Commerce online quiz 199

By | August 21, 2018

10000 MCQ /questions on commerce questions answers

Question 1
R, a chartered accountant is employed with R Ltd., as an internal auditor and requests the employer to call the remuneration as internal audit fee. R shall be chargeable to tax for such fee under the head.
A
Income from salaries
B
Profit and gains from Business and Profession
C
Income from other sources.
D
None of the above
Question 2
Who will be the competent authority to issue an authorisation in writing for conducting any search?
A
An Officer not below the rank of the Commissioner
B
An Officer not below the rank of a Joint Commissioner
C
An Officer not below the rank of a Deputy Commissioner
D
Any of the Above
Question 3
Which of the smart card uses a sim like structure for reading and writing data?
A
Contact smart card
B
Contactless smart card
C
Proximity smart card
D
Both B and C
Question 4
In accounting, transactions and events which are of..... are recorded.
A
Financial nature
B
Quantitative nature
C
Qualitative nature
D
None of these
Question 5
A company may raise capital from the primary market through.....
A
Public issue
B
Rights issue
C
Bought out deals
D
All of the above
Question 6
What are the most commonly used input devices today?
A
Keyboard
B
Mouse
C
All of the above
D
None of the above
Question 7
In the long run, any firm will eventually leave the industry if
A
Price does not at least cover average total cost
B
Price does not equal marginal cost
C
Economies of sale are being reaped
D
Price is greater than long run average cost
Question 8
Is there any threshold limit for applying the provisions of Section 52 for collecting tax at source?
A
TCS applies if net value of taxable supplies exceeds Rs. 10, 00, 000/-
B
TCS applies if net value of taxable supplies exceeds Rs. 15, 00, 000/-
C
TCS applies if net value of taxable supplies exceeds Rs. 20, 00, 000/-
D
No such limit prescribed, tax should always be collected at source if the conditions envisaged u/s 52 are met.
Question 9
Section 6(A) of B.R. Act has given the list of ancillary services which can be rendered by a Bank under the Banking Regulation Act. In the event that a Bank wants to undertake any other services (other than the list):
A
the bank can seek authority from the RBI
B
Board of directors of that Bank can decide the business suitable to the bank
C
it can be decided by the Bank in the shareholders meeting
D
Bank can do so if that business is notified by the Central Government as the lawful business of a Banking company
Question 10
A cash book with cash, bank and discount column is commonly referrred to as
A
Cash book
B
Two columns cash book
C
Three columns cash book
D
Petty cash book
Question 11
Suppose, the refund amount is less than ' 1000/-, what will be the nature of the disposal?
A
Full Amount is allowed within 3 working days without any document verification
B
80% provisional Remittance 80% of the Refund is allowed on a Provisional basis.
C
Refund Application is Rejected
D
Refund Application is Withheld
Question 12
According to principle of diminishing marginal rate of substitution a. One commodity must be decreased while other is increased b. Commodity which is increased has higher marginal significance c. Commodity which is decreased has higher marginal significa
A
Only a is correct
B
Both a and b are correct
C
Both a and c are correct
D
All are correct
Question 13
Accounting is a substitute of-----.
A
recording
B
book-keeping
C
memory
D
none of these
Question 14
The process of recording transactions in different journals is called
A
Posting
B
Entry making
C
Adjusting
D
Journalising
Question 15
An interest rate cap is a series of
A
Call options
B
Put options.
C
Periodical payments
D
Differential payments.
Question 16
A company makes a single product and incurs fixed costs of Rs 30, 000 per annum. Variable cost per unit is Rs 5 and each unit sells for Rs 15. Annual sales demand is 7, 000 units. The breakeven point is:
A
2, 000 units
B
3, 000 units
C
4, 000 units
D
6, 000 units
Question 17
Dividend expected on stock during coming year is classified as
A
current dividend yield
B
expected dividend yield
C
yearly dividend
D
past yield
Question 18
If quantity demanded is completely unresponsive to changes in price, demand is
A
Inelastic
B
Unit elastic
C
Elastic
D
Perfectly inelastic
Question 19
Which of the following can be used to help identify people in a crowd?
A
Biochip
B
Implant chip
C
Facial recognition software
D
Vision chip
Question 20
Which of the following information related to fixed assets should be disclosed in the financial statements as per Accounting Standard-10 (Accounting Standard on Fixed Assets)?
A
Gross and net book values of fixed assets at the beginning and end of an accounting period showing additions, disposals, acquisitions and other movements
B
Expenditure incurred on account of fixed assets in the course of construction or acquisition
C
Revalued amount substituted for historical cost of fixed assets, the method adopted to compute the revalued amounts, the nature of any indices used, the year of any appraisal made and whether an external valuer was involved, in case where fixed assets ar
D
All of the above
There are 20 questions to complete.

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