Commerce online quiz 165

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
The process costing is not used in one of the following.
A
Chemical
B
textiles
C
cement
D
oil refining
Question 2
All part and pages of a volume are correctly sequenced in the first stage of binding process known as?
A
Sewing
B
Guard
C
Pulling
D
Collation
Question 3
From which date interest is liable in case of excess input tax credit claimed?
A
From the late date of the month in which credit is claimed
B
From the due date for filing GSTR-02 of the month in which credit is claimed
C
From the due date for filing GSTR-03 of the month in which credit is claimed
D
From the date of utilization of credit.
Question 4
Choose the wrong statement
A
Overhaul expenses of secondhand machinery purchased are revenue expenditure
B
Legal fee to acquire property is capital expenditure
C
Expenses in connection with obtaining a licence for running the cinema is capital expenditure
D
Amount spent for the construction of temporary hunts, which were necessary for the construction of the cinema house and were demolished when the cinema house was ready, is capital expenditure
Question 5
GST is a..... based tax on consumption of goods and services.
A
Duration
B
Destination
C
Dividend
D
Development E. Destiny
Question 6
Who are the persons liable to furnish information return?
  1. Taxable person
  2. Income Tax Officer
  3. Sub Registrar
  4. Banking Company
  5. GST Network
A
i, ii, iii & v
B
i, ii, iv & v
C
ii, iii, iv & v
D
i, ii, iii, iv & v
Question 7
Long-term securities denominated in two currencies is called as
A
Euro bond
B
Dual-currency bonds
C
Foreign bonds
D
Euro dollar deposit.
Question 8
In the context of the 12th five year plan, Planning Commission has set up committee to recommend detail mythology for identification of BPL families in Urban areas?
A
R.Puri Committee
B
Tendulkar Committee
C
S.R. Hashim Committee
D
Chaturvedi Committee
Question 9
The Central Board of Excise and Customs (CBEC) announced that every year..... will be considered as GST Day.
A
1st April
B
1st March
C
1st June
D
1st July E. 1st January
Question 10
An open office has the benefit of.....
A
privacy
B
economy
C
efficiency
D
inflexibility
Question 11
The major impact of Internet real estate sites is in.....
A
completing property transactions online
B
influencing offline decisions
C
reducing commissions
D
e-mail marketing to consumers
Question 12
Discarded material substances having some value is.....
A
waste
B
scrap
C
defective
D
spoilage
Question 13
If common shares outstanding are 50, 000, 000 and book value per share is Rs 19.92 then total common equity will be
A
Rs 996, 000, 000.00
B
Rs 995, 000, 000.00
C
Rs 992, 000, 000.00
D
Rs 991, 000, 000.00
Question 14
Who can direct the registered person to get his records audited u/s 66?
A
An officer not below the rank of [Assistant Commissioner], with the prior approval of the [Commissioner]
B
An officer not below the rank of [Joint/Additional], with the prior approval of the [Chief Commissioner]
C
An officer not below the rank of [Chief Commissioner], with the prior approval of the [Principle Chief Commissioner]
D
None of the above.
Question 15
The prescribed Time Period for completing Job Work on industrial inputs and thereby to avail IPT on inputs sent for Job Work will be: (Otherwise IPT will be reversed and allowed only on the actual receipt of the goods after Job Work)
A
30 Days
B
60 Days
C
90 Days
D
180 Days
Question 16
The term 'BSR' refers to
A
Bank's selling Rate
B
Basic Statistical Returns
C
Annual returns submitted by banks to RBI in respect to priority sector advances
D
Quarterly statements of advance to agriculture
Question 17
According to going concern concept, a business is viewed as having
A
a limited life
B
going to be liquidated after 100 years
C
an indefinite life
D
none of the above.
Question 18
For ordinary business the maximum number of partners in a Firm is?
A
7
B
10
C
20
D
50
Question 19
Whether summary assessment can only be initiated on previously filed return (u/s 39 and u/s 45)?
A
Summary assessment can be initiated on a person who has previously filed the return.
B
Summary assessment can be initiated on a person who has previously not filed the return.
C
Either (a) or (b). Submission of return u/s 39 and u/s 45 is not prerequisite.
D
Only (b).
Question 20
Indian businesses encounter the following problem in the globalisation
A
Infrastructural Bottleneck
B
Lack of interest shown by MNC's
C
Both (A) and (B)
D
None of these
There are 20 questions to complete.

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