Commerce online quiz 125

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
.....include cash and assets that can be normally converted into cash during the operating cycle of the business.
A
Current liability
B
current assets
C
contingent assets
D
none of these
Question 2
Special audit u/s 66 can be directed at any stage of scrutiny, enquiry, investigation or any other proceedings having regard to nature and complexity of the case if, any officer not below the rank of [Assistant Commissioner]:
A
is of the opinion that the value has not been correctly declared
B
the credit availed is not within the normal limits.
C
assessee does no co-operate
D
(a) or (b)
Question 3
The method of raising equity capital from existing members by offering securities on pro rata basis is referred to as.....
A
Public issue
B
Right Issue
C
Private placement
D
Bought-Out-Deal
Question 4
A bill of exchange when drawn requires
A
Noting
B
Acceptance
C
Discounting
D
Endorsing
Question 5
Which concept suggests that different applications and computer systems should be able to communicate with one another?
A
Integration
B
Web services
C
Scalability
D
Interoperability
Question 6
A possible obstacle to growth of privatisation is
A
Profit earned by public enterprises
B
Sale of least profitable enterprises
C
Licensing
D
All of these
Question 7
What charts (1) the cost to your organization of the unavailability of information and technology and (2) the cost to your organization of recovering from a disaster over time?
A
Disaster recovery plan
B
Hot site
C
Cold site
D
Disaster recovery cost curve
Question 8
Which types of files are available in the form of tray that lie flat horizontally in a cabinet?
A
Horizontal files
B
Vertical files
C
Visible files
D
Metal files
Question 9
Which of the following is an abnormal cause of Idle time:
A
Time taken by workers to travel the distance between the main gate of factory and place of their work
B
Time lost between the finish of one job and starting of next job
C
Time spent to meet their personal needs like taking lunch, tea etc
D
Machine break downs
Question 10
Fixed cost..... in the same proportion in which output changes.
A
does not change
B
changes
C
increases
D
none of these.
Question 11
Which of the following is time spann into which the total life of a business is divided for the purpose of preparing financial statements?
A
Fiscal year
B
Calendar year
C
Accounting period
D
Accrual period
Question 12
..is the amount by which the absorbed overheads fall short of the actual amount of overheads incurred.
A
Over absorption of overheads
B
under absorption of overheads
C
overheads absorption
D
none of these.
Question 13
Number of worker employed is used as basis for the apportionment of.....
A
rent
B
canteen expenses
C
PF contribution
D
rate and tax
Question 14
The time required to process and execute an order is called
A
allowed time
B
lead time
C
accepted time
D
fixed time
Question 15
Volume variance is divided into
A
Capacity variance, calendar variance andExpenditure variance
B
Capacity variance, calendar variance and efficiency variance
C
Capacity variance, expenditure variance and efficiency variance
D
Calendar variance, expenditure variance and efficiency variance
Question 16
After the construction of their new factory building, M/s XYZ Co. shifted to it. During this process Rs. 20, 000 were spent on pulling down the old structure and Rs. 2, 000 were spent on shifting the stocks to new building. These expenditures are to be cla
A
Capital expenditure
B
Revenue expenditure
C
Capital and Revenue expenditure respectively
D
Deferred Revenue expenditure
Question 17
What are the conditions in which a taxable person may beordered to be arrested?
A
An offence U/s.73 having a tax evasion value of more than Rs.50/-Lakhs
B
Repetition of an offence U/s.73
C
Any of the Above
D
None of the Above
Question 18
If trade credits are Rs. 10, 000, outstanding expenses are 10% of creditor, current ratio being 2: 1, Stock is Rs. 7, 000, then the amount of other current asset will be-
A
Rs. 10, 000
B
Rs. 18, 000
C
Rs. 15, 000
D
Rs. 8, 000
Question 19
Which of the following accounts can be classified as a real account?
A
Rent expenses account
B
Rent income account
C
Insurance expenses account
D
Cash account
Question 20
Out of the following, what is not the work of purchase department:
A
Receiving purchase requisition
B
Exploring the sources of material supply
C
Preparation and execution of purchase orders
D
Accounting for material received
There are 20 questions to complete.

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