
Question: How do you explain GNI per capita?

Answer: A measure of the wealth is earned by nations through economic activates all around the world.

Gross National Income comprises the total value of goods and services produced within a country (i.e. its Gross Domestic Product), together with its income received from other countries (notably interest and dividends), and less similar payments made to other countries. It is also known as GNP.

It can be calculated as follows:

GNI = Gross Domestic Product + Net property income from Source:
Question: What are the advantages of regional integration?

Answer: Advantages of Regional Integration

Most economic experts cite that regional integration allows disadvantaged countries to realize economies of scale, compete on a broader (often global) platform and increase overall economic efficiency. Alassane D. Ouattara the Deputy Managing Director of the International Monetary Fund states thatregional integration 'enables participating countries to pool their resources and avail themselves of regional institutional and human resources, in order t Source:
Question: Why do prices tend to up?

Answer: Because of the increasing inflation level
Question: What are the differences between absolute advantage and comparative advantage?

Answer: Absolute advantage and comparative advantage are two basic concepts to international trade. Under absolute advantage, one country can produce more output per unit of productive input than another can. With comparative advantage, if one country has an absolute (dis)advantage in every type of output, the other might benefit from specializing in and exporting those products, if any exist.

A country has an absolute advantage economically over another, in a particular good, when it can produce Source:


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Latest 20 Questions
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal
"Holiday Packages" announced as an advertisement are an example of _________: (a) Offer (b) Counter Offer (c) Invitation to Offer (d) None of the above
A match fixing contract between a player and a broker is a: (a) Valid Contract (b) Unenforceable Contract (c) Void Contract (d) Illegal Contract
When a bookseller sells a book on cash payment then it is called as ___________: (a) Unilateral Contract (b) Bilateral Contract (c) Executed Contract (d) Executory Contract
____________ agreements are created by situation: (a) Written (b) Oral (c) Void (d) Implied
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